In a nutshell, financial intermediaries are the financial institutions that pool resources and channel funds from savers/lenders to spenders/borrowers. Smooth functioning of these institutions is very important for an efficient financial market and for the conduct of fiscal and monetary policies.

Financial institutions serve most people in some way, as financial operations are a critical part of any economy, with individuals and companies relying on financial institutions for transactions and investing. The health of a nation’s banking system is a linchpin of economic stability.

In today’s financial services marketplace, a financial institution exists to provide a wide variety of deposit, lending, and investment products to individuals, businesses, or both.

The banks will generally demand the following documents:

1. Company Profile.
2. Management Profile.
3. Last Three Years’ Audited Financial Statements.
4. Certificate of Incorporation of the Company.
5. Copies of MOA & AOA.
6. Copy of Business Bank Statement.
7. Detail of Existing Loans from Other Banks.
8. Project Feasibility Report.

Here are some of the most common things banks look at before approving home loans. Banks always prefer people with clean financial habits. A credit score tells a lot about your financial health. If your credit score is less than 300, there is a high chance that your loan application will be rejected.

In short, the key items for your bank/investor meeting are:

1. Being prepared.
2. Having good knowledge of your file.
3. Ensuring your application is complete and up to date.
4. Presenting realistic figures (draw comparisons with competitors, ask that they be verified by an expert…)
5. Being realistic!

How do you know when your mortgage loan is approved? Typically, your loan officer will call or email you once your loan is approved. Sometimes, your loan processor will pass along the good news.

Whenever you apply for a loan, banks check your CIBIL Score and Report to evaluate your credit history and credit worthiness. The higher your score the better are the chances of your loan application getting approved. 79% of loans or credit cards are approved for individuals with high CIBIL Score.

One of the best reasons to get a personal loan is to consolidate other existing debts. Let’s say you have a few existing debts to your name—student loans, credit card debt, etc. —and are having trouble making payments. A debt consolidation loan is a type of personal loan that can yield two core benefits.

Lying on a Loan Application Is Illegal When a borrower signs the credit agreement, it shows the repayment terms. In the same way, using that logic (and law), the borrower should provide the lender with true information and statements. Put simply – lying on a loan application is illegal.

Getting rejected for a loan or credit card doesn’t impact your credit scores. However, creditors may review your credit report when you apply, and the resulting hard inquiry could hurt your scores a little. Learn how to wisely manage your next application and avoid unnecessary hard inquiries.

3 Your loan application can be declined if a lender doesn’t think you can afford to repay the loan, either because you don’t earn enough or the lender can’t verify your income with the information you provided. Your loan application may be declined if it doesn’t look like you’ll be able to take on new debt.

You can certainly be denied for a mortgage loan after being pre-approved for it. The pre-approval process goes deeper. This is when the lender actually pulls your credit score, verifies your income, etc. But neither of these things guarantees you will get the loan.

Can My Loan Still Be Denied? While it’s rare, the short answer is yes. After your loan has been deemed “clear to close,” your lender will update your credit and check your employment status one more time.

Why You Could Be Denied With an Excellent Score Insufficient income: While income isn’t factored into your credit scores, some lenders do have minimum income requirements. Earning less than the minimum could signal to a lender that you may have a difficult time covering a new debt payment.

If you are in urgent need of money, consider these solutions:

1. Get a personal loan.
2. Get a side job.
3. Use your credit card.
4. Cancel subscriptions you don’t need.
5. Ask for help from family and friends.
6. Easy application.
7. Quick approval process.
8. Get cash right away.

A credit card or loan rejection will not be recorded on your credit report, nor will it directly impact your credit scores. Credit applications will likely result in a hard inquiry, but their impact, if any, is usually minor and will not be considered by credit scoring models after one year.

Using a credit card, getting a payday alternative loan from a credit union, or borrowing from family or friends are all options if you’re not able to get cash through a personal loan. These options aren’t perfect: Credit cards can have high interest rates, and getting loans from family can be risky.

Meet urgent funding requirements with an instant personal loan of 50,000 Rupees from Bajaj Finserv. Fulfil minimum eligibility criteria and complete a hassle-free application process to receive instant approval and quick disbursal of Rs. 50,000 loan. Avail the advance without providing any collateral.

Payday loans

A 524 credit score can be a sign of past credit difficulties or a lack of credit history. Whether you’re looking for a personal loan, a mortgage or a credit card, credit scores in this range can make it challenging to get approved for unsecured credit, which doesn’t require collateral or a security deposit.