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What banks see while processing your loan applications?

By: Aditya Agarwal

When processing a loan application, banks typically look at several factors to determine whether the applicant is eligible for a loan. Here are some of the things that banks see while processing loan applications:

Income Tax Returns (ITR):
you must have 3 years ITR’s to prove your sources income before you apply for loans from banks. keep filing your timely & accurate Income Tax Returns.

Banking Transactions:
you banking transactions should justify the income you are showing in your ITR. habit yourself of doing all transactions through banking system.

CIBIL Score:
try to maintain your CIBIL score above 700 by paying all your loan EMI’s on time. try to avoid to be a guarantor for people who are likely to default in repaying loans

Credit History:
keep your banking and out of banking loan repayment history clean and clear.

Residence Ownership:
owning a residential or other property adds some positive assessment of your loan application with bank

Authenticity of proposal & funding requirement:
do not stretch your projections & funding requirements, keep these simple & realistic. this smoothens the loan process.

keep a master file of all your master documents like KYC, income proofs, educational certificates, transaction statements, etc to present it to the bank in time & easily.

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