Navratri 2018 is coming to an end with Dussehra being the culmination of a 10-day festive period. We will be honest with you, we have received a fair number of personal Loan applications during, and before, the Navratri festival. Although many of you have benefited enormously by getting personal loans to spend in this Navratri, we also have had to reject personal loan applications that we found were not adhering to our approval criteria.

Through this piece, we wish to inform you as to how you can avoid your personal loan application to fall into Loan Singh’s ‘Rejected’ folder. Loan Singh does its best to evaluate, and at times re-evaluate, a personal loan application form. Our blog has featured innumerable articles which provide details about the eligibility criteria and the documents required for a successful personal loan approval. Loan Singh’s digital lending platform is one of the easiest and helps you save ample of time.

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The Need for a Navratri Loan

To cater to the 10 days of festivities, during Navratri, it is obvious that you need a source of funds to celebrate the festival in all its pomp and fervor. Personal loans are unsecured loans that are availed to meet these exact fund requirements. As it is an unsecured loan, it does not require any collateral.

The best place to get a really quick and easy personal loan is a digital lending platform – such as Loan Singh. For salaried individuals to gather funds, to celebrate Navratri, within a short span of time is possible only through digital means; traditional banking solutions would take up to weeks to disburse the funds. For a personal loan, the borrower’s creditworthiness determines if he/she can pay the loan EMIs regularly, and that too, without straining his/her daily living. Your credit report acts like a gauge for Loan Singh. It shows how prompt you have been in your previous credit responsibilities and how trustworthy you are. Loan Singh is perfect because of

No collateral – Having no collateral gives personal loan an advantage over a secured loan. Even if you do not own any fixed assets, you can at least get funds from Loan Singh.

Multiple purposes – A personal loan can be availed for a number of purposes – such as shopping for Navratri, purchase of household appliances, electronic gadgets, purchase of gold, holiday travel, home improvement, relocation of job, medical expenses, home renovation, marriage, etc.

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Being Loan Singh Eligible

Before you begin the quick and easy application process at Loan Singh, check the following eligibility criteria required for a personal loan.

Salaried

To avail a personal loan from Loan Singh, you need to be a salaried individual – with a minimum monthly salary of Rs. 20,000.

Credit score

Loan Singh looks at your credit score, to evaluate your credit worthiness, before approving the loan. A credit worthy borrower is someone who has been prompt in his/her previous loan EMI payments, maintains a good credit utilization ratio, has been paying-off his/her credit card bill on time, and has never overspent over the credit card limit. If you have never availed of a loan before, you will have no credit history. In that case, you need to be salaried for at least 3 months to be eligible for a loan at Loan Singh. The lower your credit score, the lower your chances of being eligible for a personal loan.

Age

You need to be at least 21 years of age, to be considered eligible for availing a personal loan with Loan Singh. As mentioned above, you must be of Indian nationality and salaried, as well.

Financial stability

You need to have a stable monthly income. A good budget is advised to avoid times when you might find it hard to pay-off the loan EMIs.

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Shopping Loan Benefits in India

Loan Singh’s hassle-free process and quick approval shopping loans are perfect for salaried individuals like you who are too busy to even take rest. The attractive EMIs and interest rates at Loan Singh, make shopping loans affordable to repay back. Add luxury to your mundane lives without putting too much strain on your finances.

Your dreams are our dreams. We help turn your dreams into reality. Brand new appliances and electronic products are also needed in case you are relocating due to your job. The job relocation personal loan at Loan Singh helps cover exactly this.

Loan Singh’s easy EMI calculator can help you understand how much you need to pay in order to clear your consumer durable loan. The calculator only needs your intending loan amount and tenure for telling you how much you need to pay each month. The consumer durable loan can be availed between Rs. 50,000 and Rs. 5 Lakhs.

Another huge benefit you have with a Loan Singh shopping loan is that you have the freedom to choose where you want to spend your loan amount on. You can apply for a shopping loan and utilize the cash to spend on an Amazon, some on Flipkart or some on Snapdeal. Unlike so many ecommerce websites that let you gain discounts for possessing a debit card or points of a particular finance provider, Loan Singh’s personal loan can be utilized to be spent on the website you want and on the product you want to spend on.

Click here, to learn about home improvement personal loan in India

6 Reasons for Loan Rejection

Earlier we saw, how you can make this Navratri a memorable one; thanks to a personal loan from Loan Singh. In case of a rejection, these pointers can help you be cautious and to have a better chance to get an approval next time. Let’s look at some loan rejection reasons and how to avoid them.

Incomplete Applications

It gets difficult for us to assess how many of the borrowers, who left their application incomplete, were actually interested. Many times we receive applications where the applicant does not provide us with his/her PAN; but is actually eligible thanks to a good credit score.

To avoid a rejection for incomplete applications, ensure that you complete the application process on Loan Singh’s application page. Help us; so that we can help you. Trust us, just as we want to trust you.

Low-Income

Borrowers with low-income levels will be rejected outright. This is because of we, at Loan Singh, know how much monthly salary you should be earning before being able to repay the loan EMIs. Only borrowers who earn a minimum of Rs. 20,000 would be considered for a personal loan with Loan Singh. You need money to spend for yourself as well. If you are barely saving enough for yourself, how can you pay the loan EMIs on time?

Damning Credit History

You may be a high salaried individual, capable of paying the loan EMIs. But, if your prior repayment history is default strewn then there is no way you can convince us about your prompt repayments in the future. A personal loan involves no collateral, so your repayment history is the only indication of your past credit responsibilities. Banks reject loan applicants who have never even availed a loan before. If you are salaried for the last 3 months, this will never happen at Loan Singh.

Poor Credit Score

The credit score is ranged between 300 and 900. The better the score, the better are your chances of getting the personal loan approved. A good credit score is dependent on prompt EMI repayments, credit card statement and maintaining a good credit mix.

Not Old Enough

Age is a factor that can lead to your personal loan being rejected. A college student, who desperately needs to buy an iPhone, cannot apply for a personal loan just because it involves no collateral. A borrower expecting to get a personal loan, via Loan Singh, needs to be at least 21 years of age.

Tampered Documents

Being honest with your financials is paramount. Loan Singh is a digital lending platform that does not involve any human intervention while checking and verifying your documents. That is why the bank statement has to be submitted in PDF format only. It would be even better if the statement is forwarded to Loan Singh directly from your net-banking account. Borrowers also try to sneak in tampered financial information to conceal their past defaults. This should not be done, and the application would be out-rightly rejected.

Festival Loans

Festival loans helps you to spend a whole load of cash on buying gifts for loved ones, purchasing new clothes, purchasing the latest gadgets, improve the décor of your home, purchase home appliances, bring home a used vehicle or plan a trip abroad during the festive holidays. A Navratri loan or Diwali loan or Dussehra loan are all apt to apply for and spend during the respective festival.

Just think about it. Festival loans can get your home ready for celebrating with visiting family. It is also an auspicious time to apply for a festival loan to buy a second-hand vehicle. You can also apply for a festival loan from Loan Singh and spend it for traveling with family. Kids will be at home for the holidays and their constant pester to go on a holiday can be solved with festival loans.

Big marketers, retailers and e-commerce players are expecting the festival season to boost their sales, even more than the same period last year. This, despite the depreciating rupee and rise in fuel prices. Top consumer electronic brands such as Panasonic and Sony, along with the top 2 e-commerce marketplaces in India, Flipkart & Amazon, are all gearing up for one helluva festival shopping season.

There is no doubt that the festival shopping for this year will grow by the double digits, thanks to a positive GDP growth of 8.2% during the last quarter towards the macro-economy. The sales will be firing on all cylinders also because of the easy and wider availability of consumer finance. Despite the decrease in the Rupee, you can expect a steady growth in smart television sales, thanks to the start of Hero ISL, India’s tour of Australia and the English Premier League’s importance phase

Appliances such as refrigerators and washing machines could be poised to jump a double digit growth after the GST slash in July. Consumers who are salaried and living in tier II cities are bound to influence discretionary spending. The GST on electronic products were slashed from 28% to 18%. A good monsoon has also stabilized demand in rural areas towards electronic products.

It is historically observed that a festive spending or festival shopping period is observed from the start of October continuing to much after the New Year. Consumers spend more during the last 3 months of the year, than they do during the whole year. Last year, the pre-GST sales had taken the gloss off the yearly Diwali spending spree. This year however, there will be many who will not be denied.

The depreciating rupee will also ensure that retailers will increase prices of their products and commodities. The discretionary spending for white goods even in small towns are expected to become stable thanks to a good monsoon. The festive period would have gained significance with Onam, but the floods in Kerala were a difficult time for everyone across India. The washout now subsided, there are hopes that southern India will contribute heavily towards festive shopping towards the end of the year.

Diwali, which will be celebrated between the 5^th of November to 9^th of November, accounts to between 35-40% of various consumer industries. There never is a dull moment during Diwali. The purchase sentiment during Diwali is unique. Retailers will no doubt shower consumers with discounts, but the trend this year would be focused on a ‘Wardrobe Refresh’ rather than the same old discounts, offers and schemes.

Online marketplaces are bound to witness a boom in discounts, deals and finance options to appease the surge in sales. Categories such as television, apparels and smartphones together constitute close to 72% of online sales. This festive spending season is expected to be the biggest in terms of new customers, adoption of digital payments and traffic visiting the stores. The Big Billion Day was held between October 9^th and October 13^th 2018.

About Loan Singh

Loan Singh is a digital lending platform that prides in providing online personal loan or unsecured personal loan to salaried individuals. You can apply for quick funds as an easy emergency loan which is not a bank loan. We provide a loan with the best personal loan interest rates. The instant funds, or instant loans, are loans between Rs. 50,000 and Rs.5,00,000 taken for purposes such as:

• Home improvement loan/Home renovation loan
• Marriage loan/ Wedding loan
• Medical loan
• Used vehicle loan
• Consumer durable loan
• Vacation loan
• Debt consolidation loan
• Credit card refinancing loan
• Job relocation loan
• Travel loan
• Festival loans
• Gold jewelry loan
• Shopping loan
• Lifestyle loan

You can calculate your easy EMIs using our personal loan EMI calculator. We accept bank statement and PAN, for quick loan approval. A bad credit score or credit report errors can lead to personal loan rejection. The ‘Loan Singh Finance Blog’ is one of the best finance blogs in India. Loan Singh is a product of Seynse Technologies Pvt Ltd and is a partner to the Airtel Online Store.

Loan Singh’s Online Presence

Loan Singh is not an anonymous digital platform. We are present on almost all leading social media platforms. All you need to do is look for us. You can find us on Loan Singh Facebook, Loan Singh Twitter, Loan Singh YouTube, Loan Singh Pinterest, Loan Singh Instagram, Loan Singh LinkedIn, Loan Singh Blogarama, Loan Singh Google Review, Loan Singh Medium, Loan Singh Reddit, Loan Singh Tumblr, Loan Singh Scoop It, Loan Singh Storify, Loan Singh Digg and Loan Singh Blogger.

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