From the comfort of the home or office, applying for personal loan has been redefined thus getting rid of doings multiple rounds of bank. With the innovative boom in technology, every sector is now digitalized making things easier for users in various ways. All you are required to do is to visit the chosen bank’s website and apply for the loan. Ensure to fill all the details correctly, as the lender verifies all details before approving the loan. Knowing what can lead to loan application rejection, will let you ensure you do not make those mistakes.
Let us find out what leads to rejection of loan application and what measures can be taken:
Having low credit score while applying personal loan: Low CIBIL score is one of the main reasons, for the rejection of the loan application. A score of 800 is considered to be a healthy credit score, to get the loan sanctioned. CIBIL score is the most important factor, which a lender considers while assessing your loan application. Therefore, before applying for the loan, do not miss out on payment of existing loan, pay off the outstanding debts, and limit the usage of credit cards.
Incomplete document submission: Make a checklist of all the necessary documents and submit all the relevant documents, without missing out on any. It is vital to adhere to the guidelines of the submission of documents, while applying for the loan. There are higher chances of getting the loan application rejected owing to incomplete submission of documents.
Unstable income sources: In the absence of a regular job, ensure to submit the documents related to other sources of income, that will aid you in paying off the EMIs. It will help you secure a personal loan easily. Financial institutions assess your repayment capability of the loan. A loan application with regular and steady income flow, qualifies for the loan.
Not having the eligibility criteria- There are few factors which are beyond control, which needs to be taken into account which also needs to be taken into account while applying for SBI Personal loan. Being in the right age, residing in a city where the lender operates in, to sanction the loan are also taken into consideration.
SBI Bank offers personal loan to government employees at attractive interest rate starting at 11.49%. Features of SBI bank Personal loan for Government employees:
1. Low rate of interest for employees of public sector banks
2. NIL processing fee for defence personnel
3. For government employees of India and public sector undertakings, special offers are available.
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