New Delhi, Oct. 14 -- Personal loans are a convenient way for borrowers to cover day-to-day expenses, such as home renovations, holiday celebrations, and educational costs. They address individuals' urgent cash needs. The benefit of personal loans is that they come with minimal documentation, quick disbursal, and the feature of submitting applications online.

Still, it has been observed repeatedly that personal loan applications of individuals are declined or rejected for various reasons. This makes it essential to clearly understand the minimum requirements, eligibility criteria, and must-haves to complete and secure a personal loan.

Keeping the above in mind, here are five common reasons for the rejection of a personal loan applicatio...