know the Reasons for rejection............what do banks look at when applying for a loan in India
When you planned to apply or registered for loan service, you’ll want to compare rate of interest offer by the lender and likely not to fill for every loan registration form you come across due to high interest rate. we prefer to apply for loan with low interest rates.But unfortunately we fail to meet lander requirements as a result loan disapproved and Each loan application you submit triggers an inquiry into your credit, and hard inquiries can lower your credit scores a little bit.
This is an out dated practice, and most financial institutions no longer use this approach because it causes low risk customers to pay a higher than normal market rate, while high risk customers get a cheaper rate of return on the loan than the risk might imply.
Beware of little expenses,A small leak will sink a ship
In mordern practice loan rate high or low depends on various risk factors including loan to value, credit score, loan term (expected length, usually in months),customer income or if business man then nature of business and income tax return,previous loan repayment history,if salaried then company profile matter .
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