4 Things you should know to avoid the rejection of your Personal Loan Application

PERSONAL LOAN is a multi-purpose loan which you can use for any legal purpose, according to your need but there are certain things which you should keep in mind when applying for PERSONAL LOANS IN INDIA, to avoid the rejection of your loan application. Some of them are mention below:

1. Stable Income: An applicant should have a source of stable income, which can assure banks that he can repay the loan on time. Being an unsecured loan, personal loan is little risky because banks don't receive any collateral as a security, which they can possess in case of non repayment of loan. So, make sure you show a proof of stable income so that bank process your application without any hassle.

2. Job Continuity: While checking an applicant's eligibility, banks inspect his/her background. It's important that you should be working with a same company for at least 6 months because banks give a lot of importance to your job stability and it's favourable if you have been working at the same company instead of changing jobs frequently. Also, check that your company should be listed with banks for the smooth processing of your application.

3. No Liability: Banks prefer applicants with less liability or no liability at all. If you have any liability, give assurance to bank that you'll be able to repay the PERSONAL LOANS and that assurance can be anything which shows that you have enough resources to guarantee the repayment of loan.

4. CIBIL Score: It's one of the parameters of checking whether you are eligible to get the loan or not because it shows your creditworthiness. On the basis of CIBIL score, banks decide whether your personal loan application should be approved or not. Generally, minimum CIBIL score for personal loan is 750. If your CIBIL score is 750 or above 750, you are creditworthy and your application will be processed without any issue.

Know it all at one place:

CreditNation is an online financial service provider, where you won't just get loans and credit cards; you'll also get the best advice. Our customer support team helps you to know each and everything about your application and eligibility. We provide you the transparent information about your application at each stage, to keep you updated. You don't have to go anywhere to get the loan because we'll assist you throughout the process till you get the loan amount. So feel free to contact us for any query and we'll be glad to help you.