Retail Credit is one of the most sought after lending business for banks. However, Banks are always Cautious and private
banks run a credit check before they approve / deny the credit card applications. Here are some of the reasons cited by Kotak Credit Cards division for turning down credit applications.
1. Your credit profile is not in line with our prevailing credit norms. Your credit history information with Credit Information Bureau of India Limited (CIBIL) is for a duration lesser than as required by us.
2. The information provided by you in the application could not be validated.
In this case the applicant has lied in the application.3. Our evaluation of your credit history in the CIBIL Report is not satisfactory.
4. The mandatory Know Your Customer ( KYC) documents, as regulated by RBI, have not been submitted along with the application.
5. Non fulfillment of the minimum eligibility criteria as prescribed by the Bank.
6. We were unable to verify/ contact you at the office address as provided by you in the application. You could not be contacted at your residence/mobile phone.
7. Our evaluation of your credit history in the CIBIL Report is not satisfactory. As your office location is not covered in our serviceable area.
Do not Simply apply for Credit Card or any Loan as this Inquiry will remain on your credit report for 24 months and existing loans if any may attract higher interest if you show signs of desperation as lenders will urn cautious.
