Common reasons for loan rejection|| top 5 reasons for personal loan rejection
In this article we have shared a list of common reasons for loan rejection by a bank. This article contains a list of the most common reasons a bank would cite for your loan application rejection. Let’s go…..
Low Credit score
Your bank or lenders may reject loan application if your score is below 700
Incorrect Document
Wrong or Incomplete documents or records may lead to rejection.
High Number of Existing Debt or loans
Too much existing debts-Home loan,car loan and credit card etc. can lead to personal loan rejection
Irregular Income low income
Lenders could reject your application if you don’t have any stable sources of income.If lenders detect your low income Your application may reject.
Multiple loan Enquiries
Personal loan may be reject if you apply for multiple loans in quick succession.
What Can You Do?
Here is all that you may do to avoid personal loan rejection.
1.Check the required document before time and be ready with all of them.
2.Keep the documents’s scanned copies if you’re applying for a loan online and the original ones with required photo copies if you are applying offline.
3.Ensure your original Docs are in good shape.
4.Fill out the details on your application form with care and consideration.
5.Avoid overwriting, but present all necessary information correctly and without spelling errors.
6.Fill in your name and address information exactly as it appears on your KYC documents.
7.Before submitting your loan application, double-check the information you usage.
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