Avoid These 6 Things That Will Ruin Your Chances of Getting a loan
BANGALORE: Loans have become an essential part in a common person’s life. Banks are businesses and need to make profits.
So they carefully analyze each loan application to make sure they are lending their money to people who are capable of paying them back. Bank officers look for “Six Cs of Credit” while approving any loan application.
Let’s have a look at some of the points to be kept in mind while applying for loan:
1. Character
Even though the loan is for your business, the person responsible for paying back the loan is you.
It is your reputation that the bank will be considering. If you have missed payments, defaulted on a loan, or declared bankruptcy in the past, it doesn’t disqualify you from getting loans.
But trying to hide these facts can destroy your character in the eyes of the banks. The best strategy is to be straightforward and honest. Loan officers will see this information anyway.
