Planning to get a loan? Finding it difficult? How do you save your loan from rejection? When it comes to loans, the majority of us suddenly become impatient, and in a race to getting a quick loan, most of the time we start applying for multiple loans, and as a result of which, they spoiled their Credit Information Bureau India Ltd (CIBIL) records.
For all those, who are in a bad habit of applying for loans in a hurried manner, here are some tips by which you can clear your errors.
The moment you apply for a loan, the bank offers you a list of their eligibility criteria. The list includes various levels, starting from your age, basic income, occupation stability, and your primary credit payback reports.
Before applying for any loan you should keep in mind several points so that you can save your loan from rejection.
The first thing to be kept in mind is that you should have a proper calculation about your repayment ability so that you can estimate your net worth and evaluate if you have sufficient savings before applying for a loan.
You should also have proper knowledge about the fact that you will never apply for a personal loan on the address, which has been recorded on the defaulters list in the CIBIL list.
Keep on updating your CIBIL record list because if the list is not updated the bank can always question you on your eligibility. For example, if you had paid all the dues of your credit card but your CIBIL record is not rejected, then you need to ask the bank to provide you with the repayment proof and the moment you get the proof, you should submit it to CIBIL and get the information updated.
Along with the upgrading of your CIBIL records, the next thing that you have to take care of is that you should clear all your pending credit card payments. Because having a record of pending bills can certainly become a huge reason to save your loan from rejection.
Then move towards having the assurance of your back up funds. After you applied for a loan, be careful that you have enough emergency funds to pay your monthly EMI even if you lose your job in order to save your loan from rejection.
Never apply for a joint loan because other than the fact that you can get it, many times several banks reject the co-applicant forms and as a result of which your loan application is not approved. Another reason to save your loan from the rejection of the co-applicant bill can be that your co-applicant might have a poor CIBIL record.
Make as much down payment as you can and arrange your finances well ahead to close the loan as rapidly, to carry on a superior refund track record. Moreover paying your debt will surely relax your resources for other uses if it needs to take a fresh loan to save your loan from rejection.
On the last, you should also remember that to save your loan from rejection never chose a loan guarantor who is incapable of paying it because the moment they step back from paying their loan interest, you immediately become applicable to pay their loan.
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