There are various factors lenders consider while evaluating loan applications. Some of such major factors include the credit score, monthly income, job profile, employer라이브 바카라 profile, etc of the loan applicants. Those who fail to match the thresholds set by the lenders can get their loan applications rejected.바카라 웹사이트
Here are some of the ways that can minimise the chances of loan rejection.바카라 웹사이트바카라 웹사이트
Work Towards Building A Good Credit Score바카라 웹사이트
Maintaining a good credit score is one of the most crucial steps towards improving your loan eligibility. Lenders usually prefer to lend to those having credit score of 750 and above. On the contrary, those having lower credit score are considered to lack credit discipline and hence, are more likely to default on repayments.바카라 웹사이트바카라 웹사이트
Hence, those planning to avail loans should focus on building and maintaining good credit score by adopting healthy financial habits like timely repayment of EMIs and credit card dues, containing their credit utilization ratio (CUR) within 30 per cent, maintaining a good credit mix and closely monitoring co-signed or guaranteed loan accounts.바카라 웹사이트
Review Your Credit Report At Regular Intervals바카라 웹사이트
Credit bureaus calculate your credit score on the basis of the information provided by lenders and credit card issuers in your credit report. Hence, any incorrect information in your credit report due to clerical errors made by the lenders or the credit bureau, or because of any fraudulent loan or credit card activity made in your name can adversely impact your credit score impacting your loan eligibility.바카라 웹사이트바카라 웹사이트
Hence, review your credit report at periodic intervals to detect and report incorrect information to the concerned bureau or lender for rectification. A rectified credit report will automatically increase your credit score.바카라 웹사이트
Compare Loan Offers Of Various Lenders바카라 웹사이트
The interest rate, processing charges, tenure, etc for the same loan-type can differ widely due to the variation in the lenders’ cost of funds and the credit risk assessment of individual loan applicants. Hence, loan applicants should compare the loan offers from as many lenders as possible before making the final loan application.바카라 웹사이트바카라 웹사이트
As many lenders might provide preferential rates or/and other terms and conditions to their existing customers, a prospective loan applicant must first directly contact their banks and lenders with whom they share an existing deposit and/or lending relationship. This should be followed by approaching online financial marketplaces to compare interest rates and various other loan features offered by other lenders. Doing so would assist you to get the best deal based upon your loan requirements and eligibility.바카라 웹사이트
Select Tenure Based On Your Repayment Capacity바카라 웹사이트
Your loan repayment capacity will primarily depend on your monthly disposable income after factoring in monthly mandatory expenses that include your existing EMIs, insurance premiums, investment contributions towards unavoidable financial goals, etc. Lenders prefer to lend to those having total repayment obligations, including the one for their new loan, to be within 50-60 per cent of their monthly income. Hence, those exceeding the set limit have lower chances of loan approval.바카라 웹사이트바카라 웹사이트
Applicants exceeding this limit should try to reduce their loan repayment obligations by prepaying or foreclosing few of their existing debts, by opting for longer loan tenures and/or by making higher down payment for their new loans.바카라 웹사이트 바카라 웹사이트
Once you know your repayment capacity, opt for the shortest repayment tenure to reduce your interest cost. Applying for a loan after knowing your optimum EMI would also reduce the chances of defaulting in future.바카라 웹사이트바카라 웹사이트
Avoid Submitting Loan Inquiries With Multiple Lenders Within A Short Period바카라 웹사이트
Whenever you apply for a credit card or loan, the issuer/lender requests your credit report from the bureau to assess your creditworthiness. Such credit report fetches are considered as hard inquiries, each of which can reduce your credit score marginally. Hence, making multiple loan or credit card inquiries within a short span can significantly reduce your credit score. Instead of submitting loan applications directly with multiple lenders, approach online financial marketplaces to know your optimum loan offer available on your credit score, job profile, income and various other eligibility criteria. While these marketplaces too would fetch your credit report while offering loan options, requests made by online financial marketplaces are considered as soft inquiries and they do not impact your credit score.바카라 웹사이트바카라 웹사이트
Avoid Frequent Job Switches바카라 웹사이트
Lenders consider frequent job-hopping as a sign of career instability, those changing their jobs frequently may have lower chances of loan approval. Hence, those planning to apply for loans in the near future should avoid frequent job switches.바카라 웹사이트
The author is the바카라 웹사이트senior director, Paisabazaar.com.
