If a bank rejected your personal loan or if you are planning to apply for one, then here are 6 reasons which can get your application rejected.
Low Credit Score Can Be Why The Bank Rejected Your Online Personal Loan
It is a known fact that banks prefer to sanction personal loan instant approval to applicants with a CIBIL score of 750 and above. Your credit score may be low because of various reasons such as not paying your dues on time or paying only the minimum due instead of full amount.
But at InstaEMI, we go beyond your credit score and can instant personal loan approval even if your CIBIL score is less than 750. Our fully tech-enabled credit engine considers your education, income and liabilities to determine your credit-worthiness holistically.
Insufficient Credit History Can Deny You of personal loan approval
Your credit history is a summary of all your loans and credits taken in the past. If you are young and early-on in your career, chances are that you have still not taken any loans. Hence, you would have a limited or no credit history.
This kind of creates a Catch-22 situation since you cannot get a online personal loan from bank in absence of credit history. And to build credit history you need to take a loan!
We help you get out of this loop. And sanction you your ideal personal loan approval even if you do not have a credit history. A mere absence of previous track record does not make you financially irresponsible after-all!
Banks Want You to Have a Stable Career to Get personal loan instant approval
Banks prefer applicants who show consistency and stability in their jobs. Most of the Banks would like you to complete a minimum of six months in your current job. Many of the leading banks require an applicant to have a minimum total work experience of 1-2 years.
At InstaEMI, we understand that the youth today can’t wait. Why should you delay that dream holiday just because you are beginning your career? You are eligible to borrow from us even if you have only 1 month of work experience!
A Start-Up Employee is Considered Risky
A growing number of start-ups is a sign of healthy economy. But it is also a fact that not all start-ups succeed in the long-run. So, if you are an employee of a smaller start-up then Banks will view you as too risky to lend a personal loan to. Your exceptional educational background and past work-history notwithstanding!
We are neutral whether you work in a Fortune 500 company or a young company on-the-block. Our decision to give you instant personal loan approval is based solely on your credentials which matter.
Inadequate Tax-Filing Records Makes You Ineligible to Get a instant approval on personal loan
If you have not filed your tax returns actively the Bank could have rejected your personal loan approval. Tax-filing data helps the Banks in assessing your credit-worthiness and hence absence of it may disqualify your loan.
Running Too Many Loans Exhausts Your Repayment Capacity
Even if you have a good credit score but are already servicing multiple loans, it puts a strain on your financials. Say you are earning Rs. 60,000 per month and staying in a metro city. If you already have 3 loans running you would pay close to Rs. 30,000 per month towards EMIs. Another loan in this scenario will leave you with little resources to take care of your living expenses. The Bank may therefore deny you another loan.