How to get a Bank Loan?
The non-repayment of bank loan amounts are mounting up recently. In particular, the educational loans, small and micro businesses loans including other medium business loan’s repayments are not being paid. With this prevailing situation, the banks have come to a decision to approve loans only after going through a detailed check on the applicants background before granting any loan.
In this critical situation, there are more chances to have your loan application rejected by the bank. If you want your loan to get approved, if you wish the banks not to reject your loan request, here are the 10 important secrets of course the major and complete steps involved in a bank loan approval. These need to be taken care by you.
How to Get your Bank Loan Approved?
Number 1: If you have ever bought a credit card from the particular bank and haven’t repayed the EMI on time or payed with fine amount the chances are more to get your loan application rejected. This fits not just for credit cards but for any other payments that you owe to bank through other schemes or loans. If you are a person of this criteria, do not hesitate to meet the respective person in the bank and explain your present financial situation to repay the loan that you have applied for and if you say the reason for the delayed payments during earlier period, your loan will definitely get approved.
Number 2: If you have not maintained the “minimum balance” in your account and or have got a track record of your cheque being bounced back without payment in your account, it would be considered as a criteria to reject your application. Here, if you have genuine reasons to confess and to clarify to the bank official, you’ll improve your approval rating of loans in your bank.
Number 3: No matter of which bank – from whichever bank you would have got your credit card or loan that you have not paid back until now, your name must have got listed in CIBIL (Credit Information Bureau (India) Limited). Once your name is listed in CIBIL, you will not get a loan and your chances are 100% negative. However, you can repay all your pending repayments and get clearance from CIBIL and increase your credit score making yourself eligible for further loans.
Number 4: If you have not paid the income tax for the past 3 years, your loan application will be rejected. It is sensible only to file your income tax returns and step in the banks for a loan.
Number 5: The loan amount will be sanctioned based on your monthly income. The loan amount will be sanctioned considering 40% of your monthly income as the repayment capacity. If you have already bought loans from different banks and you are repaying the dues for them, there are possibilities to reject your current loan request. So, if you settle down the earlier loans and reapply to a new loan, you’ll definitely get a loan.
Number 6: Many people use to show their wife, sons and daughters of the family as “co-applicants” to get the loan amount more. If any of these persons (co-applicants) have got other loans and have not repayed it till now then it would be a criteria to disapprove your loan request. So, you have to check your co-applicants if whether they have cleared their loans if any.
Number 7: There are chances the banks would reject your loan application if your co-applicants are either your brother or sister or even your friends. Banks will accept only your spouse (husband or wife) and or parents as your co-applicants.
Number 8: This is another chance to get your loan disapproved if you had not completed three years in your job. Only if your job is permanent and has got 3 years of continuity your loan will be approved by banks.
Number 9: If you have signed in as a guarantor for your friends or relatives personal loan or any other loans earlier, see to it that they have payed back and cleared their loans for which you have signed. Otherwise, you will not be able to take your loan.
Number 10: If your house address is similar to someone who has not already paid his or her loan, your loan will not get approved. This happens with rental houses. If you have come to know this as a reason, you can walk in to the bank and clear this confusion with proof.
Bank loans will be approved or rejected only based on the above criteria. All the details to get your loan approval are given above. It is now every individual’s effort to take care of all these important points before applying for a loan and to get them approved.