CIBIL Score: Even if you have a CIBIL score of 700, your loan may get rejected, know important information..

CIBIL Score latest update: With a good CIBIL score, the bank easily approves the loan, however, it is also seen many times that despite having a good CIBIL score, the bank rejects the loan application. There can be many reasons behind this. It is very important to know about these reasons. Let us know in detail apart from the CIBIL score, for what reasons the bank can reject your loan.

Reasons for loan rejection-

Nowadays most people take help of loan from the bank to fulfill their needs. Some people are taking home loans to buy a house (Home buying tips), while some people are taking car loans to buy a car. At the same time, some people take only personal loans to fulfill their personal needs.

Before giving a loan to any person, the bank first checks the CIBIL score of the person. Due to a good CIBIL score (CIBIL Score latest update), the bank easily approves the loan. However, sometimes despite having a good CIBIL score, the bank loan application is rejected. There can be many reasons for this.

Loan can be rejected due to job change-

It is often seen that some people change their jobs frequently, and the bank can reject the loan application of such people. The reason for this is said to be fluctuations in income (Income for home loan). Income also fluctuates due to job change. In this situation, the bank can reject the loan application.

On taking a loan already-

If you are already paying one or more loans, then also the bank can reject your loan application. In such a situation, if you already have a loan (Loan Tips), the bank does not consider you capable of repaying another loan.

Errors in the credit report can be the reason-

Errors in your credit report like late payment, default, wrong information or pending settlement can also be the reason for your loan being rejected.

Problem with guarantor or co-applicant-

If you take a loan request with a co-applicant and your co-applicant has a bad credit history, then your loan can also be rejected. Apart from this, default of the guarantor can also be the reason for loan rejection.

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