Question
A lender relies on various sources of information to
confirm a business’ operational and financial data . Which of the following documents are used by a lender for this purpose ?  A. Bank statements  B. GST returns  C. IT returns ÂSolution
As part of due diligence, a bank/lender must use various internal and external sources to assess the credit profile of a borrower. This would include: Â
- Internal Sources (Existing to the Bank-Past track, personal credit history of promoters)Â Â
- External Databases (CRILC, CIBIL, ROC, CERSAI , wilful defaulter list, credit fraud registry, etc )Â Â
- Documents submitted by the client (Annual report/Bank statements/GST /ITR )Â Â
- Market Feedback Â
- Visit to the borrower ’s residence/office/plant etc. without prior permission and gather information from nearby available sources. Â
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