Personal Loans Are Not Guaranteed by High CIBIL Scores?
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One of the necessary eligibility criteria to avail a personal loan is a high credit score.
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It is essential that you know your credit score before you apply for a personal loan. Applying with a low CIBIL score will make the lender reject your application.
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You may have a high credit score if you are a responsible credit card user. Credit cards are one of the fastest and quickest ways to improve your CIBIL score.
Applying for Unreasonable Amount
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Erroneous Credit Report
Most of the individuals check their online CIBIL score but ignore their credit report. The credit report also plays a vital role in loan approvals as lenders assess it thoroughly.
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High Debt-to-Income Ratio
The debt-to-income ratio or Fixed Obligation to Income ratio (FOIR) is the ratio of your monthly income and debts, which include credit card bills and existing loan EMI.
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Why High CIBIL Score Does Not Guarantee Personal Loan?