Imagine you got a good job in a top MNC company in India. Later onwards, you felt you need a good house/bungalow, a dream vacation, jewelries/diamond for your wife, insurance for the kids, a costly car, admitting your ward in the best school in the world. You will take the Xerox of all the relevant documents like the PAN card, passport, ration card, voter ID card, Aadhar Card Xerox and approach the nearest bank in your locality. The bank will glance through various documents in an organized and suitable manner. Bank will then decide whether to approve or reject the loans. Moneymindz is the financial company offering personalized financial guidance to people in India looking for various loans. Many factors play a principal role in making sure you file loan application in a successful manner. The reasons, where in your loan application gets rejected, are given below as follows: Problem with the Credit Reports: Your credit report is not correct. Transaction done is not getting reflected, payments are not being shown properly, closed account is showing up as open accounts. Furthermore, the inaccuracies in late payments also can make your credit reports looks awkward. Insufficient Income: The salary you receive is very less to meet your basic requirements. Hence you will doubt, about maintaining any loan you take. Hence you must have a job good enough to take care of your loans. Asset Documentations: You must be very alert and maintain proper documentations of the source of money and property in a logical fashion. Bad Employment History: A bad employment history can be very dangerous, for a person applying for any kind of loans. Many loan providing companies do check the fact that you have two years of employment with a firm. No Proper Details: The information given in the application is verified by the loan providing companies. Any data mismatch the loan is likely to be rejected. Too Much Debt: Before applying for the #loans in India, loan granting companies will check credibility of the loan applications. Furthermore, if you are using a key portion of earnings to clear your debts, then also your chances of getting a loan is very slim. Residence on Defaulters List: If you live in a house, where in a loan defaulter before you have lived, and has not cleared the loan. It can go against you and the issue is reported to CIBIL (Credit Information Bureau of India). The bank will store address in the defaulter’s database, making chances of getting your application rejected. Loan Guarantor to Somebody Absconding Loans: You will become a guarantor to your relative/closest friend, who will not be able to clear the loans. Be careful, and only become a guarantor to somebody, able to clear the loans. In case, person not able to clear the loans, bank will ask you to clear the loans. In case you are unable to clear the loans, you will be reported under the #CIBIL (Credit Information Bureau of India). Hence, your loan application, without a shadow of doubt will be rejected. So, please get information on all documents required to be submitted and go to bank. For More Information:
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Submitted January 25, 2017 at 02:32AM by Moneymindz01 http://ift.tt/2krKiwe
