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1.Low Credit Score

After you apply for a personal loan, one of the first things the lender will do is to check your credit score. In India, CIBIL is one among the respected firms that provides credit score data to lenders. If your CIBIL score is above 700, it is considered an eligible score, making it highly likely that you will be given a Personal Loan.

2.Low Income

While processing your Personal Loan application, one of the required criteria for eligibility is to have an appropriate regular income through a job, profession, or business. If your income is lower than the criteria or if it is volatile, the chances of you getting a Personal Loan can drop.

3.Inaccurate Details in Application

If the details regarding your name, residence, phone number and other account details are inaccurate, it will be difficult to generate the necessary information about you. Without the right information, it is impossible for the banks to approve your personal loan.

4.Job Instability

Financial stability is highly valued when it comes to providing you a loan. If you switch jobs frequently or do freelance work which is volatile, there are high chances that your loan application will get rejected.

5.Too Many Pending Loans

Banks can access your financial profile even if you have availed loans from third party banks, which is why it is advisable to avail loans only when necessary and ensure timely payment of instalments. If you have multiple ongoing debts with banks and NBFCs, your likelihood of getting the personal loan decreases.

6.Not Eligible

There are other criteria of eligibility for personal loans other than income level and credit score like age, nationality and even educational qualification. Many a times banks tend to think twice about your loan application due to these reasons.