Did Your Personal Loan Get Rejected?

#1 - Low Credit Score

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#2 - Incorrect Document Submission

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#3 - High Number Of Existing Debts

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#4 - Irregular Income Stream

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#5 - Multiple Loan Enquiries

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Did Your Personal Loan Get Rejected?

Checkout Here 5 Common Reasons For Personal Loan Rejection And How To Overcome Them

#1 - Low Credit Score

Your bank or lender may reject your loan application if your credit score is below 700. Pro tip: Repay existing loans to improve your credit score.

#2 - Incorrect Document Submission

Wrong or incomplete records may lead to loan rejection. Pro tip: Check all the details before submitting the personal loan application form.

#3 - High Number Of Existing Debts

Too many existing debts - home loans, car loan, etc., can lead to personal loan rejection. Pro tip: Apply after repaying existing loans to get a loan easily.

#4 - Irregular Income Stream

Lenders could reject your application if you don’t have any stable source of income. Pro tip: Develop a stable source of income to gain your lender’s trust.

#5 - Multiple Loan Enquiries

Personal loan can get rejected if you apply for multiple loans in quick succession. Pro tip: Wait for a few months & try to repay the maximum loan amount before applying.

Get personal loans up to Rs.20 lakh in a 100% paperless way and at attractive interest rates starting from 9.9% p.a. with Navi. Download the Navi app today!