8 Reasons Why Your Loan Gets Rejected

Bangalore: Today many banks provide different facilities very easily which were once hardly accessible.  No doubt technology and improved banking systems have made life much easier, but at the same time the increasing fraudulent activities have made rules and regulations tough.

Today banks consider a number of things before giving any kind of loan and other services. Some most common issues are your age, income, job stability and most importantly your credit report.

In India, The Credit Information Bureau (CIBIL) is licensed to give credit scores to all the citizens. The scoring ranges between 300 to 900, with 900 being the best score and below 300 which is considered as bad score. Customers with low credit history will be scored 1; and if the credit card is less than 6 months old the score will be as less as 0.

Yahoo has listed out some important aspects that you should take care of before applying for any kind of loan and save it from getting rejected.

1. Don’t Apply For a Loan, If You Were Rejected Before

Do not keep applying for another loan, if your loan has been rejected before. Before you apply for a bank loan in different banks simultaneously, it’s always better to consider the pros and cons of it.

The best way to get loans is by maintaining a good credit score. Make sure that you pay all your debts on time, because if you are maintaining a good credit score it will be recorded in your CIBIL record and it will help you get the loan.

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