There are many factors that affect your loan applications. CIBIL score has a direct relationship to all types of loans, and a personal loan is no different.If you are going to apply for a new personal loan, then the following factors about your old loans will affect your current interest rates:
1. Late Payments
If your credit history shows frequent late payments,then you can have a hard time getting a loan, and that too at a decent interest rate.
default on a loan is when you aren’t able to repay a loan and the bank slaps the tag defaulter on your credit profile.If you want to secure your financial future, then it’s really important that you get rid of the “default” mark from your report