Personal loan rejected? Common reasons and what to do next

• Age — lenders on Innopay Money accept applicants from 18 (only 2 lenders that young) up to at most 59; others start or stop sooner.
• Income — 3 lenders publish a minimum monthly income, from ₹15,000 to ₹25,000.
• Employment type — 4 of 5 lenders accept salaried applicants and 5 of 5 the self-employed.
• Your pincode — each lender serves its own list of pincodes. Check yours.

• Credit history — recent late payments, a written-off or settled loan, or a low score.
• Existing EMIs — if your current EMIs already take a large share of your income, a lender may see no room for another.
• Many recent applications — when a lender checks your credit report, the check is usually recorded as an enquiry.
• KYC mismatch — your name, date of birth or address differing between PAN, Aadhaar and bank records.
• Income not shown — no salary slips or regular credits a lender can read.

1. Get your free credit report and correct any errors: check your credit score.
2. Ask the lender for the main reasons for the rejection, in writing.
3. Space out applications rather than applying everywhere at once.
4. Try a smaller amount, or a longer tenure if the lender offers one, so the EMI fits your income — a longer tenure means more interest in total. See small loans.
5. Pay down a card balance or an existing loan first, if you can.

With a low score: personal loan with a low credit score. Without salary slips: what lenders accept instead.