Bira 91 Interview Questions and Answers

The documents required for a personal loan may vary depending on the lender, but commonly requested documents include proof of identity, address, income, and employment.

• Proof of identity: Passport, driver's license, or Aadhaar card

• Proof of address: Utility bills, rental agreement, or bank statements

• Proof of income: Salary slips, bank statements, or income tax returns

• Proof of employment: Employment letter or appointment letter

• Other documents: Passport-sized photographs, comple...read more

FOIR stands for Fixed Obligation to Income Ratio. Multiplier is a factor used to determine loan eligibility.

• FOIR is a measure used by lenders to assess a borrower's ability to repay a loan.

• It is calculated by dividing the borrower's fixed obligations (such as loan EMIs) by their monthly income.

• A lower FOIR indicates a lower risk for the lender.

• For example, if a borrower has fixed obligations of $10,000 per month and a monthly income of $50,000, the FOIR would be 0.2 or 20%.

• Mu...read more

A salaried personal loan is a type of loan that is specifically designed for individuals who are employed and receive a regular salary.

• Salaried personal loans are offered by banks and financial institutions to individuals who have a stable source of income.

• These loans are unsecured, meaning they do not require any collateral.

• The loan amount and interest rate are determined based on the borrower's income, credit history, and repayment capacity.

• The repayment of the loan is done...read more

The policy for Flexi Loan allows customers to borrow and repay funds as per their convenience.

• Flexi Loan policy offers customers the flexibility to borrow and repay funds as per their needs.

• Customers can withdraw funds from their approved loan limit whenever required.

• Interest is charged only on the amount utilized and not on the entire loan limit.

• Repayment can be made in flexible installments or as a lump sum.

• Additional funds can be deposited to reduce the outstanding loan am...read more

KYC in banking stands for Know Your Customer. It is a process that banks and financial institutions use to verify the identity and assess the risk of their customers.

• KYC is a regulatory requirement in the banking industry to prevent money laundering, fraud, and terrorist financing.

• It involves collecting and verifying customer information such as name, address, date of birth, and identification documents.

• Banks use various methods to verify customer identity, including physical...read more

FOIR stands for Fixed Obligation to Income Ratio. It is calculated by dividing the total fixed obligations by the monthly income.

• FOIR = Total Fixed Obligations / Monthly Income

• Fixed obligations include monthly loan repayments, credit card payments, and other fixed expenses

• FOIR is used by lenders to assess the borrower's ability to repay a loan

• For example, if the total fixed obligations are $1,500 and the monthly income is $5,000, the FOIR would be 0.3 or 30%

Multiplier is calculated by dividing the total sales revenue by the total cost of goods sold.

• Multiplier = Total Sales Revenue / Total Cost of Goods Sold

• Total Sales Revenue is the sum of all sales made during a specific period

• Total Cost of Goods Sold is the sum of all costs associated with producing or purchasing the goods sold

• Multiplier indicates the efficiency of sales in generating profit

• A higher multiplier suggests better profitability

CIBIL Score is a credit score that represents an individual's creditworthiness.

• CIBIL Score is a 3-digit number ranging from 300 to 900.

• It is calculated based on an individual's credit history and repayment behavior.

• Higher CIBIL Score indicates better creditworthiness and increases the chances of loan approval.

• Lenders use CIBIL Score to assess the risk associated with lending money to an individual.

• A good CIBIL Score can help negotiate better loan terms and interest rates.

• For ...read more