{"id":6308,"date":"2017-03-11T10:04:00","date_gmt":"2017-03-11T10:04:00","guid":{"rendered":"\/blog\/?p=6308"},"modified":"2023-12-21T18:02:40","modified_gmt":"2023-12-21T12:32:40","slug":"my-friend-was-eligible-for-a-personal-loan-but-i-was-not","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/personal-use-loan\/my-friend-was-eligible-for-a-personal-loan-but-i-was-not\/","title":{"rendered":"My Friend was Eligible for a Personal Loan but I was Not"},"content":{"rendered":"\n<p>Lalit\nand Firoz were both avid photographers. They decided to take a photography\ncourse in Singapore, which would cost about Rs. 1 lakh. The travel and living\nexpenses would come up to another Rs. 1 lakh. So, the two college mates, who\nwere also colleagues at the same firm, decided to opt for personal loans. Yet, Lalit\u2019s\nloan application was accepted, while Firoz\u2019s was rejected. Why did this happen?\nGet ready to uncover the top reasons for personal loan rejection. <\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/personal-loan.html\">Know More About Personal Loan<\/a><\/div>\n\n\n\n<p><strong>Top Reasons for Personal Loan Rejection <\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Bad Credit:<\/strong> The main advantage that Lalit had over Firoz was his credit score. Unfortunately, Firoz had maxed out both his credit cards and had not paid the dues either. Lalit was smarter with his expenses. He paid all his dues diligently and on time. This gave him a healthy <a href=\"https:\/\/tata-blog.osian.dev\/check-credit-score.html\">CIBIL score<\/a>, while Firoz\u2019s score took a beating. <\/li>\n\n\n\n<li><strong>Inadequate Earnings:<\/strong> Many people face loan rejection because they do not meet the income requirements. All lenders will require you to earn a minimum amount to be eligible for the loan. This minimum income requirement may also sometimes differ from city to city. <\/li>\n\n\n\n<li><strong>Incorrect Form Submission:<\/strong> This is another reason many personal loans are rejected. Did you fill the loan application form incorrectly? Or maybe you did not fill in a particular detail. Both cases can result in loan rejection, so be very careful while filling the form. With a rejection, you stand to lose the processing fee and risk losing your good credit score. In fact, Firoz may have entered an incorrect detail on his form, in his haste to fill it up. He regrets not checking the form before submitting it, but now it is too late to make amends.<\/li>\n\n\n\n<li><strong>Past Loan Repayment Record<\/strong>: A personal loan is an unsecured loan. Lenders provide such a loan only after assessing the applicant\u2019s loan repayment history. Have you ever defaulted on a loan? Then your chances of getting a personal loan approval may be slim. Make sure you close all your existing loans and pay your due EMIs before applying for a personal loan. <\/li>\n<\/ul>\n\n\n\n<p><strong>Eligibility Check <\/strong><\/p>\n\n\n\n<p>You can check your personal loan eligibility before applying for the loan. A <a href=\"https:\/\/tata-blog.osian.dev\/personal-loan\/eligibility-calculator.html\">personal loan eligibility calculator<\/a> is available on every lender\u2019s website. Checking your eligibility will give you a clear picture of what to expect. If you do not make the cut, you can at least save on the processing fee. This amount is deducted even if the lender rejects your loan application. <\/p>\n\n\n\n<p><strong>In a Nutshell<\/strong><\/p>\n\n\n\n<p><a title=\"Personal Loans\" href=\"https:\/\/tata-blog.osian.dev\/personal-loan.html\">Personal loan<\/a> are clear-cut and well-defined monetary tools. Loan processing today is much more transparent as well. Lenders mention the terms, conditions, and eligibility criteria clearly. Make sure to check these before you apply for a loan. If you are eligible, you could get your loan within three days.<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/online\/loans\/personal-loans\/apply-now-personal-loan#!\">Apply for a Personal Loan Now<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Lalit and Firoz were both avid photographers. They decided to take a photography course in Singapore, which would cost about Rs. 1 lakh.<\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/my-friend-was-eligible-for-a-personal-loan-but-i-was-not\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":6313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-6308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-use-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>My Friend was Eligible for a Personal Loan but I was Not - TATA Capital Blog<\/title>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"My Friend was Eligible for a Personal Loan but I was Not - TATA Capital Blog\" \/>\n<meta property=\"og:description\" content=\"Lalit and Firoz were both avid photographers. 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Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/my-friend-was-eligible-for-a-personal-loan-but-i-was-not\/\" \/>\n<meta property=\"og:site_name\" content=\"TATA Capital Blog\" \/>\n<meta property=\"article:published_time\" content=\"2017-03-11T10:04:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-21T12:32:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tatacapital.com\/blog\/wp-content\/uploads\/2020\/01\/personal-loan-eligibility-check.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"770\" \/>\n\t<meta property=\"og:image:height\" content=\"348\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tata Capital\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tata Capital\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/my-friend-was-eligible-for-a-personal-loan-but-i-was-not\/\",\"url\":\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/my-friend-was-eligible-for-a-personal-loan-but-i-was-not\/\",\"name\":\"My Friend was Eligible for a Personal Loan but I was Not - TATA Capital Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#website\"},\"datePublished\":\"2017-03-11T10:04:00+00:00\",\"dateModified\":\"2023-12-21T12:32:40+00:00\",\"author\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/5ccf99347b9365e2fa68bd32006d0b4a\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/my-friend-was-eligible-for-a-personal-loan-but-i-was-not\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/my-friend-was-eligible-for-a-personal-loan-but-i-was-not\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/my-friend-was-eligible-for-a-personal-loan-but-i-was-not\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.tatacapital.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"My Friend was Eligible for a Personal Loan but I was Not\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#website\",\"url\":\"https:\/\/www.tatacapital.com\/blog\/\",\"name\":\"TATA Capital Blog\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.tatacapital.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/5ccf99347b9365e2fa68bd32006d0b4a\",\"name\":\"Tata Capital\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/a6a38ea7397ec3ff4a8dc9b854558dbfc2d1c417498effd79c6186d3edf6ae28?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/a6a38ea7397ec3ff4a8dc9b854558dbfc2d1c417498effd79c6186d3edf6ae28?s=96&d=mm&r=g\",\"caption\":\"Tata Capital\"},\"sameAs\":[\"https:\/\/tata-blog.osian.dev\/blog\"],\"url\":\"https:\/\/tata-blog.osian.dev\/blog\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"My Friend was Eligible for a Personal Loan but I was Not - TATA Capital Blog","robots":{"index":"noindex","follow":"nofollow"},"og_locale":"en_US","og_type":"article","og_title":"My Friend was Eligible for a Personal Loan but I was Not - TATA Capital Blog","og_description":"Lalit and Firoz were both avid photographers. 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