Credit Wisdom

There are many reasons why you can get rejected for a personal loan but if you are looking for ways to lessen these chances, here are some ways in which you can make you do not have to go through the same. The following points are specifically apt for RBL bank personal loan but may help you when applying for personal loan through other banks too. 

One of the first things you should take a look at are your credit scores. Not only is your credit score very important in any kind of loan application but with personal loans, it can make or break your loan acceptance. This is because the banks do not have any collateral from you so they need to be sure that you will be paying them back. If you have a score of 750 and above, you have a higher chance of getting the loan with ease. 

Next, look out for the income that you get per month and how much you will be able to pay for it. If you are taking a very large loan but no income to cover it, then it becomes a problem for you as well as the bank. The bank always checks your income to decide if you will be able to repay the loan or not before they accept or reject your application. 

If you have a number of current loans that you are already repaying, that can also be a cause for personal loan application rejection. This is because the bank might review the EMI that you have already and if they think that you will not be able to take on any more, you will be rejected at once. The best way to avoid this will be to pay a few of your loans off. This means you won’t have to worry about higher interest as well.  

If you don’t carefully review what you have written in your applications and report, there might be mistakes. These mistakes can easily be the reason for your loan to be rejected. This is why you need to go through your credit reports and make sure your details on all the forms are correct. Make sure that the status of your pending loans is also accurate to avoid rejection. From HDFC to SBI and RBL bank personal loans, these apply to almost all of the banks you know. Make sure that you keep these pointers in mind and follow them to the tee to increase the chances of your loan being approved!