This article particularly deals with
looking into the various issues surrounding the rejection of a personal loan
application. Once the application has been logged in, there are several
background processes that occur based on which the loan application is approved
or rejected.
1) CIBIL Score
Your cibil or credit score should be
a minimum of 750 in order to be considered for approval. This is the reason why
every individual must purchase a credit information report prior to their
application, because if your loan is rejected once, it might take a while
before you will be able to apply for a loan again (i.e. after a minimum of 6
months)
2) Documents mismatch / document
fabrication
When people are in desperate
requirement of money, they tend to lose sight of what's at stake when they
fabricate documents such as pay-slips in order to be eligible for a higher loan
amount. Apparently, banks are not that easy to fool around with. The moment a
documents mismatch is noticed by the bank where you've applied, the information
will be passed on to every other bank, there ends your chance of even applying
for loans elsewhere, for the rest of your life.
3) Exceed repaying capacity Limit
This happens when the individual
applies for a loan, however his ability to pay the emi is a big question. For
every individual, only a certain portion of his income can be spent towards
paying emis while the remaining is required for living expenses. If the
customer is already paying for either a credit card or loan emi, then banks
tend to view such cases warily.
4) Customer Profile Score for
each loan portfolio presented, the bank rates the profile on various aspects
such as the income, residential stability as well as previous financial
records. Every bank puts forth a cut off score which needs to be fulfilled by
the individual.
5) Even the smallest of details
matter, for instance, if there is lack of cooperation during the
verification process (office verification, residence status verification so
on), or sometimes the details provided by the customers are not 100% correct.
6) Having no loans or credit
cards also make lenders wary, in this case the cibil score is usually a -1
or 0. Where -1 indicates no credit history whatsoever and 0 indicates
transactions yet to be updated in your report.
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