Confused why your personal loan application got rejected?

Everyone chooses to fund their immediate cash requirement with the personal loans. But what if your application gets rejected leaving you in a lurch when there is a dire need?

Here are some reasons why major proportion of personal loan applications get rejected.

Are you missing out on some basic criterion?

There are a few basic things which the lender verifies before processing your loan application. These could be the reasons for your application to get rejected

1. Check Your Monthly Income & Expenditure

Have a look at the points which the banks or the financial lenders check for before giving an approval to your personal loan application.

If any of these points fails, that single aspect could be the culprit.

  • The amount which you get every month should sustain the repayment of your personal loan.
  • They check for your job profile, its stability and even how often you change your job.
  • The pre-approved bank loan may be cancelled if you lose your job before getting the loan amount to hand.
  • Sometimes, the financial situation of the work place is even considered.

How Credit History Affect your Loan Approval?

  • If you have failed or skipped to repay your past loans.
  • If there is any overdue.
  • You are already paying repayments to many other loans and your income is less to repay for the new loan applied.
  • If you have been a loan guarantor and that person failed to repay, you are obviously accountable. Your credit score effects if you fail or unable to clear the loan in this regard.

In a word your personal loan application will get approval only if you have a good credit history.

Presence of Invalid Details:

Always ensure that you provide and verify that all the details which are filled in the application are proper. As even these small mistakes might be accounted to be the reasons for your loan denial.

Loan Purpose:

The purpose of the loan should be clear and credible, else there are chances for your loan to get rejected.

Assets used as Collateral:

The assets which you are using as collateral must be of proper value, otherwise the lenders will come up with a cause for not approving loan.

Doesn’t that sound simple enough? Now if you got all these right, and yet your application got rejected, write to us and we will try our best to help you.

Happy loaning people!!



Three Ways to Save Big on Home Loan


Here are some good reasons to love your challenging responsibility, which is clearing a house loan.  This is no more going to be a pipe dream if you follow these points as there is indeed a scope to save on home loans too though it sounds like an impossible thing. Remember, nothing is impossible. You can make it possible.

Choosing a cheaper loan:

Start with choosing a cheaper loan. Whenever our dear RBI announces a rate cut make sure you check with your bank on how the interest rates have changed.

Check whether your banks have implemented and there is a cut in your interest rate.

Saving Tricks:

  • If this is the case, the experts state that you can save better if you decrease your loan tenure instead of paying less EMI. So even if the banks tell you to pay say Rs 500 less in all possibility plan to make Rs 500 more so that would add Rs 1000 in total to your monthly EMI.

Yes, that seems to be a small amount. So go for it, without thinking too much on how much it would reduce your loan in total.


  • Check with other banks too on how their interest rates have changed. That could be a good time to go for a balance transfer of your pending loan amount. Many banks offer good balance transfer loans with minimal charges and overheads.

Paying Large Amount of Loan:

Live in the happiest feeling of being a home owner by clearing your loan fast.

Saving Tricks:

  • Making part payments will reduce the loan duration.
  • Consider the repayment penalty rates and thereby repay either in full or part time as per your ability.

Increase your EMI:

For sure there will be increase in the salary in the long run when compared to the salary at the time you got your home loan.

Saving Tips:

  • Increase your EMI accordingly and this helps you to prepay your debt faster than expected.
  • Make your mind to pay at least one EMI extra per year, if you can’t afford to pay lump sum.

Always be aggressive and try to complete paying your loan completely as fast as you can and this helps to increase the budget flow for your family. Know in detail about penalties which you have to pay upon increasing EMI and as well certain large amount of repayment.

This way you can not only save lot of money without paying interest unnecessarily but also get the feel of owning a house with peace of mind.

A house without a housing loan soon becomes a home – A bundle of happiness, memories and joy.  Hope it soon comes your way!

Happy loaning!


Loans for the disabled by NHFDC

National Handicapped Finance and Development Corporation (NHFDC) provides loans for disabled

National Handicapped Finance and Development Corporation provides loans for disabled to assist them in education, livelihood and empowerment etc.

Some of the schemes provided by them are:

  • For setting up small business in Service / Trading sector: Loan up to Rs. 3.0 lakh for sales / trading activity  Rs. 5.0 lakh for service sector activity
  • For purchase of vehicle including auto rikshaw for commercial hiring: Loan upto Rs. 10 lakh.
  • For setting up small industrial unit: Loan upto Rs. 25 lakh. Loan assistance is provided to disabled persons for manufacturing, fabrication and production.
  • For Agricultural activities: Loan upto Rs. 10 lakh Loan assistance is provided to disabled persons for agricultural production, irrigation, horticulture, sericulture, purchase of agricultural machinery / equipment for agricultural services, marketing of agricultural products etc.
  • For self-employment amongst persons with mental retardation, cerebral palsy and autism: Loan upto Rs. 5 lakh, In such cases, the financial assistance is extended through parents or spouse or legal guardian of the dependant mentally disabled person.
  • Loan for Professional / Educational / Training courses: Loan upto Rs. 7.50 lakh for studies in India and upto Rs. 15 lakh for studies abroad.

Micro Credit Scheme by State Channelising Agencies implemented through NGOs: – Loan upto Rs 5 lakh for each NGO and Rs. 25,000/- for each beneficiary.

Parents’ Association of mentally retarded persons: Loan upto Rs. 5 lakh

Financial Assistance for Skills & Entrepreneurial Development :In the form of grant to channelising agencies/reputed training institutions for imparting skills and entrepreneurial development training to disabled persons)

Eligibility Criteria:

  • Any Indian Citizen with 40% or more disability.
  • Age between 18 and 60 years.
  • Annual income below Rs.5,00,000/- (Rupees Five Lakh only) per annum for urban areas and Rs.3,00,000/- (Rupees Three Lakh only) per annum for rural areas.
  • Relevant educational / technical / vocational qualification / experience and background.


Some efforts by banks for women entrepreneurs

Schemes Started by Banks for Women:

There are many banks and as well government sponsored programs helpful for the women startups:

  • Central Bank’s Cent Kalyani might bring money for your business.
  • Vijaya Bank’s Assistance to Rural Women in Non-Farm Development (ARWIND) & Assistance For Marketing Of Non Farm Products Of Rural Women (MAHIMA),
  • PNB’s PNB Mahila Udyam Nidhi Scheme, PNB Mahila Samridhi Yojna, Scheme For Financing Creches, PNB Kalyani Card Scheme and PNB Mahila Sashaktikaran Abhiyan etc
  • There are few banks which have started power accounts and here the people get the benefit of saving account and business loans.
  • There are many NGO and PSU lenders like the Canara Bank’s CED, IOB’s The Sakthi IOB Chidambaram Chettiar Memorial Trust, have started giving training and skills to women who wish to learn and evolve as a business person.
  • Bank of India has started Priyadarshini Yojana scheme where there is no necessity for collateral security up to 5 lakhs of loan. The individuals may even set up small scale industries. The interest rates here are from 0.5% to 1%.
  • Oriental Bank of Commerce’s started a scheme known as Orient Mahila Vikas Yojana where the bank is ready to provide loan of RS.10 lakhs without collateral security.
  • Women who are willing to start industrial units may get a loan of Rs.5 lakhs without providing any security from SBI.
  • Canara Bank came up with the exclusive branches for women like the Mahila banking division and established Centre for Entrepreneurship Development.


Eligibility Criteria:

  • The women entrepreneurs must be above 18 years and they are getting a chance to avail even less amount of loan. However, marginal amount of 15-25% has to be paid for the loan above Rs, 25,000.
  • The rate of interest in all the banks will competitively vary from 13% to 15%.
  • Women has to provide the collateral security and the fees charged will be approximately .5% to 2%.

Make use of these choices and get funds which may be useful to buy machinery or to buy inventory for your business and for every other development process. Now chances are fair for every women to evolve and expand your startup ideas.

How to Get Loans for women startups

Every women’s entrepreneurial dream will struggle for securing funds and this challenge caught the wings of reality with the wide number of loans from the banks. There are many new startups coming into the market by driving away all the risks, fear of failure with many funding options from the banks and financial institutions.

This is how thousands of women are able to fund their startups. Look further for more details.

How helpful are Banks for Women Entrepreneurs?

Bank Loans are now available for both urban and rural women irrespective of the society they belong to. So everyone has the right to bring a remarkable change to their life, family and nation with their new ideas to start a business.

Get either a term loan or asset backed loans or a working capital to fund any business as per the requirements.

There is no need to choose the option of joint loans with the assistance of spouse or any other person, as single women are now eligible to avail loans, say unsecured business loans or private grants for their startups.

Follow these simple steps to get a loan:

  1. Make a project plan which describes the nature of business and all the infrastructure that is needed to start a business.
  2. Take with you all the important documents namely Proof of Identity, Residence, and Income etc.
  3. Having good personal credit, work experience, educational background will be helpful to get a loan to satisfy the lenders and these are not absolutely necessary.
  4. Make your mind to project the ROI from your startup and how capable you are in repaying the loan.

Available Types of Loans:

  • In the case of secured business loans, the receiver of the loan has to put up a collateral or a real estate properly or a form of repayment for the safety of the lender.
  • The women who are having a good financial background are eligible for the unsecured loans where the interest rates are high and there is no need to provide any security.
  • There are even other chances like the micro loans and grants which are funded by either the government or other NGO’s for the cause of women empowerment.


Can I improve my CIBIL/credit score

Yes, you definitely can! Its not an uphill task and nor does it require you to make gigantic efforts. Your credit aka CIBIL score can get better with proper credit portfolio and financial discipline within a span of 30-60 days.

Because, we believe in happy loaners, here are some simple and effective tips for you to make this task easier for you.

Rule #1:   Always pay dues in time

  • ALWAYS make payments in time. This way credit score goes high as you can’t change your credit history.
  • Ensure you pay all your credit bills and always have less credit card balance that is easy to manage, as high repaying balance might affect the credit score.

Rule #2:   Avoid hasty/impulsive purchases

  • Don’t get attracted to various deals of the market and cross credit limit while making purchases
  • Don’t maintain too many credit cards that are not being put to use. Just keep the ones which you can use and pay in time.
  • An established credit history with old accounts where payments are paid correctly will ALWAYS enhance your score rather than closing your accounts often, just for not using them.

Rule #3: Don’t reach credit limit

  • Give top priority to clear your overdue charges in less than 30 days
  • Never reach the credit limit as this might show you are completely dependent on credit. If things are inevitable and you have no other go then using your credit card to the full limit, then you may call the company and ask them to enhance the credit limit.Most times the credit card company would be happy to oblige.
  • Negotiation Often Helps: If you want to challenge your score and couldn’t do that, there are credit repair service agencies and you seek the help of these professionals to negotiate with your creditors.

Rule #4:  Make More Use of Secured loans:

  • Home loans which are considered as secured loans will positively impact CBIL score, while car loans and other unsecured loans will leave a negative impact. So try to have 80% of secured loans and 20% un-secured loans in your portfolio.
  • Always try to settle your existing loan before taking other. As taking more loans might put you in debt which effects your credit score.

These are some simple and easy to follow rules to ensure you have a clean credit history and hence an enviable CIBIL score where any bank would be more than happy to loan you.

You have every right to look for errors on your credit score. One may get their credit score emailed by logging into If there is any discrepancy found you may report to CIBIL and make changes accordingly.

Got a query? Write to us at

Happy Loaning People!

OCI looking for a loan in India?

Are you an Overseas Citizens of India (OCI) looking for a housing loan to purchase a home in India. Do away with all the myths and doubts you have. We are to help you loan and own happily.

Housing loans for OCI is as simple as any ecommerce purchase now. Selct the right property, ensure all the documents are properly checked, and the loan is perhaps the most easiest step of all.

If you are an OCI, looking for a loan in India to purchase a flat/house:

* You don’t have to come to India

* You don’t necessarily have to have a co-borrower in India

* It is possible that you don’t have to make a compulsory visit to India to avail a loan

* You can choose to repay either through your NRE account or transfer the rental income to the loan EMI

* No extra charges are levied, neither is the interest rate altered for OCI

* You can purchase a vehicle, commercial plot, fully/semi-constructed flat or house in India on a loan

* You are entitled to 70-80% of the asset’s valuation as loan amount subject to the banks credit rules

* You can even avail a loan for any approved business in India from any private bank provided you have a sellable business plan.

So dear OCI’s, we understand you are far from home; but a part of you and your heart is still tucked in India. And you want to build your abode here for some day you plan to make a comeback.

So here you go, we have explained most things for you! Got any other questions are need help in loaning?

Write to us at

Happy loaning