SIR,
My name is Manoj Kumar living in cheranelloore kerala state .I am working in a government company but getting salary from private firm(gray matter) I am recieving my salary through SBI account (acc no 20175102185)Today morning (03/08/2020)i went to the SBI bank branch at banerji road,Ernakulam,Kochi by 11 am to apply for a personal loan with all requirements . I met the branch manager and i talked to her . I waited for almost 1 hour . After that she told me that i am not eligible for getting this loan even though i have all the certificates in my company there are 47 labourers and almost all of them have an SBI account . Among them some of my associates changed their account from the Ernakulam branch to Eloor Pathalam branch . They got their loan with 3-4 days after applying . Even though i have account in your bank , i didnt aget a loan what will i do now i believe that after reading this complaint you will take a proper decision over this and inform me
Thank you .
As first step, what you need to do is to ask the lender (Bank), the exact reason for rejecting your loan application, especially if there was an issue with your credit score/ history.

Your loan will be rejected if your credit record or score is not good. Please get a credit report first, so we know what the problem is.

However, kindly understand credit score is a just numeric summary derived from your repayment history of previous or existing loans and credit cards and from the enquiries performed by banks & financial institutions based on your loan application. Your Credit Score is based on the information in your credit information report. Higher the score, the more favourably it is viewed by banks and financial institutions.

If required, you can approach other bank or lender for your credit requirement.
Our Experts

Sucheta Dalal Trustee - Moneylife Foundation

Abhay Datar Abhay Datar is a consumer activist and is also Member of the Managing Committee of Mumbai Grahak Panchayat (MGP). He was Treasurer at MGP for over two and a half years. After working at Bank of Baroda for about 29 years, he retired as IT Manager. After retirement, Mr Datar joined Consumer Guidance Cell of MGP in 2008 and solved many cases related to banking including online fraudulent transactions, misuse of credit cards and ATM cards. Also handled cases related to mobile and mediclaim. Mr Data

Suresh Prabhu Mr Prabhu retired as Senior Vice President from HDFC Bank

R Bhuvaneswari After serving Bank of Baroda for almost 40 years, Ms Bhuvaneshwari retired as Chief Manager in 2013.

Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on finance, credit related issues

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