Why a bank loan gets rejected

Why a bank loan gets rejected

Why a bank loan gets rejected

You consider yourself a responsible spender, you’ve looked after your savings and have a good relationship with your bank. So when you applied for a bank loan recently and it got rejected, you were shocked. There are actually a number of reasons your bank loan application can be rejected, these are just a few:

  • You have a poor track record of credit card or loan repayments
  • You already have existing loans
  • You do not earn a sufficient salary to cover your expenses as well as a loan
  • You have not been employed at one place for a year or more