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What Is Credit Review And How Does It Work?

When you apply for a loan, you do not receive funds immediately after submitting your documents. The lender takes time to verify the information you provided and check the authenticity of the documents.

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What Is Credit Review And How Does It Work?

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  1. Learneverything about the credit reviewprocess

  2. Understandingcreditreview Itisthecreditappraisal process under which the lenderanalysesyourcredit history. Itdeterminesyourapproval amountandinterestrate.

  3. Considerationsduringthe creditreviewprocess

  4. Creditreport Thelenderscrutinizesyourpreviousandcurrentdebt repaymentpatterns.

  5. Businesscapital Thelenderreviewsyour capitalassetsandcash reserves. It assists your lender in debtrecoverywhenyou default.

  6. Occupation Your employment status, whether salariedorself-employed,iscritical.

  7. Debtcoverageratio Your chances of approvalareslimifthe totalEMIexceeds50%of yourincome.

  8. Mortgage Thevalueandconditionofthecollateralizedassetsare pivotal.

  9. Varioustypesofcredit reviews Thefirstiswhenyouapply foranewlineofcredit. Anotherisinthemiddleof theongoingdebtterm. Thelastoneisself-review.

  10. Impactoncreditworthiness Multiple lenders conducting credit checks negatively impactyourcreditworthiness.

  11. Credit review is an important stageintheloandisbursement process and influences the approvalamount.

  12. Thanks WouldLovetohearfromyou. HeroFinCorpLimited 09,BasantLok,VasantVihar,NewDelhi-110057 Tel:18001024145 Email: customer.care@herofincorp.com Website:https://www.herofincorp.com/ KnowMore:Learneverythingaboutthecreditreviewprocess

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