salary transfer

Banking 2742 times1 answer1 follower
toshita 29 Rep. elliemartin1 edited question

Why is it required to transfer my salary to the bank I want to apply for a personal loan from?



elliemartin1 3.67K Rep. elliemartin1 edited answer

This is essentially so banks have a greater visibility of an individuals inflows and outflows. It also means they have more control on stopping the loan if the person was no longer receiving an income from their employer.

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