How do financial institutions approve or deny loan applications?
Just as a private detective traces the lives of others to discover their way of life, risk analysts dive into the documents we give them to draw conclusions about our ability and intention to repay the loans .
We will try to put ourselves in the place of the director who has to decide whether to grant or deny us the loan that we request, based on the papers he has requested. We will try to understand how your analytical mind works.
We will continue with the exhibition based on the documentation that the bank asks us and the conclusions that can be drawn from it. This will allow us, as applicants of a credit, to know if what we ask has any sense or better go to other sources of financing.
Bank statements
Maybe one of the data that gives more information; With the bank statement the analyst can know how much we spend and in what. With the evaluation of our consumption patterns, we can infer our ability to save and manage our personal finances.
A current account with negative balances, with red numbers , is very likely to deny us the loan application; not to mention embargoes for non-payment of fines and others. Neither are the banking movements that denote that the client stays at zero before the end of the month. If you already have difficulties to reach the end of the month without a loan, how do you intend to get if we grant you the financing? It very important to show your whole bank statement to the company you are applying for a loan. They will approve loan in the basis of your transection and annual income. Here in bangalore, its compulsory to have a great credit score and good annual income in order to get the loan approval fast. Some companies like piramal and HDFC, they offer some great values to the customers who have good credit score and their bank statement matches to their policies.
IRPF
With the Income Statement or the withholding tax certificate failing that, you can obtain an overview of the applicant's income. If you have children under your care, if you pass a support pension in case of separation, the houses and other real estate that you declare or if you save in pension plans.
Cirbe and last receipts of all loans
We will not tire of saying that it is useless to hide our indebtedness to the financial institution; If they do their job well, our debts are always revealed. The first thing the director will do is make us sign an authorization to request our data from the Bank of Spain's Central de Riesgos (the famous CIRBE ). With this, you will know our direct indebtedness and guarantees and if we are up to date with payments.
With the latest receipts of our loans and mortgages, the analyst wants to know, on the one hand, the outstanding total broken down by our indebtedness and, on the other hand, if monthly payments are paid per day. Too many small loans or usual delays on the day of payment are clear clues that they will give us a negative response to our request.
Documentation of the guarantors
For newbies in applying for loans, it is strange that they ask for the guarantors' documentation. Is not enough with what sign, they ask? The answer is no; You have to evaluate your solvency and property as well as that of the holders, because in case of default the guarantors are the ones who must face the mortgage or personal loan.
We will try to put ourselves in the place of the director who has to decide whether to grant or deny us the loan that we request, based on the papers he has requested. We will try to understand how your analytical mind works.
We will continue with the exhibition based on the documentation that the bank asks us and the conclusions that can be drawn from it. This will allow us, as applicants of a credit, to know if what we ask has any sense or better go to other sources of financing.
Bank statements
Maybe one of the data that gives more information; With the bank statement the analyst can know how much we spend and in what. With the evaluation of our consumption patterns, we can infer our ability to save and manage our personal finances.
A current account with negative balances, with red numbers , is very likely to deny us the loan application; not to mention embargoes for non-payment of fines and others. Neither are the banking movements that denote that the client stays at zero before the end of the month. If you already have difficulties to reach the end of the month without a loan, how do you intend to get if we grant you the financing? It very important to show your whole bank statement to the company you are applying for a loan. They will approve loan in the basis of your transection and annual income. Here in bangalore, its compulsory to have a great credit score and good annual income in order to get the loan approval fast. Some companies like piramal and HDFC, they offer some great values to the customers who have good credit score and their bank statement matches to their policies.
IRPF
With the Income Statement or the withholding tax certificate failing that, you can obtain an overview of the applicant's income. If you have children under your care, if you pass a support pension in case of separation, the houses and other real estate that you declare or if you save in pension plans.
Cirbe and last receipts of all loans
We will not tire of saying that it is useless to hide our indebtedness to the financial institution; If they do their job well, our debts are always revealed. The first thing the director will do is make us sign an authorization to request our data from the Bank of Spain's Central de Riesgos (the famous CIRBE ). With this, you will know our direct indebtedness and guarantees and if we are up to date with payments.
With the latest receipts of our loans and mortgages, the analyst wants to know, on the one hand, the outstanding total broken down by our indebtedness and, on the other hand, if monthly payments are paid per day. Too many small loans or usual delays on the day of payment are clear clues that they will give us a negative response to our request.
Documentation of the guarantors
For newbies in applying for loans, it is strange that they ask for the guarantors' documentation. Is not enough with what sign, they ask? The answer is no; You have to evaluate your solvency and property as well as that of the holders, because in case of default the guarantors are the ones who must face the mortgage or personal loan.
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