Be careful- Often, when there is an urgent need for money, people apply for loans from many banks simultaneously so that the money can be found from anywhere. People do this so that loan rejection is minimized, but it should be avoided.
When applying for a personal loan in several banks simultaneously, the request may be affected. Because all the major financial institutions in the country check the credit score with the CIBIL score. In every bank you go to, the message will be that you urgently need a personal loan. It will hurt your credit score.
When a person applies for a loan from multiple banks, their credit history is reviewed and the potential lender does not agree to sanction the loan. Once the bank rejects your request, it tightens the credit rating even further. This makes it more difficult to obtain loans.
You can adopt this option
Instead of applying for a loan in many places, it is better to explore the financial markets online and apply for the loan there. This is a better option as these markets also get your credit report to offer you a loan, but it is a gentle investigation and does not hurt your credit score. Be careful
