Loan Application Tips: Despite better CIBIL score, loan application can be canceled due to these reasons


new Delhi: Many times we need a huge amount to fulfill our needs. However, it is not necessary that we have a huge amount available every time. In such a situation, people apply for a loan. Loans are often taken for big expenses, but in spite of having a good CIBIL score many times, the loan application is also canceled due to small things.

If applying for a loan from financial institutions, they check our CIBIL score. The person whose CIBIL score is better, his chances of accepting loan application are increased. However, while applying for loans from financial institutions, some important things should also be kept in mind that despite having a good CIBIL score, the loan application should not be rejected.

Low income
Your income also matters when taking loans from financial institutions. Keeping in view the income, the financial institution makes full assessment, knows the ability to repay EMI and determines the maximum amount of loan according to income. During this period, the income of the loan applicant, the people dependent on it, the means of income, the CIBIL score etc. are checked by the financial institution. On the other hand, if the CIBIL score is good but the income is low, then even the loan application can be rejected.

Older age
Many times, loan applicants are not given loan to older applicants through financial institutions. Financial institutions take more care when giving loans to older people. Due to the uncertainty of depositing EMIs after retirement, many times financial institutions reject loan applications due to the regular income of those who have reached retirement age.

Floating income
While taking a loan from a financial institution, the job, business of the applicant is also assessed and it is seen that the income of the applicant is not stable. If the applicant’s income is not stable, then the loan application can also be rejected in such cases.

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