Question

What components to be taken care of while sanctioning credit

Answer 1

Banks always prefer people with clean financial habits. A credit score tells a lot about your financial health. Whether you pay your EMIs on time or default can be easily checked through your credit report, which is maintained by different bureaus. Generally, 800 is considered the best score, and anything between 700 and 800 is considered good. If your credit score is less than 300, there is a high chance that your loan application will be rejected. If you have a good credit score from a credit bureau, you could get your loan faster and with fewer checks by the lender.