One of the worst feelings in the world is rejection. This can be said in terms of loans as well. Many people do rely on loans from their trusted banks, NBFCs and loan applications like PaySense to achieve their dreams and responsibilities. So, it becomes highly disappointing to see your personal loan application rejected.

At PaySense, we try to help as many people as we can to handle their monetary requirements. But, despite our best efforts, sometimes we fail to make your dreams come true. It disheartens us too, to not be able to approve 100% of the loan applications we receive in a day. However, it is important for us to stay true, loyal and transparent to our users and tell you some of the reasons for which your loan application might get rejected. Read on to know if these are one of the reasons for which your loan got rejected –

Invalid Salary Proofs: Salary is an important criterion for obtaining a loan sanction. While we have options for both salaried and self-employed people to apply for a loan with PaySense, we need to verify a steady and consistent stream of income of the applicant.  Income obtained in cash becomes a huge hindrance in salary validation. Similarly, a fluctuation of 10% or more in the monthly salary can also create issue. Moreover, any infringement in the salary records or bank statements are easily detectable, leading to the loan application rejection.

Income to Spend Ratio: At PaySense, we have kept a really low bar of salary for a user to apply for a loan with us. Starting at INR 12,000 per month in tier-2 and INR 15,000 per month in a tier-1 city, we want to empower as many people as we can. However, we still want our users to be financially responsible and maintain a ratio of income to spend equivalent to 1.1:1. In other words, for a person earning 15,000 INR per month, the remaining balance in the account should be INR 1350 or more.

No Credit Line: Despite maintaining the recommended income to spend ratio, sometimes a user gets rejected for lack of credit line. We do not stress much on the credit score. In fact, we help you build yours up. But a credit line depends on your credit score, your income to spend ratio and any concurrent loans or credit card statements you have.

Shared Devices: Sharing is not always caring. Getting too many applications from the same device can confuse us and our system, resulting in rejection of a loan application.

Unserviceable areas: Currently PaySense serves over 50 cities throughout India. That’s great! But at the same time, we are not everywhere yet. You might be the perfect applicant, yet we might not be able to approve your loan application if you’re not residing at our current serviceable area. We’re working to improve and get our reach further. Till then, please be patient with us.

The above mentioned are few of the most recurring rejection reasons we observe. For more details about your individual loan applications, you can write to us at [email protected].

Shweta Joshi

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