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!