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Factors banks must consider before granting or issuing loan to customers.
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[QUOTE="Jasz, post: 209265, member: 61772"] Banks analyze many different factors before granting or issuing loan to customers. Some of these factors include: Banks or financial institutions are to analyze the risk and credit. This involves analyzing a customer's ability to repay credit obligations by verifying the income, expenses, financial obligations such as mortgage, lease and automobile payments. The bank will look at the overall cost of credit they are willing to incur based on their net income. Banks must ensure that the applicants for loans have secured source of income. Banks should also carry out a thorough background check on the applicant's credit history and criminal records. Banks also take note of the type of collateral offered by the borrower to secure the loan. It is not enough to just look at how much cash is available in the bank account. The bureau will only give adequate rating if they believe they are confident that the customer can pay back the loan, even in times of rough economic conditions. Every bank has its policies when dealing with loan. These policies are being set up by the central bank. Every customer or client should be updated or inquire about theirs banks loan policy before deciding to take a loan. [/QUOTE]
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Factors banks must consider before granting or issuing loan to customers.
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