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Tips for a successful loan application

Applying for a loan? Give yourself the best chance for approval with these 4 tips.

Build your credit score

Having a good credit score or rating can make it easier to apply for a loan. Fortunately, there are a number of ways you can boost your score, like paying your bills on time and lowering your debt-to-credit-ratio. Keep in mind, any late or missed payments can negatively impact your credit rating.

Learn how to check your credit score report for mistakes

The 4 major Credit Information Companies (CICs) in India are Experian, TransUnion CIBIL Limited, Equifax and CRIF High Mark.

Mistakes (and financial fraud) can happen, so keep an eye on your credit report file to make sure it's up to date. You're entitled to one free report a year from each of the credit bureaus. If you spot a discrepancy, you can raise a dispute, but this can take time to correct. 

You can't rely solely on your credit report – it isn't the only thing that a lender will look at when considering your loan application.

Double check your loan application

Was your loan rejected? The reason may have nothing to do with your credit score. Carefully check the application to make sure everything is completely accurate, and that you meet the eligibility requirements, before submitting it.

Applicants applying for an HSBC Personal Loan must be a resident or citizen of India and at least 21 years old. Non-resident Indian (NRI) customers are not able to take out this type of loan, but can apply for an NRI Home Loan or NRI Loan Against Property (LAP).

Avoid too many loan applications

Many loan applications in a short period of time can make it seem like you're having trouble managing your money. If you're just looking to see what your equated monthly installments (EMIs) would be when paying back a loan, then you can get an estimate from a calculator.

Try the HSBC home loan repayment calculator

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Disclaimer

This publication has been issued by The Hongkong and Shanghai Banking Corporation Limited (HSBC), India, Incorporated in Hong Kong SAR with limited liability, for the information of its customers only. This publication does not constitute investment advice or an offer to sell, or a solicitation of an offer to purchase or subscribe to any product / investment. The information herein is derived from sources believed to be reliable and the concerned Information Provider(s) have duly authorized HSBC to use such information provided by them. Whilst every care has been taken in compiling the information, HSBC and the concerned Information Provider(s) do not guarantee, or make any representation or warranty and accept no responsibility or liability as to its accuracy or completeness and shall not be liable for damages arising out of any person's reliance upon this information or any action taken or not taken as a result of any material contained in the publication. Expressions of opinion are those of HSBC and the Information Provider(s) only and are subject to change without notice. HSBC has not independently verified any information provided by the Information Provider (s) or that has been derived from the sources believed to be reliable by HSBC. Opinions expressed herein do not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this publication. This document is for circulation in India only. No part of this publication may be reproduced or stored in a retrieval system without the prior written permission of HSBC. Any liability is accordingly expressly disclaimed by HSBC, its officers, directors and employees.