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Old 12-08-2017, 01:23 AM
capitaworld capitaworld is offline
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Join Date: Jul 2017
Posts: 27
Default What should I expect in the loan process?


KYC Check: A customer existence is verified through his identity proof and address proof.

Bank Statement: It is a useful document that helps in checking customers’ average bank balance, cheque bouncing, EMI bouncing, salary crediting in bank account etc.

Income Documents: To calculate the loan eligibility of a customer, their income proof is asked for. It can be Salary Slip, Copy of Income Tax Return, Form 16, Balance Sheet, Profit and Loss Account, etc.

Physical Visit: The loan officer will visit all the addresses given in application form (e.g. Residence, Office, etc.). Various names have been given for this activity such as CPV (Contact Pont Verification), FI (Field Investigation), PD (Personal Discussion), etc.

Tele Verification: A Phone call is made to all the phone numbers given on application form (e.g. Residence, Office, References, Co-applicant, etc.). As a cross-verification process, phone directory and phone bills are also checked.

CIBIL Score: After doing customer data entry in loan processing software, the CIBIL score is generated. The report will show repayment pattern or previous/existing loans and credit cards. Your loan may get rejected if your CIBIL score is low or you have a default in any loan/credit card in the report.

Valuation of Asset: In cases of Loan against Property, Used Car Loan, or any other mortgage loan cases, verification is carried out by a separate Valuation Agency to ascertain the real cost of the asset.

If you have any query, you can get free advice for car loans from us.

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