Here the 6 major reasons of your personal loan rejection. So check this out and avoid rejection for your personal Loan
Poor credit Score:
This is an obvious fact that every lender will be considering your credit score before providing your Loan. The good number for your credit score is 750. Your Credit Score will impact on the interest rates. If your credit score is good you can easily Avail a personal loan with lowest interest rates, and if you hold a bad credit score your interest rates may be high or even you can face rejection for the personal loan. So be prompt in repayment of any existing loans and credit card bills.
But at InstaEMI, we can work beyond your credit score and can provide instant approval on the personal loan at lowest interest rates even if your credit 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 for Personal Loan:
This is a weird thing that banks follow for approval of Loan request. You can be rejected for your Personal Loan Request if you do not hold any credit history and for building your credit history you need a Loan. This is a crazy loop.
We at InstaEMI will get you out of this loop and sanction you the personal loan even if you do not hold any credit history.
Banks hope you have a Stable career to avail a personal loan:
Most of the banks prefer to provide loans to the people who have a stable career. People with no career stability will be considered as a risk factor and lenders do not show interest to provide the loan to such people. Banks seek at least 6months of stability in an organization. And The leading players expect 1-2years.
InstaEMI will also clear this barrier. We can provide Personal Loan even if you have 1 month of work experience.
A startup Employee is Considered as Risky:
Start-ups are the sign of the healthy economy. But it is also a fact that every startup is not a success. So, In this case, the startup employee is considered as risky and it is hard to get approval for a Personal loan online.
Inadequate tax payment records will make you ineligible for Personal Loan:
If you don’t file your tax actively your are likely to get rejected for your loan application. Tax filing data will help the lenders to access your creditworthiness. So it is better to file your tax regularly to avoid rejection.
running too many loans exhausts your repayment capacity:
Holding too many loans may ruin your chances of getting a Personal Loan. Even you have a good credit score and holding multiple loans and most of your income will be going to EMI’s. In this case, the new loan will drain your financial resources. Lenders will find risk in repayment capacity and rejects your request.