Personal Loan Is Declined
A personal loan is a kind of loan that allows you to get the money from the banks and non-banking financial organizations. Nowadays it is not that difficult to apply for a personal loan. But many times, your personal loan is declined due to various reasons.
Each bank and non-banking financial company have its own eligibility criteria to provide a personal loan. If they don’t find you suitable then your personal loan is declined. There are some reasons for that but before discussing the reasons for the Personal loan is Declined let us talk about the eligibility criteria.
- The age of the customer should be more than 21 years.
- If the applicant is salaried his/her salary should be more than Rs. 20000 per month.
- In case the applicant is self-employed he/she should be paying ITR of Rs. 2.5 Lakhs at least for the last three years.
- The credit score of the customer should not be less than 620.
Now let us discuss some reasons for the personal loan decline
- Credit Score
Since the personal loan is an unsecured loan, so bank focuses more on your credit score as your credit score shows how punctual you are towards your debts. If your score is not good then the borrower may get a Personal loan is declined. You are always advised to pay your debts on time and keep your credit score up.
As we have discussed earlier that a personal loan is an unsecured loan bank that doesn’t ask for any kind of collateral in this loan so they consider your credit score and your income. This is done to check your capability to repay the loan. If your salary is not enough or is less than Rs. 20000 then you will not be able to a personal loan.
- Wrong Information
If the information provided by is not correct then your personal loan will get declined. Because before sanctioning your personal loan bank will verify all your information.
Besides that, if your age is less than 21 years then also your personal loan is declined.
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