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How do banks decide on the maximum loan amount?
Although the loan sanctioning criteria may differ from one bank to another, some key factors determining the maximum loan amount that can be sanctioned to you include your credit score, current income level as well as liabilities
- A high credit score (closer to 900) means you have serviced your previous loans and / or credit card dues properly, leading the lenders to feel that you are a safe borrower, leading to a higher loan amount being sanctioned. Your current income level and liability..