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What are the possible reasons for my loan to be disapproved?

Common reason for disapproval are as follows:

  1. Cancelled credit card (unsettled obligation).
    • If it has been settled (need Certificate of Clearance from the bank as additional requirement).
  2. Bounced checks on the bank statements (if required).
  3. Adverse loan findings.
  4. Overexposed (existing loan application with other banks).
  5. Low credit score (generated by your matched lender).

Note: If you have any of the following, you may want to work on that, so you can be qualified for your future financial needs.