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I Have an 818 CIBIL Score, Why Was I Rejected For A Loan?

Rejections Can Happen To Anyone

Hi Team,
I applied ICICI personal loan amount of 4lakh rupees. It got rejected stating in 2010 I took a bike loan and made some delayed payments .I was 24yrs and was not that matured enough to understand at that time.Keeping that now my loan got rejected .
Is there any option to fight back with ICICI bank on stating me be that I have pre qualified loan amount of 6.5lakh eligibility and now rejected for no good reason.
My cibil score is 818 and never have  credit card till now nor interested to take.


Lenders Consider More Than Just Score

Hello Venu,

Thanks for your email, it certainly is a frustrating situation that mistakes from so long ago are continuing to haunt you even today. We must say, considering the details of your story it is quite surprising ICICI has rejected you after the initial approval. Your score of 818 is extremely good, so that is not the issue. There’s a few things that could be at play here:

  1. You mention that you have had no credit card until now. This can actually hurt you because all those years went by without you having consistent on-time payments on a credit card bill. In addition to a good CIBIL score, lenders like to see a positive pattern of on time payments, so the absence thereof could have been a strike against you.
  2. You did not mention any current financial obligations or your income. Perhaps they rejected based on their assessment of your ability to repay.
  3. If your original loan in 2010 was also from ICICI, perhaps they put you on a ‘black list’ which is difficult to get off of.

Even with all that said, you should “fight back” but in a completely calm, cool way. Remember, in the end banks should fight for your business. You are paying them interest after all. The best approach would be to discuss it in person with someone with the power to approve you. If that’s not possible, a call will do. Be sure to ask the reason why you were approved, then rejected. Explain your needs and why you are responsible.

If it falls on deaf ears, I’m positive there’s another bank out there who will loan to someone with an 818 CIBIL with no credit issues since 8 years. You will be just fine in the end. Best of luck.


Best Of Luck!,

CreditSmart Staff

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