Bank Loan: People often take loans from banks to buy houses and cars. Some people also take personal loan to meet their personal needs. Banks give such loans easily, for this you have to submit the necessary documents to the bank. However, there are some people who face difficulty in getting a loan despite having a job. Banks are not ready to give loans easily and many times the loan request gets rejected. This happens due to some reasons.
having a low credit score
Credit score only decides how much loan you will get and how much risk the bank takes in giving you the loan. Only credit score determines whether your loan request will be canceled or not. Credit score ranges between 300 to 900. Every bank has set a limit for this, if the CIBIL score is below this, you are not given a loan. Generally, a loan is available if the credit score is above 750, but if the score is less than this then it is very difficult to get the loan.
Job also plays an important role
Apart from this, if you apply or inquire for more than one loan, your score can be reduced. If you have already taken a large loan, then you may face difficulty in taking another loan. Banks do not give loans to such people easily. If you are not fulfilling the minimum income requirement of the bank then you will not be given loan.
Apart from all this, if you do not stay in a job for long then it can also spoil your score. Due to this you may face difficulty in getting a loan. Apart from this, if your documents are fake or incorrect then you will not be given loan.
