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Is your application for a Personal Loan Rejected? Here are a few of the possible reasons.
Rejection Reason: Incomplete or incorrect documentation
What to do: Provide all the documents asked by the lender to meet the eligibility criteria and also ensure the information provided is accurate and consistent
Rejection Reason: Credit score lower than 750
What to do: Before applying for an instant personal loan, ensure that your CIBIL score is at least 750. A higher score increases the likelihood of approval and could also help you get a lower personal loan interest rate.
Rejection Reason: The sum of the resulting EMI and your existing EMIs is more than 50%-60% of your monthly income
What to do: Repaying your existing loans improves your repayment capacity. Use the personal loan EMI calculator to calculate the resulting EMI and eligibility calculators to get an estimate of the maximum amount you may be able to get.
Rejection Reason: Each loan application leads to a hard enquiry on your credit history. Too many such enquiries from multiple lenders implies credit hungry behavior and could lead to rejection
What to do: Do not apply with too many lenders. Do your research thoroughly and apply only with those lenders whose personal loan requirement criteria matches your profile.
Rejection Reason: Insufficient work experience at the current job, or an unstable income increases the chances of rejection.
What to do: Check the lender’s criteria regarding work experience (for salaried) and income. If needed, add a co-applicant with a good income and credit score to boost your eligibility.
*All loan approvals are subject to the applicant’s eligibility as well as Fullerton India’s policies at the time of application.