In this digital era applying for loan is too easy all you need to do is fill in your basic details and submit them online for approval.
However, doing this fast application process is not enough.
Since bank verifies your application before approving it and ensure that you fill in the details correctly. Although you have filled all your entries correctly but in some cases loan application get rejected.
Below there are some reasons why your personal loan application may get rejected and look at how you can avoid them.
1. Low Credit Score
1. Low Credit Score
A low credit score is reason enough to have your personal loan application rejected. Credit Score many very between 300 - 900. More the score more chances to get loan. Ideal score for applying a loan is at-least 750.
2. Insufficient Income
Again, due to lack of income, lenders look at your monthly income to see if you will be able to repay your loan. If the installments on your loan amount cannot be sustained on your income, then there is a good chance your application will be turned down.
3. Incorrect Details
4. Existing Loan Portfolio
5. And Many More
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