How My Personal Loan Got Approved After 3 Rejections

We all lose hope when we face repeated rejections! However, it just needs one right hit to achieve the goal. Recently when I was looking for a Personal Loan, something similar happened to me.

I applied to three banks and my application got rejected from all three places. When one of my friends told me to take the online route, I searched for loan websites and that’s when I encountered the mymoneymantra portal.

I clicked on the Personal Loan tab on their website and filled in the form that appeared on my screen. Within a few hours of submitting my details, I received a call from their personal loan sales department. The past three rejections were still disturbing me, so I decided not to tell that person about my previous applications & subsequent rejections. The tele-agent took details from me about where I work, my earnings and financial statements, my obligations and my exact requirement. I gave all the details honestly.

Soon they fixed an appointment with mymoneymantra’s Personal Loan specialist to meet me and collect my documents. Again I did not convey my problem (previous rejections) to the specialist. He visited me, checked my documents and asked for a few additional documents that no one had asked me before. Then he took signatures from me and left. Within five days of this meeting, I received a call from mymoneymantra informing me that my loan application has been approved by the bank.

I was surprised and happy but couldn’t understand how they made it happen and why previous lenders failed in doing the same. I asked the person on the call, “How is it possible?” He told me that some of my additional earnings might not have been considered by previous lenders while calculating my loan eligibility. However, the Personal Loan specialist from mymoneymantra forwarded those details to the lender with proper analysis & supporting documents – that’s how my loan request got approved.

I was in awe. How could a different approach towards the same problem prove to be so beneficial? After five weeks of struggle and three consecutive rejections, it was really satisfying to get my approval. Within five days of approval, I got 4 Lakhs Personal Loan amount disbursed into my account and I could meet my planned expenses easily.

–  Arun Kumar G

Share your experience with mymoneymantra at contactus@mymoneymantra.com.