Here’s how to increase your loan eligibility
Lenders are looking at applicants with a higher credit score than before, and they prefer someone who doesn't have any ongoing loans or the monthly outgo for existing loans is low.
Banks and non-banking financial companies (NBFCs) have tightened lending norms due to the economic uncertainty in the country. Cash flows have dried up for business owners, while many individuals have seen pay cuts and layoffs. Lenders are also worried that their non-performing assets (NPAs) could increase. Many borrowers who are unable to service their loans have opted for a moratorium.