Application for the vCard are evaluated on various parameters, and in minor percent of the cases, the application may not be approved. vCard is a platform, however the actual credit is provided by our partner banks, and the reason for rejection may vary subject to the bank’s internal underwriting mechanism.

However, on a macro level, the application is reviewed on the parameters of:

• Credit History: Study of an individual’s financial transaction is done by credit agencies (CIBIL, Equifax, Experian and Highmark), which provide a unified score based on different criteria, evaluated upon the information attained by them through the banks. The score is calculated taking into account previous repayment history, loan servicing and related information. As these credit scores give an estimated risk of loan default, thus, banks utilize them to reduce the probability of credit default. A bad credit history or absence of credit history might be among the reasons for rejection.
• Income level: Banks have criteria for minimum income level, as there is a risk of overspending and subsequently default rate. With the defaults rising up significantly below the threshold income level.
• Age: It is an important parameter, as majority of the population starts earning after the age of 21 and retires by 65. To minimize risk, banks require a stable income source. An application may be disapproved for these age categories if deemed to be dependent on another individual.
• Verification error: if the information provided by individual turns out to be false or unverifiable, it can cause rejection. The information provided is analyzed and verified to reduce chances of default. Social as well as financial data is utilized in creating the credit worthy image of an individual.
• Defaulter’s List: The details of application are verified with those from defaulter list. If any of the information matches with that in the list, the application could be disapproved. If the person, previously residing at the address provided, has defaulted, it could lead to a rejection on your credit also.

As the criteria are different for every bank, and we are expanding our profile across them, thus chances of approval is high, if it has not been approved at this stage, We would distribute your applications to onboarding lenders.