Loans have made our lives easier by allowing us to leverage our money beyond our earnings. Whether it’s a credit card, a home loan, a personal loan, or an auto loan, loans are credit that lenders offer to us if we meet specific criteria. Getting a loan in India, on the other hand, might be a time-consuming process for the uninitiated, but not for those with a decent credit score.
Banks analyse your CIBIL Score and Report whenever you ask for a loan to assess your credit history and credit worthiness. The higher your credit score, the more likely your loan application will be accepted.
The loan approval & Disbursement process mainly consists of four simple steps:
Step 1 –Appraisal
Step 2 – Security Evaluation
Step 3 – Loan Sanction
Step 4- Disbursement
The first 2 steps of loan sanctioning is mentioned below:-
STEP I: APPRAISAL
1. Personal Interview: The Manager conducts personal interviews with all prospective borrowers. The entire procedure for obtaining a loan is then explained to him, and all essential documents are requested.
2. Eligibility Status Check:
• CIBIL Score and Report: One of the most essential factors affecting your loan approval is your CIBIL Score and Report. A strong credit score and report are both signs of good credit health.
• Employment Status: Lenders look for consistent income and employment status in addition to a solid credit history.
• Account Details: Lenders carefully analyze credit facility statuses and suit filed cases.
• Payment History: Lenders look for any payment defaults or cases of missed payments, which can give your total report a bad rap.
• EMI to Income Ratio: When applying for a loan, banks take into account the proportion of your previous loans compared to your salary at the time of application. If your total EMIs exceed 50% of your monthly pay, your prospects of getting a loan are diminished.
Apart from your CIBIL Score, loan eligibility conditions range from one lender to the next and from one loan type to the next. However, some of the basic requirements in terms of documentation are:
1) Identity Proof: Aadhar Card, Valid Passport, Driving License, Voters ID or PAN Card
2) Address Proof: Aadhar Card, Valid Passport, Driving License, Voters ID or Utility Bills
3) Proof of Employment: Salary slip, Official ID card or letter from company
4) Income Proof: Latest 3 months Bank Statement, salary slip for last 3 months
5) Passport size photographs
3. Submission of documents: Once the proposed borrower passes the basic eligibility criteria, the applicant completes and submits an application form containing various details, including KYC information. After this process was completed, the lending department examined the documentation presented by the intended borrowers.
4. Verification / Scrutiny: After submitting the document the verification of document is done.
STEP II – SECURITY EVALUATION
Technical Evaluation: For the asset to be financed, a technical valuation report from an internal valuer/independent and empanelled valuer are searched. While the valuers provide an unbiased estimate of the current market value.
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