Every nation in the world is suffering from the recent economic troubles. Hence, at this moment getting a loan approved by a bank is not the easiest process one can guess. The banks are looking for a lot from the people who want a loan approved and they have become a lot stricter in this matter. So, you must approach them with a perfect package if you want to get approved at all. If you are from Dubai there is a financial advisor you can contact named Sanjay Choudhary who works for Koda Financial Consultancy. Koda financial Consultancy can also provide you with other financial services that you may need. Anyways, here are some tips for you to get your loan approved easily:
Do your homework: Before entering a bank make you that you have done a little bit of research by yourself. This will help you understand the kind of loan that might be suitable for you and what packages they are offering and what their competitors are offering. You have to be sure of the king of loan you are looking for, your goals for paying off the debt and the terms you can afford. For an individual, there are lots of options such as home loans, car loans, education loan, etc. If you are a business owner you will also find plenty of options. So doing thorough homework is always necessary as there are long term loans, short term loans, working capital loans etc. Select the loan type that is best suited for you.
Contact the Bank: You may find a lot of loan offers every day in your mailbox but do not take any decision until you check out the fine print. When you are sure of the package you are taking, contact the bank personally to know about the eligibility. Make an appointment with the bank and discuss the necessary materials, tentative interest rates, fees, and the other eligibility criteria.
Check your repaying capacity: It is wise of you to check your power to repay the money. If you are in a lot of debt already then it is likely that the will reject your application. Before choosing a package to know your debt to income rate as the debt load of around 45-50% can lead the banks to refuse your application.
Know your credit Score: Be aware of your current credit score. The banks will tell you the credits scores they require for approving a particular loan. So, get a copy of your credit history a few weeks before submitting your loan application. Correct any errors on the credit review as the lenders these days rely on your past credit usages.
Make a Checklist: After knowing the criteria and needed documents for getting your loan approved, it is wise to create a checklist of the documentation needed.
Start Early: Applying for loans in hurry is never a good idea. There are a lot of factors to consider. If you need any guidance you can always contact Sanjay Choudhary who currently works with Koda Financial Consultancy. Koda financial Consultancy is also able to provide you with other financial services that you may need.