In today’s article we will discuss a very interesting topic. Loan approval getting rejected despite having a good credit score? Well credit score is a factor which a lot of banks and NBFCs are considering before approving you for a loan. More than credit score there are lots of other factors which your lenders might consider before approving you a loan. as reputed Private finance companies in Delhi in we are going to talk about five factors that might be considered before approving a loan.
1.lesser monthly income:
If your monthly loan is very low compared to the loan amount then the banks or NBFC might not get the confidence to approve you a loan. Banks and NBFCs look for how many people are dependent on you, if your income is stable or not. Your expenses as compared to your income are also checked.
2.EMI to income ratio:
This is another important factor which your lenders consider before approving you a loan. If your EMI to income ratio is less than 50% for example if you make sixty thousand per month and your EMI is 20 to 25 thousand per month then your loan can easily get approved.
Age is a very important factor to consider the financial stability of the person who is applying for the loan. If you are more than 60 years old and you are looking for loan approval from your bank or financial institution then the bank or NBFCs may not approve your loan. If you are senior citizen then chances are that you will not able to pay the loan EMI in the desired period of time.
Most of the banks and financial institutions look for applicants who have worked at least two years in order to avoid any sort of defaulters to get a loan from the respective bank or NBFCs.
5.Frequent Job Change:
If you are a person who is not consistent with a particular job and has continuously changed his or her job profile from one job to another.
This signifies that you’re not the person with carrier stability. And certainly any of the banks or financial corporations will be a little hesitant when it comes to approving your loan request. If you want to get your loan approved then stick to one job for a long period of time.