After going through your application, we are sorry to inform you that your application was rejected due to [give reasons]. As you have no source of income other than this job/business and the bank has strong reservations over your way of returning this huge amount of loan. (Cordially describe your regrets).
Income is the consumption and saving opportunity gained by an entity over a given time period, which is usually expressed in monetary terms. Income is difficult to define conceptually, and definitions vary across fields.
The term "income" generally refers to the total amount of money, property, and other value transfers received over a specific time period in exchange for services or products. There is no single, universal definition: income is defined by the context in which it is used.
Income is defined as the amount of money received by a person, group, or company over a specific time period. A salary of $70,000 per year is an example of income.
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