Are there chances of my loan application being rejected at Buddy Loan?

“Your loan application is declined!” is not a comfortable phrase to hear when you’re in a state of emergency. The deepest concerns for banks, NBFCs and other firms are all the same. People who come across having good credit scores can also be subject to rejection for reasons unknown.

Buddy Loan is renowned for its approval rate. Over, 80% of approvals are personal loans that meet the eligibility criteria at Buddy Loan. In most cases, you will find that the interest rate is a matter of objection for heavy pay-outs and longer tenures. But, at Buddy Loan you can choose a lender and customise the tenure and EMI based on your income.

There are reasonable loan rejections at Buddy Loan. Typically, there is much very little margin for rejection. Yet the extreme cases are listed below:

Past loan settlement behaviour

Any financial firms considering your loan request will check on your past loan settlements. The term “loan settlement” is often mistaken with closing a loan. It is by definition the same, but with a minor difference. Debt settlement is a one-shot payment where you repay less than the availed loan amount.

Now, this might considerably reduce your credit score. Based on this behaviour, the study says that banks and NBFCs might reject your loan application straight out of request. Buddy Loan, however, informs the applicant in case of rejection.

History of defaulting on a loan

At Buddy Loan there is no collateral required to avail a personal loan. Buddy Loan acquires all the information on loan application and eligibility criteria to provide you with the list of lenders. There are cases where people default on a secured loan. Now, this is a major setback if you’re considering a loan again. The applicant might not stand a chance for another loan for a longer time.

Many loan enquiries and requests at a time.

This is a common mistake many of them do. If you’re constantly enquiring for a loan in a limited time, the lender might get a greedy impression of you. In terms of loan application, they doubt your submitted information and potential repayment.

Incapable of deciding the lending platform.

Doing a bit of research before applying for a loan can help you a ton. But many people fail to do this and thus remain clueless during the process. If you pick a lender that approves your request and over a short period, say you will need more money. You either top-up or you reach out to another lender. Now this is by default the most unacceptable.

How does a wedding loan affect my credit score at Buddy Loan?

Digitization has improved loan availability. Today, wedding loans hold more significance among the young population. 75% of the weeding loan applications are between Rs. 3 Lakhs to Rs. 20 Lakhs.

Personal loan disbursals from both banks and credit providers seem seamless. They are digital and hassle -free. They require very minimal documentation for loan approval. With the rise in medical emergencies and financial stakes, Buddy Loan app provides you the provision to avail a loan from the lenders of your choice.

The app is a one stop shop for all the financial needs and can even help you procure a job at Buddy Loan. The personal loan here has competitive interest rates starting as low as 11.99% p.a. You can choose your lender and have a flexible loan tenure up to 60 months (5 years). EMI pay outs are flexible, if you budget your expenses based on your income.

Credit score and wedding loan

The interest rate varies from lender to lender, depending on the credit history of the borrower. You will first need to calculate the estimated amount in need after validating your assets. It is wise to not liquidate your fixed assets. Personal loans serve you best with debt consolidation, medical emergencies, travel, business expansions, building commercial malls and your wedding ceremonies.

However, nationalised banks, NBFCs and other financial firms require a set of documents and the previous credit report will role play in evaluating your loan application and its approval. Your lenders will lend you the loan amount if the financial behaviour and credit score are around 700 and above.

At Buddy Loan, lenders here disburse personal loans at various competitive interest rates, which will help you avail loan. If you’ve a poor credit score, the interest rate is likely to go high. There are other schemes such as pre-payments or loan pre-closure.

Your loan approval varies depending on the credit score and financial behaviour, timing.

Factors affecting credit score.

Wedding loan is a personal loan used for wedding celebrations. The diffused here is a onetime transaction for the bank while for the borrower, his EMIs play a major role in building his credit report.

There are factors that hinder the credit score if:

By not paying your “1” EMI on time, you can bring down the score for 2 years.
Utilising too much available credit for your own good.
Missing out on the settlement dates.
Conclusion

Increase your credit score by applying for a loan through Buddy Loan app. The lenders help you customise your EMI pay out based on your income and extend your loan tenure of 60 months. This leaves you with very less room for defaulting on monthly payments.

Nifty Stages Downside Reversal; Kotak Bank Beats Q2 Estimates

Nifty opened with modest losses. It moved sideways in early hours, but selling pressure intensified in the second half, dragging it below 11,800. Nifty closed less than a percent above its 21-DMA. Nifty is trading 2.3% and 10% above its 50- and 200-DMA, respectively. Today’s volume was a little higher than Friday’s session. On the sectoral front, Nifty Auto and Metal closed with a loss of more than 3%. Nifty Bank, Financial Services, Pharma, and IT closed 1–2% lower. The selling was broad-based. Of 2,229 stocks traded, 1,219 advanced, 645 declined, and the rest remained unchanged. INR continued to depreciate and closed at Rs 73.85 per USD.

Looking forward, we prefer to see a follow-through day before shifting the market to a Confirmed Uptrend. A follow-through day is a solid up session, generally a 1.5% or higher gain, with volume being higher than the previous day. However, we are positive on the general market as we can find further evidence of good behavior in leaders that have already broken out; for example, HDFC Bank, Reliance, Infosys, and Asian Paints. During this time, one should look for stocks with quality fundamentals, RS line trending higher, and breaking out from consolidation areas.

Key News

Sbi Life Insurance Co (+1.1%) Q2 FY21 net premium income rose 27.2% y/y to Rs 12,858 crore. PAT increased to Rs 299.7 crore compared with Rs 129.8 crore y/y.

Kotak Mahindra Bank(Nse) (+2.5%) announced its September quarter results during market hours. It came above consensus on all fronts. PAT rose 26.7% y/y to Rs 2,184 crore. NII was up 16.8% y/y to Rs 3,913 crore. Asset quality improved. GNPA at 2.55% compared to 2.7% q/q NNPA at 0.64% compared to 0.87% q/q. Net Interest Margin at 4.5% compared to 4.4% q/q. Slippages at Rs 264 crore versus Rs 796 crore q/q.

Marketing Consulting – How to Become an Online Marketing Consultant

More and more entrepreneurs are taking their business online to increase their profits. However, not all of them are equipped with knowledge as to how they can promote their business and their products in the World Wide Web. If you have in-depth knowledge about internet marketing or better yet, if you have already made a mark on this field, you can earn additional revenue by offering online marketing consulting services. Here’s how:

1. Be an expert. You need more than just knowledge on how to perform keyword research to become an online marketing consultant. To become effective in this field, you must know the ins and outs of search engine marketing, competition and keyword analysis, SEO, link building, website design, and website creation. You must also know how to use different paid and free marketing tools.

2. Check on your competition. There are now thousands of online marketing consultants who are offering basically the same services. Get ahead of the pack and stay on top of the game by setting yourself apart from the rest. Your consulting services must be way more powerful and more effective compare to these people so you can easily lure your prospects to sign up to your offering.

3. Get a reliable computer and internet service provider. As your clients will heavily rely on you, it’s a must that you can get online 24/7. Invest on getting a reliable computer and ISP. This might mean shelling out more money but it’s the best investment that you can ever make as a marketing consultant.

4. Skills. The skills you need to become a marketing consultant are the following; active listening, problem-solving, analytical, communication, and people skills. If you think that your skills are really not that impressive, I recommend that you consider honing them through constant practice or by taking advantage of relevant seminars and trainings.

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