8 Reasons Why Your Loan Gets Rejected

8. Joint Loan with Your Sister or Friends Is Not Provided

Banks won’t provide loans to sisters or a brother and sister or friends, who are willing to be co- applicants. However banks provide joint loans for brothers who wish to be co- applicants.

Apart from this, you can opt for your parents as your co- applicants for the loan.

Bottom Line

a. Before you take loan, always make sure that you evaluate your repayment capability.

b. Get a copy of your credit report from CIBIL and analyze then it.

c. In case of job loss it’s always better to keep some money for emergency situations like for paying your EMI’s.

d. If you have taken a loan, make sure that you increase the amount you pay every month. This will help you cut down on your recurring interest rates. This will help you maintain a good score.

Also Read: 5 Must know Insurance and Social Security Tips for Expats Money Management Tips Before You Become an NRI