It is true that banks always prefer women as first applicants for loans but dont assume that Indian banks are absolutely partial towards women applicants. In case of late payment or any other problems related to repayment, the bank will always call the first applicant that is the woman. So if you don’t want bank personnel calling the woman of the house every now and then, take care to fulfill all the conditions well and repay your loan on time.
Documented proofs are very important while applying for a loan. Three years on income tax returns and three months of salary slips are to be presented for approval.
Also, a valid photo identity proof and address proof is essential. If these documents are carefully attached to your application, there is no reason why your loan won’t be sanctioned. However, sometimes banks do cancel loan applications on the basis of capacity for repayment and past credit history.
There is no way to improve your past credit history if you have been irregular before.But there are certain ways to increase chances of sanction. If you are applying with a co-borrower, make sure that the co-borrower is of a very young age and has just started to earn. It doesn’t matter if his/her salary is much lesser than yours.
Do you have someone in your family who earns but his/her annual salary doesn’t fall under the taxable income bracket? If yes, then you can show his/her entire income as a savings on the part of your family. If you can convince the bank that your family saves around 1-2 lakhs per annum, you might actually get a better loan amount. This system works best, if the co-applicant is a woman who makes some kind of small home based business or is a youngster who has just joined a job and has a small scale income.These people can radically increase the chances of loan approval as also the amount to be borrowed.