The Way to Get Your Personal Loan Approved

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A personal loan without collateral is considered as a real lifesaver when it comes to any unexpected circumstances where the money is required. We accept this option very easy and relevant but it is actually not so simple to get the approval for it. The reasons for the personal loan rejection are different, and in most cases, they are connected with poor credit score and the last loan rejections the one has had.

Get Your Personal Loan

Sometimes the clients can not recognize the reasons for such a situation of a sudden rejection of a personal loan. As a rule, banks and various financial organizations estimate a personal loan application according to many criteria.

Of course, we do not like to hear about our ineligibility especially when it is about the loan approval.

To get out of the rejection situations, it is important to be more attentive to the following things. That is the time to learn the parameters of personal loan eligibility before further contemplations on this topic concerning loan rejection.

Are You Eligible or Not?

Those who get official salaries or self-employed persons as well as people with a certain professional level are proper for applying for a personal loan with the following requirements to meet:

  • Starting age is 21 and up to 60 years old, if it comes to self-employed professionals,
  • Minimum age to apply for a loan – 25 years
  • If you are employed for more than 2 years
  • Have an official workplace for more than 1 year with the permanent employer
  • Entry-level net income per month range between Rs.15000 to Rs.25000, that changes little depending on lenders and residential place of living.

The Main Reasons of Rejections and How to Cope with Them

  • Inconsiderable Income

The income you receive through the month of work is considered as the most essential factor to give you the money you need and make your loan approved. All lenders usually estimate your earnings in accordance of two important conditions. First of all, it should follow the starting eligibility terms, and one should be able to pay back the instalments on the loan. In case your earnings are inconsiderable to follow the starting criteria, different lenders including banks can easily reject the existing application.

See to it that to analyse properly your personal financial possibilities to provide the repayment timely every necessary month.  

  • Bad Credit History

It’s a general term which combines different stages of bad credit. If even one EMI payment missed, it will considerably decline your CIBIL Score. The one can installments as default in case of the trouble with payment your credit card by date. Sometimes it happens that even if you did not have any cases of a missed due, very often the last loan application rejection can be the reason for a collapse in terms of the CIBIL score. This kind of score shows the creditworthiness of a certain person.

It seems that, when the credit score is inconsiderable or very low, it provokes the existence of bad credit history.

  • There are already several loans

Notwithstanding your financial level and the capacity to pay back, if you have at the moment several ongoing loans including credit cards, bank will definitely refuse to provide you with the necessary some of money.

If you do not use some of your credit cards, withdraw from them as you do not really need them. Forget about applying for personal loans for some period to cope with what you already have. There is one more reason for rejection – very poor track record of repayments. Watch out to paying the fees.

  • Deficient, Nonsufficient and Improper Details

Data is the major item that values your credibility. Very often because of deficient and incorrect information details, the applicants get the system refusal. Sometimes people miss to give the salary certificate copy or of the identity card available. Traditionally, banks take into consideration the file of the provided documents and it influences the result: to approve or reject the application. Do not forget to verify before inserting some confidential information as, for example, you bank account number, Financial System Code of affiliate bank as well as your contact telephone number.

Deliver all the actual documents, providing full details that confirm your application. The organizations that lend money verify every particular document person submits. Inconsistency can lead to the decision of not to approve the application. Keep in mind, that the rejection of any application usually influences your Credit Information Bureau Score as well.

  • Constant Job Hopping

The employment status of a lender is for the system and every lender in general. If there are some problems with it, it’s a pity. That is why it is necessary to give the copies of bank balance and your last duration of employment. If they discover that you are the job hopper, be ready to get the refusal. The main criterion of compliance to apply for a personal loan is sound employment for approximately one year.

  • Absence or Thin Credit History

Previous credit history is a very important indicator used to estimate financial reliability. If you do not have an experience of applying for a loan, it may provoke some kind if hesitation concerning financial capacities by banks they are not interested in any risks.

Maintain all the correct information and covering document at hand. To ensure the credibility of any applicant, the most of overly cautious banking institutions fulfill a diligent check of a background information about the person. Try to control everything yourself to be sure that you are an eligible applicant and have a very good credit history and score.

User Review 5 (2 votes)
Linda Carters/ author of the article

Financial Journalist on Advance Loans Philippines with 8 years experience in a Fintech niche.

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