GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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make a substantial deposit in the bank
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provide collateral even if the loan is very small with low risk
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provide financial evidence to show that the loan can be repaid
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show that all the business’s cash has been used
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Detailed explanation-1: -Applicants with a clean bank statement including a positive cash balance, regular deposits and no overdraft several months before the loan application deserve loan approval.
Detailed explanation-2: -Whenever you apply for a loan, banks check your CIBIL Score and Report to evaluate your credit history and credit worthiness. The higher your score the better are the chances of your loan application getting approved. 79% of loans or credit cards are approved for individuals with high CIBIL Score.
Detailed explanation-3: -The typical loan documents are: The note. This provides evidence of your debt to the lender, a description of the loan terms, and a means for the lender to transfer or collect the debt.
Detailed explanation-4: -a) During the process of a loan application, the lenders require a set of information from the borrower for them to offer the applied loan. The information needed is; cash flow history and the business’s future projections, credit history, and the type of collateral present for the loan.