Questions to answer before you apply for a loan or credit card.
| Check | Why it matters |
|---|---|
| I have checked my credit reports in the last few months | You can fix errors before a lender sees them. |
| I know what the new EMI would be | So you can judge whether it fits your budget. |
| My debt payments, with the new EMI, leave enough for living costs | Lenders look at how much of your income already goes to EMIs. |
| I have not applied to several lenders recently | Many enquiries in a short time may be noticed by lenders. |
| I know the full cost: rate, fees, insurance and charges | The rate alone is not the whole cost; read the key fact statement. |
| My documents are complete and the details match | Mismatched names or dates slow down or stop applications. |
| The lender is a bank or an RBI-registered lender | Regulated lenders must follow RBI's rules and grievance process. |
A self-check only: Finobazaar does not calculate a score or rating from it, and nothing is saved.
Related
- Why loan applications are turned down, and what to do nextCommon reasons lenders give, how to find out the reason in your case, and steps before applying again.
- How to get and read your credit reportGetting your free annual report from each credit information company, and what each part of the report means.
- Loan affordability and personal loan readiness calculatorSee the EMI of a loan you are considering and what it would do to your monthly debt burden and the money left over.
- Debt-to-income ratio calculatorAdd up your monthly loan EMIs and other debt payments and see what share of your income they take.