No one wants to face rejection when they want to get a loan to meet their various needs. Lenders offer a variety of loans to clients including personal loans, mortgages, gold loans, etc. Rejection of creditors means that you will not be able to get the money you need and if you do not have the money, you will not be able to meet your needs. That is why one of the most common questions people ask for a loan is - “Why can't a loan be rejected?”
Of course, there can be no single reason to reject a loan. Each loan is different, so the reasons for rejecting a loan may vary. Muthoot Finance Gold Loan provides reasons why one can get rejected to get a gold loan. Customers can use these guidelines to stay informed.
Can a Gold Loan Be Rejected?
Gold Loan assists customers in obtaining the required loan amount by sending their Gold and Coin ornaments as collateral at affordable interest rates. The reason why the popularity of the Gold Loan is so simple and there are so many affordable interest rates available to customers. But the main reason is that the flexibility alternatives compared to other loans help customers get the required loan amount with greater ease. The only thing customers need is to have Gold ornaments and lenders will offer cash.
When customers fully repay the loan, the gold will be returned to them. Collateral is the reason why rejection does not occur in the case of the Gold Loan. However, customers may receive a lower loan if the ornaments have a higher metal structure than Gold. The value of the Gold Loan depends directly on the price of the gold and the lenders will only check the gold parts of your jewelry and not any other metal attached to your ornaments or coins.
Therefore, the chances of Gold Loan Rejection are slim due to the safe environment. However, some lenders are asking for a fixed amount of gold to get a loan. Therefore, if you are submitting ornaments under a predefined purity procedure, you may have to face a Gold Loan rejection or the lenders may offer a lower loan.
CIBIL scores, while playing a major role in this program, are not the only thing banks look at before approving your loans. Banks and financial institutions also consider the following:
Comments on CIBIL reports - In addition to the numerical rating, CIBIL reports contain comments and comments from lenders. Banks sometimes allow you to repay your loan with the least amount of your combined EMIs or offer a lower interest rate, etc. to help you clear your debt. If you repay the loan in any way other than the terms you have taken out the loan, it will be noted in your CIBIL report and this will work for you. If there is any mention of a “canceled” or “repayable” loan, or the repayments after the due date (“DPD” = Days Past Due), banks take this as a warning sign and will refuse your loan.
Fixed loan guarantee - A guarantor is considered responsible for the loan repayment (even if it is not real) as a borrower. If you stand as collateral for unpaid loans, this will affect your CIBIL points and misrepresent.
Matching death details - Banks and financial institutions keep a list of names, years, address, current employment, and other details of defaulters. If the information you submit is matched (or mistakenly) with the defaulter, you will be denied a loan before the bank can check your CIBIL rate. There have been cases in which those who have moved into former unpaid mortgages and who have delivered that address have been compared to the “address” records of those who do not pay, reducing their chances of getting a loan.
If you are overdue - If you earn Rs.50,000 a month, and you have three other debts that you clear by paying Rs. 10,000 per month, each, left with Rs. 20,000 survival and personal spending. Banks will not accept another loan and will consider you overdue.
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