Question

list and describe the five supporting documents that are typically required when applying for a loan?

Answer 1

The five major supporting documents required when applying for loan are:

1. Bank statements: Showing how much the person earns and how much are the savings and if the person has sufficient funds available

2. Asset ownership: List of assets owned till date

3. Income statement or business P&L statement: This is required to check whether the person has a stable source of income, to be able to pay off the loan in future

4. Any previously taken loan and credit score: To check for credibility of the person

5. Identity proof