Rejections are a part of our lives. There are plenty of rejections that we face on a regular basis. As a toddler it was rejection to get a favorite toy, as a teenager it was the rejection to get yourself a bicycle, in college it was the rejection during a relationship. Also include are the rejection towards work visa or rejection when applying for fresh credit. These rejections can hurt, but we as salaried professionals need to grow over these and keep moving forward.
Loan Singh’s digital lending platform garners thousands of personal loan applications on our website. Not everyone is approved for a personal loan. It all depends on you as a personal loan applicant meeting our eligibility criteria. Sometimes rejections occur due to the borrower’s lack of knowledge or plain ignorance. It is best advised that you read our FAQ and Finance Blog to understand the eligibility criteria and documents needed at Loan Singh. Loan Singh’s digital lending platform serves salaried individuals who have never availed any credit before.
It is understandable that some of you may struggle to get a personal loan approved, even though Loan Singh’s application process being so easy.
Personal Loan in India
If you are just married and need to populate your new home with home appliances or buy new clothes; you might be looking for a funding solution that will help you spend on the required commodities. A personal loan from Loan Singh can get you sorted with the home appliances aspect, but what about the clothing, grocery and accessory needs?
If you are earning enough then there is nothing to worry when applying for a personal loan, which can be termed as a consumer durable loan. Shopping loan is another financial opportunity that is not offered to everyone. Being salaried for at least 6 months, with no credit blemishes, are the traits of someone who can avail a shopping loan in India.
So what makes a personal loan stand out compared to credit cards or borrowing from a ‘langotya yaar’. What you need to understand is that a personal loan is a credit instrument that is different compared to a credit card loan or borrowing from a friend. We, at Loan Singh, want you to upgrade your aspirations and your lifestyle. There is no harm in upgrading your gadgetry or dressing sense. You are salaried and need to look your best. A whole new range of smartphones is being released with awesome features each year. World famous designers have their designs being sold online in India. Summer wear and spring collection are now being made affordable and easy. So, why not join the winds of change. Loan Singh’s finance blog tells you about everything related to unsecured personal loans in India.
A personal loan is a type of unsecured credit that is generally availed to meet urgent financial needs. Being an unsecured credit, personal loan requires no collateral or mortgage. The next question you would have is, “With no collateral, how does Loan Singh trust a borrower?”
Loan Singh does not meet the borrower face-to-face like traditional lending solutions. Everything from loan application to amount disbursement happens online. To mitigate the prospect of risk, Loan Singh looks at your creditworthiness. If you have a good credit history, you have a better chance of avoiding a personal loan rejection with Loan Singh. Your credit history tells Loan Singh how prompt you have been with your past loan or credit card related responsibilities.
Availing a personal loan via Loan Singh is advantageous because there is minimal paperwork involved. No time is wasted in cross-verifying any paperwork. Your employment status and income help determine if you are capable of paying the EMIs on time. The personal loan amount along with interest rate is calculated for the entire tenure, and in case you want to clear-off the loan before tenure completion, no prepayment penalty is levied by Loan Singh.
Personal Loan Benefits in India
Loan Singh’s hassle-free process and quick approval personal loans are perfect for salaried individuals like you who are too busy to even get a rest. The attractive EMIs and interest rates at Loan Singh, make personal loans affordable to repay back. Add luxury to your mundane lives without putting too much strain on your finances. Your dreams are our dreams. We help turn your dreams into reality. Brand new appliances and electronic products are also needed in case you are relocating due to your job. The job relocation personal loan at Loan Singh helps cover exactly this.
Loan Singh’s easy EMI calculator can help you understand how much you need to pay in order to clear your consumer durable loan. The calculator only needs your intending loan amount and tenure for telling you how much you need to pay each month. A personal loan can be availed between Rs. 50,000 and Rs. 10 Lakhs.
Another huge benefit you have with a Loan Singh online personal loan is that you have the freedom to choose where you want to spend your loan amount on. You can apply for a shopping loan and utilize the cash to spend on an Amazon, some on Flipkart or some on Snapdeal. Unlike so many ecommerce websites that let you gain discounts for possessing a debit card or points of a particular finance provider, Loan Singh’s personal loan can be utilized to be spent on the website you want and on the product you want to spend on.
Loan Rejection Reasons
Now that we have seen the importance of an online personal loan, let us look at some common personal loan rejection reasons.
It gets difficult for Loan Singh to assess how many of the borrowers, who left their application incomplete, were actually interested. Many a times, we receive applications where the applicant does not provide us with his/her PAN and they might have been eligible because of a good credit score. Ensure that you complete the application form on Loan Singh’s Get Started page.
Borrowers with low income levels will be rejected outright. You should be earning a minimum of Rs. 20,000 per month. This is because we know what an average millennial needs to spend on a monthly basis. If you are barely saving enough for yourself, how can you pay the loan EMIs on time?
Poor Credit History
You may be a high salaried individual and capable of paying the loan EMIs, but if your prior repayment history is default strewn then there is no way you can convince us about your prompt repayments in the future. A personal loan involves no collateral, so your repayment history is the only indication of your past prudent credit responsibilities. Banks reject loan applicants who have never even availed a loan before. If you are salaried for at least the last 6 months, this will never happen at Loan Singh.
Low Credit Score
The credit score is ranged between 300 and 900. The better the score, the better your chances of getting the personal loan approved. A good credit score is dependent on prompt EMI repayments, credit card statement, and maintaining a good credit mix.
Not Old Enough
Age is a factor that can lead to your personal loan being rejected. A college student who desperately needs to buy the new iPhone X cannot apply for a personal loan just because it involves no collateral. A borrower, expecting to get a personal loan via Loan Singh, needs to be of at least 21 years of age.
Being honest with your financials is paramount. Loan Singh is a digital lending platform that does not involve any human intervention while checking and verifying your documents. That is why the bank statement has to be submitted in PDF format only. It would be even better if the statement is forwarded to Loan Singh directly from your linked net-banking account.
Borrowers also try to sneak in fictitious or tampered financial information to conceal their past defaults, this should not be done and the application would be out-rightly rejected.
Unacceptable Loan Amount
You cannot apply for a personal loan at Loan Singh with a far-fetched loan amount, such as 1 Crore or 50 Lakhs. Your loan amount will depend upon your income and repayment capacity. Before you apply for a personal loan, you should assess your requirement carefully. If your need for funds is small, then try to arrange from non-banking sources.
Multiple Concurrent Loans
Make sure you are not currently paying multiple EMIs towards multiple loans. This can be a reason for a personal loan rejection towards your application. If these multiple loans indicate you being in debt, then it is easy for the bank to reject your application. Ensure you have enough balance in your account to spend towards daily expenses, utility payments, etc. Pay-off the loans you already have before applying for a new one. The total amount of EMIs being paid each month should be less than 50% of your monthly income.
Some other reasons for personal loan rejection…
- Indication of bounced cheque in your statement
- Non-crediting of monthly salary on time
- You are a loan guarantor to someone who has defaulted in a loan EMI payment
- The co-applicant to your personal loan has a poor credit bureau record, even if your credit score is good
- Your residential address is on the defaulter’s list or if you live under the same address as someone who has defaulted on a loan EMI payment (could be a family member or previous tenant)
- You faced many loan rejections prior to your current loan application
About Loan Singh
Loan Singh is a digital lending platform that prides in providing online personal loan or unsecured personal loan to salaried individuals. You can apply for quick funds as an easy emergency loan which is not a bank loan. We provide a loan with the best personal loan interest rates. The instant funds, or instant loans, are loans between Rs. 50,000 and Rs.5,00,000 taken for purposes such as:
- Home improvement loan/Home renovation loan
- Marriage loan/ Wedding loan
- Medical loan
- Used vehicle loan
- Consumer durable loan
- Vacation loan
- Debt consolidation loan
- Credit card refinancing loan
- Job relocation loan
- Smartphone loan
- Travel loan
- Festival loans
- Gold jewelry loan
- Shopping loan
- Lifestyle loan
- Short term loans
You can calculate your easy EMIs using our personal loan EMI calculator. We accept bank statement and PAN, for quick loan approval. A bad credit score or credit report errors can lead to personal loan rejection. The ‘Loan Singh Finance Blog’ is one of the best finance blogs in India. Loan Singh is a product of Seynse Technologies Pvt Ltd and is a partner to the Airtel Online Store.
Loan Singh’s Online Presence
Loan Singh is not an anonymous digital platform. We are present on almost all leading social media platforms. All you need to do is look for us. You can find us on Loan Singh Facebook, Loan Singh Twitter, Loan Singh Google+, Loan Singh YouTube, Loan Singh Pinterest, Loan Singh Instagram, Loan Singh LinkedIn, Loan Singh Blogarama, Loan Singh Google Business, Loan Singh Medium, Loan Singh Reddit, Loan Singh Tumblr, Loan Singh Scoop It, Loan Singh Storify, Loan Singh Digg and Loan Singh Blogger.