Many times when there is an urgent need of money, people apply for loan in several banks simultaneously so that the money can be got from anywhere but it should be avoided.
New Delhi : Often people apply for personal loans in several banks simultaneously. Many times when there is urgent need of money, people apply for loan in several banks simultaneously so that the money can be got from anywhere. People do this so that loan rejections are minimized but they should be avoided.
The application may get affected when applying to multiple banks simultaneously for personal loans. Is because all the major financial institutions of the country check the credit rating by CIBIL score.
When a person applies for a loan in more than one bank, his credit history is seen and the prospective lender does not agree to approve the loan. Once the bank rejects your application, it makes the credit rating even more strict. This makes it more difficult to get a loan.
You can adopt this option,
in many places, it is better to apply for a loan than to explore the financial markets online and apply for a loan there.
This is a better option as such marketplaces also bring your credit report to offer you a loan but it is a soft inquiry and does not harm your credit score.
