Bank Loan Statement Template

Loan Bank Statement Explained

Getting a loan from a bank invites a heap of paperwork, among which the bank loan statement is of utmost importance. This document is your financial report card, detailing the progress made with your loan repayment. Lenders use this report to assess financial reliability and good standing.

Importance of your bank loan statement

Irrespective of whether you're a first-time borrower or a seasoned applicant, being thrown a document filled with numbers and financial jargon can be overwhelming. Your loan bank statement is a key tool to understand your financial situation. It presents your financial behavior to the bank and shapes your future borrowing capacity. Make sure every detail is accurate and complete.

How to Fill Out Bank Statement for Loan

Here's a guided breakdown of how to fill out this form for the most accurate representation of your loan history:

1. Enter Personal Information: Start by filling in your name, including your first, middle, and last name. Ensure your name matches the one on legal documents.
2. Add Your Address: Next, state your full residential address. Include the city, state, and zip code.
3. Insert Your Contact Information: Type your home and business telephone numbers. Make sure to use the correct area codes.
4. Input Your Social Security Number: Enter your Social Security Number (SSN) as it appears on your Social Security card.
5. Fill in Your Birthdate and Dependents: Specify your date of birth in the format 'DD/MM/YYYY'. Then, mention the number of dependents you have, if any.
6. State Your Assets and Liabilities: In the designated sections, detail your assets (what you own) and liabilities (what you owe). This should include all financial resources and obligations, such as property, investments, loans, and credit card debt.
7. Enter Your Annual Income and Expenses: Provide details about your yearly income from various sources such as salaries, dividends, and other income. Next, estimate your annual expenses, including rent or mortgage, utilities, food, transportation, etc.
8. Fill out General Information: This section is for painting a wider financial picture. Include relevant details not addressed in the other sections, like contingent liabilities or potential future financial obligations.
9. Detail Your Cash in Banks and Notes Due To Banks: Specify the total amount of money you hold in banks. Then, mention the total amount due to banks, such as any loans or financial obligations not yet paid.
10. Review and Sign: Before finalizing, review all sections to ensure all data is accurate. Then, at the bottom of the form, sign your name and mention the date to validate the form.

When do I need to complete bank statement for a loan?

There could be a number of instances where you will need to complete a bank statement for a loan:

• Applying for a New Loan: Whether you're applying for a personal, business, or home loan, lenders will often require a bank statement to assess your financial health and repayment capabilities. They use this document to determine if you have a regular source of income and how you manage your finances. 
• Loan Refinancing: If you are considering refinancing an existing loan for better interest rates or loan terms, you will need to provide a bank statement. This enables the lender to evaluate if you've been regular and prompt with your current loan repayments.
• Applying for Loan Restructuring: In the event of financial hardship, you may apply for a loan restructuring or modification. Here, the lender would require a bank statement to evaluate your current financial capacity and ascertain if the loan terms can be adjusted to make repayments more manageable for you.
• Request for Loan Extension: If you need an extension on your loan tenure or wish to negotiate the loan terms, having a bank statement ready is crucial. It allows the lenders to view your current financial capabilities and repayment history, based on which they can make appropriate decisions.