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3 Reasons that Can Lead to Cancellation of Your Personal Loan Application
Posted on Wednesday, February 9th, 2022 | By IndusInd Bank
You may have an important occasion coming up (say, a wedding) and need a huge amount of money upfront. In such a case, a personal loan is an effective way to sort out your long and short-term cash needs. The reason is a personal loan comes with a number of benefits such as low interest rates, collateral-free loan, easy repayment facility.
That said, people often make obvious mistakes that lead to the cancellation of their personal loan applications. Mentioned below are these 3 obvious mistakes you should avoid.
You Have a Poor Credit Score
Lenders will often look at your credit score to determine your personal loan eligibility. If you have a low credit score, there is a greater chance that you will default on your loan. This can lead to the lender cancelling your application.
Fortunately, you can improve your credit score with the right steps.
Start by checking your credit report and identifying the issue. Next, make sure that you pay your future bills on time. You should also avoid applying for too many loans at once.
High Existing Debts
Your bank may not approve your loan if you presently have several open credit accounts, like credit cards and loans.
This is because they are worried that you will not be able to repay the new loan instead of the ones you already own. Or, they might think that if you did get approved and took out more money, there would be too much cash flowing in and out, which would make managing their risk impossible.
Unstable Employment History
Lenders often check their employment history before approving any loan. If they see inconsistencies in your employment, they might not approve your application. However, if you can show that it was not due to your fault, then there is still hope for the approval of your application.
How to Avail of Instant Personal Loan Using Indus Easy
Applying for a personal loan at IndusInd Bank is easy. Here are some features of Indus Easy that you may find interesting:
- Best features: You don’t have to worry about guarantors or collaterals. Moreover, the interest rates are amazing too!
- Flexi Loan Tenure: You can choose a tenure as per your requirements. You’re not bound by anything.
- Easy documentation: Don’t worry about the hectic documentation process anymore. Indus Easy personal loan process involves minimum documentation and speedy disbursal.
How to Apply
The 4-step application process is fairly simple. Here’s what you need to do:
- Step 1: Submit your basic details, including your loan requirement.
- Step 2: IndusInd will fetch the best offers for you.
- Step 3: Complete video KYC.
- Step 4: The amount will be transferred to your account.
Conclusion
Make sure you do not make the mistakes mentioned above while applying for a personal loan online. Also, apply for a personal loan online at IndusInd bank.
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Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
