8 Reasons Why Your Loan Gets Rejected
2. Don’t Keep Too Many Previous Loans
If you are already managing too many loans at once, then it’s always better not to take another till you repay all the existing debts. Infact your bank will not sanction you the loan if your loan balances are high.
Before taking loan, make sure that, the loan will not affect your income, since your income is considered as- income minus the constant credit repayments that you are making and the rest is considered as your real income.
3. Make Sure That Your Residential Address Is Not In the Defaulter List
If you are living in the house, from which, someone who stayed before has not paid his bank loan or has credit card dues, there are less chances for you to get the loan.
Since both CIBIL and the bank from which that person has taken the loan will store the residential address in their defaulters’ database, there are high chances of your loan getting rejected.
When situation, like this arises, you can convince your bank by presenting your ID card, show your credit scores if it’s good and the previous loan you repaid to the bank before the fixed period.