Nobody likes getting rejected for a loan application, especially if it is their first time. However, the lender can’t be stopped from rejecting the loan application just like that, the only way is by making sure the application is perfect in all aspect. On that note, if you are applying for a doctor loan and don’t want to get rejected, below are some common mistakes you must avoid while applying.
1- Not checking the eligibility criteria of the loan
The first prerequisite for people applying for a loan is to check the eligibility criteria. The eligibility criteria are the terms which are meant to be fulfilled by all applicants alike to be eligible for the loan. Hence, go through the eligibility conditions and ensure your eligibility for the loan.
2- Submitting incomplete or incorrect documents
Not sharing all the documents or sharing the wrong documents to mislead the lender is a cardinal mistake. It not only impacts your credibility, but you might also end up being rejected for the loan.
3- Applying with a low credit score
A good CIBIL score is critical for faster loan approval and to be entitled to the best interest-rate schemes, especially when the applied loan is unsecured in nature.
4- Applying for multiple loans at the same time
Last but not least, applying for a loan at multiple places can negatively impact your credit score. The action convinces the lender of your credit hunger behaviour and might get you blacklisted. Hence, avoid doing something like that to avoid unlikely circumstances.