Self-appraisal of Loan application.
Verification of Documents
Basic Information is correctly displayed on KYC documents.
Date of Birth, Name, Father’s Name is correct in all documents.
Age of any applicant /co-applicant should not be more than 70. Since tenure of the loan is subject to the age.
Income
ITR to be e-verified in time.
Income tax liabilities to be paid.
Income should be routed through banking channel. Sometime salary received in cash is not considered while assessing the income.
Agricultural Income. It is t be supported by Mandi receipt, Land Khasara etc.
Business Income – supported by banking transaction and GST return if possible. GST return should be file regularly.
CIBIL report
If CIBIL Score is less than 700 for any irregularity, it is advisable to regularise the loan installment.
If there is “written off” or settlement, it is most adverse comment. Proper explanation to be provided with evidence. It is also advisable to take up the matter with bank or CIBIL if it is wrongly reported.
Loan Eligibility
Based on the Income of applicant and co-applicant, the amount and tenure of the loan should be ascertained. Existing Loan Installment, tax liabilities, regular and assured Income, age of the applicant are main factors affecting the loan amount eligibility. It is advisable to calculate and ascertain before applying. (You can download the legibility calculation sheet from “form and format” sanction.
Hence, It is advisable to do “self-appraisal” of loan application to satisfy one-self about the loan application. It will save lot of time, money, and energy.
After self-appraisal, applicant has to take decision whether to approach bank or wait and correct the deficiency. If deficiency gravity is heavily and adversely affecting, it is better to wait and take corrective action.
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