Applying for a loan can feel overwhelming.
You upload your documents, wait for the result—and wonder:
"What exactly are they looking at?"
Let’s decode what truly matters (and what doesn’t) when it comes to loan approval in India.
✅ What We Do Check
1. Credit Score (CIBIL or Experian)
Your 3-digit credit score gives us a snapshot of your financial behavior.
Ideal score: 750+
Shows your history of repayment, credit usage, defaults
Why it matters: A good score = higher trust = faster approval + better rates.
2. Income & Employment Stability
We verify:
Your current job and employer
Salary slips or bank credits
Minimum income eligibility
Why it matters: We need to know if you can comfortably repay.
3. Existing Loan Obligations (FOIR)
FOIR = Fixed Obligations to Income Ratio.
If you’re already paying 50%+ of your income in EMIs, it could reduce your eligibility.
4. KYC & Document Validity
We cross-check:
PAN, Aadhaar
Bank statements
Address and ID proof
Why it matters: Fraud detection + compliance.
5. Banking Behaviour
We scan your last 3–6 months of bank statements for:
Salary credits
Bounced cheques
Overdrafts or irregularities
6. Repayment History
Missed EMIs? Settled past loans?
Even one default or settlement in the last year may impact approval.
❌ What We Don’t Check (or Don’t Prioritize)
1. Your Job Title
We care more about income flow, not your designation.
2. Social Media Presence
Contrary to myth, your Instagram bio doesn’t affect your loan.
3. Religion, Caste, or Marital Status
We comply with RBI and equality norms. None of these impact approval.
4. Family Wealth
Unless it's a joint loan or guarantor case, we focus on your profile only.
5. Education
While degrees may help with employment, they’re not directly checked.
⚠️ Grey Areas (Depends on Lender)
Rent vs Own House: Sometimes considered for risk profiling.
Freelancers/Self-Employed: More scrutiny on bank transactions and tax returns.
New Credit Users: Thin file = limited data, but may still qualify.
🧠 Pro Tip
Don’t guess. Use free credit score tools, check eligibility calculators, and keep your documents ready.
Transparency = Speed.
❓ FAQs
Q1. Can I get a loan without a CIBIL score?
Yes, if you're new to credit. Some lenders consider alternate data or offer small starter loans.
Q2. What’s the minimum salary for a loan?
It varies by lender and city—typically ₹15,000–₹25,000/month minimum for personal loans.
Q3. What if I was rejected once—will I always be denied?
No. Improve your credit profile and try again after 3–6 months.
Published on : 30th July
Published by : SMITA
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RBI-Registered Loan Partner | 10 Lakh+ Customers | ₹600 Cr+ Disbursed