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A personal loan is a versatile unsecured loan and it can be rejected due to several reasons. Multiple personal loan rejections could increase your hard enquiries, ultimately affecting your credit score negatively. Hard enquiries are a sign that you are hungry for more credit and the lenders might assume you are a risky borrower. If your recent personal loan application with Punjab & Sind Bank has been rejected, you may want to find out the reasons for the denial. Read on to know more why your personal loan application could be rejected.
The reasons for a personal loan rejection can be determined broadly under six reasons, however these vary from one lender to another, each lender have their own internal policy to determine the creditworthiness and risk rating.
With lowprocessing charges, attractive interest rates, Punjab & Sind Bank offers competitive personal loans for meeting short-term needs such as wedding, medical treatment, education, travel, house repair etc. The monthly income required is very low which helps people belonging to various employments to avail the Punjab & Sind Bank personal loan.
Every bank has its own eligibility criteria for approval of personal loans. Likewise, the reasons for Punjab & Sind Bank personal loan rejection could vary with the rejection criteria of the other banks. The following could be the main reasons why Punjab & Sind Bank personal loan could be rejected.
Punjab & Sind Bank provides personal loans exclusively to people who are doctors, Chartered Accountants, employees of private limited companies, employees from public sector undertakings, including central, state and local bodies. If you do not fall under this category, your personal loan application is very much likely to get rejected.
Sometimes, you might be working in a private company and still get your personal loan rejected. This could happen if the company you are working for is under the category of delisted companies in the bank.
To get qualified for getting a personal loan application, you must be minimum of 21 years old and should not be more than 65 years old. If you do not fall under this age category, your Punjab & Sind Bank personal loan application would be rejected. The bank sets an age limit because they want to be assured that you are able to repay the loan without much difficulty.
A steady source of income is the proof for any lender that you are capable of repaying your personal loan. Every bank sets a minimum monthly or annual income requirement to be qualified for a personal loan. If you fail to meet this minimum income requirement, your Punjab & Sind Bank personal loan application may get rejected.
Frequent job switching gives an impression to the lender that you are unreliable to the organisation you are working for. With that notion, it could become difficult to secure a personal loan as it is an unsecured loan for which you do not have to pledge any collateral.
Punjab & Sind Bank expects their borrower to have a stable employment for at least 1 year and more importantly to be working for the current employer for the past 6 months.
A credit score is generated by credit bureaus based on your credit behaviour. A good score reflects how responsible in handling your finance. Lenders consider it an important criterion to evaluate the borrowers’ creditworthiness.
Having a poor credit rating is going to hurt your personal loan eligibility. This could be one of the main reasons why your Punjab & Sind Bank personal loan application could have been rejected.
This is another criterion which could lead to personal loan rejection. Too many loan applications provide a hint to the lender indirectly that you are credit hungry and might turn a risky candidate.
The answer to this question depends on the level of your personal loan application being processed. The borrower generally applies for a personal loan after checking the eligibility criteria and proceed with document submission. If there are difficulties in furnishing the relevant documents, the Punjab & Sind Bank personal loan might get rejected.
If all your documents are verified, the lenders will check your credit score to assess your creditworthiness. It is called hard enquiry. In worst case scenario, if your credit score is low and the personal loan gets rejected, the hard enquiry will have an impact on your credit score further in a small way. Hence, if you are faced with multiple hard enquiries, your credit score is sure to take a hit with it.
The Punjab & Sind Bank Personal loan approval process is simple and much quicker for existing Punjab & Sind Bank customers. They can apply online and get pre-approved offers on personal loans with attractive interest rates. The loan amount is directly credited to their account instantly.
The application process is different for other customers. The borrower needs to either apply for personal loan online or directly download the application form from the official website or visit the nearest Punjab & Sind Bank branch. They can also call the Punjab & Sind Bank customer care to proceed with the application process.
A Punjab & Sind Bank representative will collect the filled in application form and all the necessary documents required for verification. The bank will do a background check on the customer’s personal and professional information. If there are any discrepancies with the information provided, the Punjab & Sind Bank personal loan application is likely to be denied. After passing through document verification and eligibility criteria, the status of approval process moves to the final level. At the final stage, the interest rate and tenure are fixed and sent for your acknowledgement. You can also follow up on the process by calling the Punjab & Sind Bank personal loan customer care
The interest rate of Punjab & Sind Bank personal loan ranges between One Year MCLR + 4.00% to One Year MCLR + 5.25% p.a.
1. Should I have a good credit score to get Punjab & Sind Bank personal loan?
A good credit score helps you get a personal loan at better terms, a healthy credit profile results in lesser rejections on personal loan. So, if you find yourself with a low credit score you must try find ways to improve it.
2. What can I do if my Punjab & Sind Bank personal loan application gets rejected?
You can try to find out the reasons for the personal loan rejection and take actionable steps to rectify the flaws to become eligible for the future loans.
3. How will I know if my Punjab & Sind Bank personal loan application gets rejected?
The intimation policy depends on the bank. You may me informed through an e-mail or sent a Punjab & Sind Bank personal loan rejection letter to your resident.
4. What is the age limit for getting a Punjab & Sind Bank personal loan?
Individuals who fall between the age category of 21 to 65 can avail Punjab & Sind Bank personal loan.
5. Can I apply again with Punjab & Sind Bank if my personal application gets rejected?
Yes, you can, but make sure that you have improved your creditworthiness or rectified the mistakes on your previous loan application.
6. How can I apply for a Punjab & Sind Bank personal loan?
You can either apply online or visit the nearby Punjab & Sind Bank branch.
7. Is there a processing fee on Punjab & Sind Bank personal loan?
Yes, Punjab & Sind Bank charges a certain percentage of the loan amount as processing fee.
8. Is there a processing fee on IDBI Bank personal loan?
Punjab & Sind Bank personal loan processing time is 7 days
Punjab & Sind Bank is a government-owned bank (79.62%), with headquarters in New Delhi. It operates with 1466 branches spread throughout India, out of which 623 branches are in Punjab state. Being one of the largest banks in India with its net profit at Rs. 121.35 crores and net NPA is 3.55% for the year ending 2014-15.
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