Before the bank approves the loan to the borrower, he checks its solvency and solvency. In order for the loan to be approved, you need to go through a bank audit and get a positive response at all points.
All the necessary data is provided by the borrower himself, as well as they are taken from the questionnaire, which he filled out to obtain a loan. Profiles are checked carefully. And if the bank does not understand something or is interested in some information, the client will have to talk additionally with the bank employee. They may also require information and documents that can confirm the accuracy of the data.
What information does the bank need from the borrower
The solvency of the borrower
The bank can check it automatically or manually. When the check is carried out manually, the borrower will have to submit documents confirming his income, after which the bank will determine on the basis of the data whether the client will be able to repay the loan or not.
The better this parameter, and the more positive information is provided, the more chances a client has for approving a loan, and perhaps the bank will offer to increase the credit limit.
Bank customer check
This information is also taken based on the calculation of solvency: where the borrower works, on which account the employer has, what education (whether he graduated) – for the bank this will be a guarantee of responsibility, if there are several higher educations and several professions, be sure to indicate this.
The well-being of the borrower is the main component for the bank, so if the client has a house, apartments, garage, securities, shares, then this must be reported. Such customers really like the banks.
How to impress a bank?
In addition, in order to indicate one positive information, if there is something negative, then this also needs to be indicated, since any information may be revealed during the check, and if the borrower hides it from the bank, it is unlikely that they will be given a loan.
And the most important thing in a bank audit of a client’s solvency is his credit history. If the story is positive, then most likely a loan will be issued, if the story is negative, then you can’t rely on a loan, or you will be given a loan with a high interest rate.
But not all banks transfer credit histories, and if the previous bank in which they took the loan did not transfer the data, then they will not enter the credit history, but if the data is positive, you can collect all the information yourself and transfer it to the bank so that this data were taken into account.
You can also provide receipts for the payment of utilities and electricity, if the client always pays the bills, the bank will have another guarantee of solvency of the borrower.
If you constantly hear a refusal from a bank to get a loan, then a broker will be a good option. Perhaps thanks to the services of a credit broker, you will be given a loan .