Feature Image


Posted on Thursday October 7th, 2021

Personal loans are the simplest solution to your every financial requirement. Lenders considers so many factors while approving a loan for you which involves your credit score, debt to income ratio and repayment capability, so make sure to get prepared if you don’t want to get your application rejected in a desperate situation. ShubhBank has put together some of the points that will help you to get through the financial crunch.

In the past times, you could get a personal loan from your relatives or friends but nowadays you can Apply For Personal Loan from any of the lending institute or neighborhood bank where you share a nice relationship. However, in present scenario, there are many lenders who might offer you online as well as offline personal loan.

With the various digital lending platforms, you have far better options like rate of interest of your choice, flexible tenure, processing charges which you won’t mind paying. ShubhBank offers all these features at a single platform, if you are looking for an instant or quick personal loan. Before applying, one must know the reasons for rejection in personal loan which are mentioned right below:

False documentation: It will be one of the main reasons for which your application will get rejected. Faulty paperwork, erroneous details and especially false papers will surely leas your loan application to get rejected. Similarly, one should not upload or submit the incorrect information while filling up the loan application which ultimately results in rejection.

Any of the false details will not only results in rejection but also lead to reduction in the trust of the lender which he/she has in you with regards to repay the loan. So, make sure to fill the loan application correctly with the right details and upload genuine documents for positive results.

Multiple loan enquiries: You may be in hurry for an urgent financial purpose, but it doesn’t mean you go around seeking through multiple loan enquiries and loan applications. All the loan enquiries you made will be recorded to your credit report which will have a negative impact on your credit score.

Don’t hustle while availing a loan; compare the different lenders and loan solutions with lowest interest rate fulfilling your needs and which suits best to your budget otherwise seeking your objective through numerous applications may reject your loan application.

Poor credit history: It is an important factor while you Apply For Personal Loan Online or offline because your credit history reflects your repayment capacity to the lender. It indicates your creditworthiness, whether you defaulted on any repayment or not. Therefore, to avoid the rejection, don’t default or delay the repayments of loans. More you will be scheduled in repaying the loans; more will be your credit score.

Unpaid debts: If you have any accumulated debts currently, then inform your lender prior applying for a loan because unpaid debts can be a prime reason for the rejection of your loan application.

Now that you are aware of all the reasons for the rejection in Personal Loan, make sure that you may look after these factors before getting a loan.