Banks most of the time express themselves as if they are very eager to give us a loan but that is not the truth at all. They will only give lainat to people who they are completely sure about all the time so you need to have a clean and stress free financial record if you don’t want to take the bus to work anymore, or don’t want to pay rent anymore. Here are some of the things that you need to be sure about while applying for a loan.
THINGS THAT BANKS CHECK UP ON
Banks always check if you can pay out the loan or not it goes through your bank statements to find out your monthly income and it keeps the monthly repayment value till about 50% of your salary. They also check how much you spend every month. The kind of job you have s very important to them because they prefer people with a fixed regular income who is very settled in their life, compared to a freelancer.
Banks also checks the income and expenditure or your dependants and also the number of dependants you have. It also checks if you already have some other loan or not because paying two loans together can be regular hectic for one person. They will also check your age and the younger you are, the more will you be preferred for a loan due to the amount of days you can take to clear the loan.
Banks also cares about the down payment. The amount of down payment you make the bank, the better. The last thing that the banks care about is your credit score or your history with loans and credit card payments. They check as to how many times did you miss your due. All these things will make you it possible for you to get accepted for a loan.