Planning to apply for a Personal Loan? Frequent job changes, too many loans, a typo in your application and a missed called could spell trouble. Here are the lesser known reasons for a Personal Loan rejection:
Job stability is very important for your lender. Changing jobs every now and then might act as a deterrent during the approval of your loan.
Too Much Credit
You already bear the weight of too many loans on your shoulders. That s a red flag for banks right there.
The bank verifies every little detail in your application. A typo causing your flat number to change might just lead to a rejection.
You gave your landline number for tele-verification. Unfortunately, you re always at work when they call. Provide your mobile number too.