Home Free Cibil Score What’s the Role of CIBIL Score in loan approval process?

What’s the Role of CIBIL Score in loan approval process?

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Loan Approval Process

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It’s a complicated process for many people taking debt. The following example refers to what to expect at each stage of the loan evaluation. Credit decision determines how banks can understand the actions they take, before deciding to accept or reject a credit/credit card.

WHAT DO THE BANKS BROADLY CHECK FOR?

The suit filed or written off cases reported in the Credit Information Report [CIR]. This is indicated in the ‘Account Status’ section of your CIR

Payment history trend – if there has been any default or amount overdue. This is indicated in the ‘Days Past Due’ [DPD] field of your CIR

Company profile where you work – the banks generally have an approved list to whom they extend loan/credit card.

EMI to Income ratio: if your current total EMI exceeds your monthly salary by more than 50% then chances of getting a loan are reduced. Let’s take the help of an example to understand this further.

DETERMINATION OF ELIGIBILITY

Loan approval from cibil
Source : CIBIL
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