A bank statement is a summary of transactions over a given period that includes the account owner’s name and account number along with bank data, charges, deposits, withdrawals, and deductions. The initial and closing balances of accounts are also shown on a bank account statement.
What is a bank statement?
In a nutshell, a statement lists all of the transactions that occur month after month, providing a summary of the account holder’s finances. Investors, debtors, lenders, company managers, and credit institutions need bank statement applications to establish a person’s creditworthiness. Credit card firms and banks require these statements in order to validate borrower applications. Applicants for any sort of mortgage, credit, or financial assistance will be required to provide bank transaction details for income and employment verification.
Organisations require bank statements because they provide an overview of a person’s spending patterns, investments, and act as confirmation of identification. Bank statements are regarded as a suitable document for identity verification since they include personally identifiable information and may be used in conjunction with a variety of other documents.
Why does EarlySalary require your bank statements?
Financial institutions like EarlySalary require your account statements to ascertain your salary eligibility and creditworthiness. EarlySalary’s solutions such as Instant Cash Loans, Travel Loans, Wedding Loans, and Medical Loans require submitting a bank account statement as a mandatory step in the loan applications process.
You can get Instant Cash Loans from EarlySalary through our completely digital and get your loan processed in 15 minutes.