Personal loans are popular among people in India who need quick access to funds for various purposes, such as home renovations, medical emergencies, or debt consolidation. However, not all personal loan applications are approved by lenders. In fact, there are several common reasons why lenders reject personal loan applications in India.
It's important to note that each lender may have its own criteria for evaluating personal loan applications, and the reasons for rejection may vary. However, by maintaining a good credit score, keeping your DTI ratio low, submitting a complete and accurate application, having a sufficient income, and having sufficient collateral, you can increase your chances of approval and secure the personal loan you need in India.