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loan Application rejected

8 Major Reasons why your Loan Application can be Rejected

by Holistic 3 Comments | Filed Under: Loans

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A house, an MUV, your child’s education, a foreign holiday: you could have myriad reasons for applying for a bank loan. The bank generally considers and clears a loan based on your credit-worthiness. Among the factors contributing to a successful application would be your credit report which would be based on your income, employment record, age and value of holdings, prior loan repayment record.

Make sure you check the following points before applying for a loan:

Are you responsible enough to make the commitment?

You need to check your ability to repay by roughly estimating your monthly inflows and outflows, after allocating some funds for unforeseen emergencies

Credit Report from CIBIL

A good CIBIL score will speed up your loan application. A good track record of paying your credit card dues in time will get you a high CIBIL score.

Clear Funds for EMIs

Make sure your income either rises or remains steady for as long as you need to pay the EMIs for your loan.

When can your Loan application get rejected?

A few reasons which could lead to rejection of your application could be as follows:

1. Negative track record

If your credit card or previous loan repayments have a poor track record, your application can be rejected. Thus, a positive report from CIBIL would ensure quick and easy clearance of your application.

2. Unsteady Income and compulsive job hopping

If you have been juggling between jobs and do not have a good employment record, even if you have a high income at present, your application can be rejected.

3. Someone in the family has not paid up

If someone in the family has debts and a negative rating from CIBIL, your application is liable to be rejected as you share the same address as the defaulter.

4. No guarantee about the guarantor

A guarantor plays a very important role in your loan clearance process. If a guarantor has good credit worthiness, your application will be easily cleared.

5. No guarantee about the co-applicant

Just like the guarantor, the co-applicant plays a very important role in the clearance process. If the co-applicant has good credit worthiness, it will increase the probability of your loan sanction. On the other hand, if the co-applicant has got poor repayment history or poor credit worthiness, you loan application may be rejected.

6. A previous loan application has been rejected

If for any reason your loan application has been rejected previously, make sure you have rectified the errors before you file another fresh application. After all, no bank wants to lose its money and officers are accountable to higher authorities. Make sure all your records and ratings are clean before you make a fresh application.

7. Is your sister or friend a co-applicant?

Generally, banks do not encourage loan applications where brothers and sisters or friends are co-applicants. However, if parents are made co-applicants, chances of getting the loan approved are higher.

8. More loans and less Income

If you already have taken more number of loans, your disposable income comes down considerably. As this will reduce your loan repayment capacity, your loan application may get rejected.

9. Take the loan, pay up and go in for another one

While some banks used to levy a fine on pre-closure of loans, a majority of them have removed the clause from the loan terms. So, it might be worth liquidating your savings and reducing your loan amount at the earliest. The good part is once you have a good record of loan repayment, you can get approved for another loan from the same or another bank easily.

Apart from being credit card smart, if you want to be completely financially smart, then you need to begin with an end in mind. That is you should decide in the beginning itself, what are all the financial goals , you need to achieve at the end.

In order to do that properly you need to create a financial plan for yourself and your family. If you want to create a workable financial plan, then I firmly vouch for you to take advantage of our
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Comments

  1. Nelson says

    March 6, 2014 at 6:21 am

    Informative article.

    Reply
  2. Jamuna says

    February 25, 2014 at 12:11 pm

    whoah this weblog is fantastic, i love reading your posts. Keep up the good work!

    Reply
  3. Siva sankaran says

    October 17, 2013 at 6:26 pm

    It’s difficult to find experienced people on this subject, but you seem like you know what you’re talking about! Thanks

    Reply

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Lionel Faber
16. September, 2021.
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6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
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6. September, 2021.
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6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
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30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
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3. July, 2021.
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26. June, 2021.
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