Are you planning to apply for a loan in Delhi/NCR? Or you applied for a loan but weren’t successful enough to get it approved as it was rejected?
You might be thinking that getting a loan disbursed seems to be a straightforward process. But unknowingly, you end up making a mistake resulting in the rejection of the loan. So keen to know what are these common loan mistakes? And how can you prevent them from declining the application? Worry not! We’ve got your back. So, please sit back, relax and enjoy your favorite drink while we uncover the common mistakes you make when applying for a loan in Delhi/NCR.
Credit facility or loan, if rejected when in need, can have critical consequences. Just Imagine that your loved one is in the hospital seeking urgent medical assistance. And you applied for a personal loan in Delhi/NCR because your Mediclaim limit was exhausted. Now you come to know that your application has been rejected. This situation invites additional anxiety and mental stress. In another scenario, you’re about to get married and apply for a home loan in Delhi/NCR, and it tends to get rejected. There can be more scenarios like this that can have reaching consequences.
Being one of the preeminent loan consultants in Delhi/NCR, we get loads of queries from people like why their loan application is always rejected, what mistakes, and how they can avoid them. Based on our research and analysis, we’ve found five common errors you may be driving while applying for a loan in Delhi/NCR.
One of the common mistakes you make is not checking the credit score before applying for a home loan in Delhi/NCR. Since the credit score was low, the lenders rejected the loan application straight away. There can be several reasons that affect credit score. Generally, a CIBIL score of 750 or above is considered a good credit score. As a result, we’d advise you to check your credit score before applying for a home loan in Delhi/NCR. Most of the websites offer you a free credit score. Alternatively, you can reach out to Fair Fincorp financial advisors to know your free credit score.
The second common mistake people make isn’t giving attention to income & repayment capacity. Your lenders approve the loan expecting that you’ll pay promptly along with interest. After checking your credit score, your lender’s second factor to keep an eye on is your monthly income and repayment capability. For example, if your income isn’t up to the mark as per the requested amount, your loan application can be rejected. Also, if you have so many commitments already, then also your application will be rejected. In this case, we’d advise you to request a lower amount or wait until you foreclose existing commitments. Remember, you must keep 40% of the take-home income as EMI. If it’s going over & above, your lender will reject your application for a personal loan in Delhi/NCR.
Thirdly, another common mistake you must avoid while applying for a business loan in Delhi/NCR with multiple banks & financial institutions at the same time. When you get approval from one lender to negotiate, your start is applying for a business loan in Delhi/NCR with multiple lenders seeking a better rate of interest. As a business loan consultant in Delhi/NCR, we’d not advise you to perform such practices as it’ll only ruin the chances of getting approved. Every time you apply for a business loan in Delhi/NCR, it is recorded in your credit report as a hard inquiry. That only affects the credit score and reflects your credit-hungry behavior as you applied with several lenders at the same time. You research the interest offered, time taken, and all the information on the internet, then apply with one lender at a time. If somehow the application is rejected, kindly wait for 4-6 months and then reapply. You may reach out to Fair Fincorp Business Loan Consultants in Delhi/NCR if you aren’t able to research on the internet. Financial advisors here will find the root cause of your existing rejection and help you get the approval at the earliest.
The fourth common mistake people make while applying for a Loan Against Property (LAP) in Delhi/NCR is incomplete documentation. Sometimes the information furnished on the application doesn’t match as per the documents submitted. And maybe records weren’t enough, and the lender wasn’t satisfied hence rejecting the loan application. To avoid this, ask for a complete list of the documents from the lender required for a loan against property (LAP) in Delhi/NCR.
The balance transfer is a facility that helps you transfer your existing loan to another provider. By doing so, you can have lower rates of interest, reduced installment & better customer service. However, your lender can reject your application for balance transfer in Delhi/NCR. If they find DPD (Days Past Dues) in your credit report. For example, you’re supposed to pay an EMI on the 5th of every month. Now, due to some issue, you didn’t maintain the balance. But you pay it after some days manually instead of ECS. It’s reported to the credit bureau, and when you apply for a balance transfer in Delhi/NCR, your application is rejected.
So, if you’re aware that you’ve missed an EMI recently, no matter whatever the reason would be, don’t apply for a balance transfer in Delhi/NCR. Whenever you plan to apply for a loan in Delhi/NCR, reach out to Fair Fincorp by dialing +91 9897 666 966 or visiting the website. The financial advisors here will help you understand the fine print of the loans offered by lenders. Being an experienced loan consultant in Delhi/NCR, we’ll help you get the best rates on interest. On top of this, we’ll help you get the best insurance in Delhi/NCR too.
This pandemic has caused anxiety and financial stress to everyone. And people aren’t sure which insurance they shall stick to. To get both coverages against covid and savings during the unprecedented time, we help you choose the suitable insurance in Delhi/NCR.
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