Podcast
Questions and Answers
What does ITR stand for?
What does ITR stand for?
Income Tax Return
Your working income determines how much coverage you receive on an insurance policy?
Your working income determines how much coverage you receive on an insurance policy?
True
Which of the following documents are often requested when applying for a loan? (Select all that apply)
Which of the following documents are often requested when applying for a loan? (Select all that apply)
An ITR can be used as proof of income when applying for a scholarship?
An ITR can be used as proof of income when applying for a scholarship?
Signup and view all the answers
Credit card companies also require an ITR when processing a new application?
Credit card companies also require an ITR when processing a new application?
Signup and view all the answers
What is one reason that banks request an ITR when you apply for a loan?
What is one reason that banks request an ITR when you apply for a loan?
Signup and view all the answers
Study Notes
Loan Application Documents
- Banks require specific documents for loans, including Aadhar Cards, PAN Cards, licenses, and photo ID.
- Income proof, specifically the ITR (Income Tax Return) for the previous three years, is a crucial document.
- Banks use ITRs to assess a borrower's ability to repay a loan based on past and present financial circumstances.
- Credit card companies also request ITRs and prior earnings/tax returns to evaluate creditworthiness.
Scholarship Advantages
- ITRs are used to verify income for scholarships at various institutions (both government and private).
- Students can submit ITRs to prove their income eligibility for scholarships.
- Insurance companies also consider ITRs as acceptable income documentation.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This quiz covers the essential documentation required for loan applications and scholarships. It highlights the importance of ITRs and other identity proofs in assessing creditworthiness and income eligibility. Understand the significance of these documents in both banking and educational contexts.
