Credit Associate Interview Questions and Answers

FOIR is calculated by dividing the total fixed obligations by the net monthly income of the borrower.

• Fixed obligations include existing loan EMIs, credit card bills, and other monthly expenses.

• FOIR should not exceed 50-60% for most lenders.

• For example, if a borrower has fixed obligations of Rs. 30,000 per month and a net monthly income of Rs. 60,000, the FOIR would be 50%.

• FOIR is an important factor in determining loan eligibility and repayment capacity.

The credit process is the steps taken by a lender to assess a borrower's creditworthiness and determine the terms of a loan or credit line.

• 1. Application: Borrower submits a credit application with personal and financial information.

• 2. Review: Lender evaluates the application, credit history, income, and other factors.

• 3. Decision: Lender decides whether to approve or deny the credit request and sets terms if approved.

• 4. Disbursement: If approved, funds are disbursed to the bo...read more

To check bank statement, log in to your online banking account or visit the bank branch and request a printed statement.

• Log in to your online banking account and navigate to the section for viewing statements

• Select the desired statement period and download or print the statement

• Visit the bank branch and request a printed statement by providing your account details and identification

• Check for any discrepancies or errors in the statement

ABB is calculated by dividing the average daily balance by the number of days in the billing cycle.

• Determine the average daily balance for the billing cycle

• Divide the average daily balance by the number of days in the billing cycle

• Example: If the average daily balance is $1,000 and the billing cycle is 30 days, ABB would be $33.33