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Reasons for Loan Rejection with Good CIBIL Score

Reasons for Loan Rejection with Good CIBIL Score

Credit scores are thriving in the market, from highly reliable credit bureaus to.

It is important to understand the purpose of these different scores and how they impact your credibility as a borrower. There are many factors considered by the other assessors of your scores, depending on your information. Then there are specific criteria for calculating scores if you have applied for a loan.

Risk managers perform the task of securing the bets of a bank to protect them from bad debts. In doing so, they may consider factors that are not used in the general assessment. This may lead to rejection of your application even if you are just marginally off the threshold. Let us discuss how to ensure loan approval by understanding the various parameters involved.

Employment Status and Monthly Income

Being stably employed and earning a viable income to cover your loan repayment terms are crucial aspects of being eligible for a loan. The application for a loan includes myriad questions regarding your career and finances, which are all used to compute your credit score statistically. The cut-off may seem to be just, but the riskiest prospects get auto-rejected. This process may be discretionary in many cases.

Prior Data

Credit rating agencies do not consider the traditional information of a loan applicant, but the banks might. It is hard to get rid of your tainted past, especially if you have ever been bankrupt. Being in the bad books of financial institutions may prove to be highly derogatory for your future trustworthiness. It is essential to always be on track of your debt commitments and make scheduled payments to be categorised as a performing asset for the banks.

Frequent Borrowing Issue

If you enquire with too many banks for a loan at the same time and even one of the applications gets rejected for any reason, it could look bad on your credibility. It is always better to stick to your bank as you mutually benefit from each other, and the relationship manager ensures that your request gets approved.

On the other hand, if you have an existing loan from a financial institution and apply for a new loan, your chances of getting it approved dwindle for being overleveraged. Loans against credit cards are also red flags when you already have a running loan account.

Bank Policy

There could be nothing wrong with your credibility. Still, if the bank’s portfolio has exceeded the limit of loan sanctions in a particular period when you’ve applied for a loan, the bank might rationalise your score to reject it de facto. Banks also match details from other financial institutions for defaulter history.

CIBIL Report

It may be considered a qualified report if you have a good score with comments under certain sections. You could have a pattern of repaying late on your debt commitments (DPD), or you could be a guarantor on a defaulted loan. Even the defaults in paying taxes affect your credit score. This all reflects negatively on your credibility.

Crucial Ratios

If most of your assets are pledged or mortgaged, it shows your indebtedness. If a bank cannot get hold of your asset for its security, it is difficult to sanction your application, despite everything else being favourable. Your secured-to-unsecured loan ratio should also be favourable to guarantee you a loan. Furthermore, the applicant should be aware of the EMI to income ratio, which is crucial for assessing the loan application. 

Summing Up

Banks have strict guidelines regarding loan disbursals with policies and laws regarding bad banks. It would help if you were diligent about managing your finances. Some banks have also started incorporating credit scores in credit card bills. You should never take a devalued score lightly and enquire in-depth about the reasons for the same. If it’s due to a discrepancy, it should be immediately reported to the concerned bank. In case of ignorance at your end, you should rectify it asap.

General scores should be used as a guide to fare you through a custom score. A credit score of over 750 is considered to be highly desirable. Since the scores are openly available to everyone with a little of your detail, you should definitely consider how it changes. 

 

Comments

  • Hifjul hoque

    April 28, 2022

    Hello

    reply
    • Abhijith H P

      May 30, 2022

      Yes

      reply
    • Lalit singh

      June 1, 2022

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        June 7, 2022

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    April 30, 2022

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      May 5, 2022

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    May 3, 2022

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    May 5, 2022

    My loan amount 150000

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    May 5, 2022

    Good platform for the business loans.

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    May 5, 2022

    Good platform for loan

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    May 5, 2022

    Lon me plz

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    May 5, 2022

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    May 5, 2022

    To Loan problem to help me

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    • Rudra Narayan Prusty

      May 12, 2022

      Please loan me help sir🙏

      reply
      • SASIKUMAR

        May 21, 2022

        Good

        reply
      • Mukesh Kumar

        June 9, 2022

        Yes sir

        reply
  • G.SATHISH

    May 5, 2022

    Super very nice

    reply
  • Sekh sagir

    May 5, 2022

    My credit score hi but not give any loan

    reply
    • M chaitanya

      May 7, 2022

      Give me loan

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  • Nitesh Barange

    May 6, 2022

    Very nice

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  • Vyankat

    May 6, 2022

    My loan approval

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    • Kunal kapoor

      June 7, 2022

      Good

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  • MOJAMMEL HOQUE

    May 6, 2022

    Good

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  • Mukesh

    May 6, 2022

    Please close my loan account

    reply
    • JAMIL mohmmad

      May 12, 2022

      Very good

      reply
  • Lovely kumar pabbi

    May 7, 2022

    My CIBIL score is above 750 and didn’t missed any installment till date….

    reply
  • Asmita Shinde

    May 7, 2022

    I will pay MY loan within 211 day

    reply
  • RENJITH MR

    May 7, 2022

    Close my loan

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    May 7, 2022

    Hello 🙏
    Thank YOU for smart coin made in bharth i recived amount thank you for all team

    reply
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      May 29, 2022

      Sir my loan

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  • Manjunath Manju

    May 7, 2022

    Hello 🙏
    Thank YOU for smart coin made in bharth

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    May 7, 2022

    Good app

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    May 8, 2022

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    May 8, 2022

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    May 8, 2022

    Nice

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  • SARIF shekh

    May 8, 2022

    Mujhe 50000 ka loan chahie

    reply
  • Richan parkaah

    May 8, 2022

    Good

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    May 8, 2022

    Attt nice

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  • ANUSANJAIKANTH. K

    May 8, 2022

    Nice app use full for college students

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    May 8, 2022

    Nice

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  • Hiteshbhai Dhirubhai Bambhaniya

    May 8, 2022

    Good job

    reply
  • Irfan Nadeem

    May 9, 2022

    My credit score

    reply
    • shaik irfan

      May 17, 2022

      What is my loan rejectet sir

      reply
    • Kavya D

      June 2, 2022

      Plz tell about my credit score

      reply
  • Divyanshu harit

    May 10, 2022

    My credit score

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  • Dr Hasnain

    May 10, 2022

    MYCREDIT score

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  • Dr Hasnain

    May 10, 2022

    My credit score

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    • Partha Pratim Das

      May 11, 2022

      I want to loan emergency

      reply
    • Milton

      May 11, 2022

      My credit score

      reply
      • JAMIL mohmmad

        May 12, 2022

        Very good

        reply
        • Pradeep Kumar

          May 19, 2022

          give me loan

          reply
  • SHAILENDRA MOHAN VERMA

    May 11, 2022

    Mere paas account statement nahi hai abhi

    reply
    • Mukesh Kumar

      June 9, 2022

      Good

      reply
  • javeed m

    May 11, 2022

    super apps Lona nyc

    reply
  • FAKHRUDDIN Shaikh

    May 11, 2022

    50000 Lon disborse amount transfer

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  • Kanhai Kumar

    May 12, 2022

    I will be a loan

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      May 19, 2022

      Give ME loun

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    • Kartik chandra Kandi

      May 19, 2022

      Give ME loun
      50000 loun chahiye

      reply
  • Faizan

    May 12, 2022

    Can i know THE reason why my loan approval is rejected.

    reply
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    May 16, 2022

    Good 👍 app

    reply
  • pawan singh

    May 16, 2022

    Good

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  • Narendra Katara

    May 16, 2022

    Please loan me

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    May 17, 2022

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    May 17, 2022

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    May 18, 2022

    My loan

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  • Saleem

    May 18, 2022

    Small Loan

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    May 18, 2022

    Business Loan

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  • Gowrineni Gopikrishna

    May 18, 2022

    Plz Loan required sir

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    May 19, 2022

    Good support

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    May 19, 2022

    Best loan app.

    reply
  • Sajeesh Saji

    May 20, 2022

    Yes loan

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    May 20, 2022

    Yes loan

    reply
  • mahendra kumar soni

    May 20, 2022

    High amount request

    reply
  • Sekar

    May 20, 2022

    Good loan

    reply
  • dinesh gupta

    May 20, 2022

    150000 loan amount

    reply
  • Shivaji Bodake

    May 21, 2022

    Good app

    reply
  • Pooja

    May 21, 2022

    Mujhe 1000 ka loan chahie loan kyon nahin mil raha hai

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  • Mangala Samy

    May 21, 2022

    Please loan sir

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    May 22, 2022

    Loan

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    May 22, 2022

    Pls help me very urgent for loan amount

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    May 25, 2022

    Sir mujhe 100000 ru ka loan chahiye

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    May 27, 2022

    Give me a loan

    reply
  • ASHOK Kohale

    May 29, 2022

    How much TIME you take to complete my loan application??

    reply
  • Soni Umeshkumar

    May 29, 2022

    My credit score is high but I didn’t get any loan.
    I know this app is really very helpful.any way thanks.

    reply
  • Sunil Patil

    May 29, 2022

    Loan chahiye

    reply
  • Chavandraj Jat

    May 30, 2022

    Nice

    reply
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    May 31, 2022

    Give me Loan sir

    reply
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    May 31, 2022

    Give me loan sir

    reply
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    May 31, 2022

    I want loan dr smart coin

    reply
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    June 1, 2022

    Pls my loan

    reply
  • MAHAVEER SINGH

    June 1, 2022

    Loan offer

    reply
  • Pradip kumar Bishwakarma

    June 1, 2022

    Give me lone

    reply
  • Lalit singh

    June 1, 2022

    My credit score

    reply
  • Koghan teli

    June 2, 2022

    Why rejected my loan

    reply
  • B s kushalappa

    June 2, 2022

    Super

    reply
  • Suresh kumar

    June 5, 2022

    Nice but process let others be good

    reply
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    June 6, 2022

    Nice

    reply
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    June 6, 2022

    Verry good activities

    reply
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    June 6, 2022

    Very good

    reply
  • Chandraprakash taneja

    June 9, 2022

    Super loan app

    reply

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