Loan Rejections

You could be rejected for an education loan due to the following reasons. Poor credit score Poor academic performance Bad credit of the guarantor Not supported by enough collateral Education institution not listed by the lender Besides the above reasons, the approval of an education loan could also depend on the internal policies of the lender.

Ideally you should have a score of at least 750 in order to be considered eligible for a credit product. In addition, you should not have any negative status markings (like SETTLED) on your credit report. Please contact your lender directly in order to resolve this or we can assist you with this. You will need to make a payment to your lender before the SETTLED status is replaced with a CLOSED/NULL status. Please upload a copy of your CIBIL™ report or obtain an Equifax report on our website and we will guide you on the next steps.

If you have negative status' in your earlier loans eg. SETTLED, WRITE-OFF, SUIT FILED, DPD, etc., your new application could get rejected. In addition, if your income cannot support multiple loan repayments, lenders are likely to reject new applications. It is best to review your credit report in order to determine the exact reasons for the rejection. You can get assistance on www.creditmantri.com with this.

Home loan is a huge credit responsibility which of course demands a higher discipline for repayment till the completion of the entire tenure. Banks too take precautions before giving out big-ticket loans. Hence the borrowers will have to pass through the eligibility check to secure the home loan of their choice.

The CIBIL™ score is the most widely used measure while evaluating new credit applications. Most of the banks in India & other creditors first review your credit score and credit reports whenever you apply for any loan or a credit card. Your CIBIL™ Score or credit score helps in evaluating your credit worthiness which in turn will lead to the rejection or acceptance of your loan application. Off late people have become much more aware of as to what their credit score is and have started working towards improving it.

Banks sanction loans based on multiple factors, and credit history is an important factor. Age, work experience, monthly income, job stability, down payment, collateral, and repayment are some of the other factors.