SBI cards over leveraged

[VijayflyRaven]

I applied thrice for SBI cashback card and it was denied with internal policy decision as response. I went to the bank and found out that the reason specified was “over leveraged”. I have no outstanding loans. I never missed a single payment and have over 800 CIBIL score. In fact I closed SBI Simply click card in 2018.

I have all bank cards with a credit limit of around 2 crores. Hence SBI does not want to issue a card now. In 2016 to 2018 my credit limit was less than 1 crore. It appears that SBI has a limit of 1 crore for existing credit cards. Income is around 50L which means 4x limit.

Anyone has overcome similar issue?

 

[HumorSimpson]

I have all bank cards with a credit limit of around 2 crores. Hence SBI does not want to issue a card now. In 2016 to 2018 my credit limit was less than 1 crore. It appears that SBI has a limit of 1 crore for existing credit cards.

Anyone has overcome similar issue?

Yes. Some faced this. Search for over***

 

[Gaara]

I have all bank cards with a credit limit of around 2 crores.

Bro, that is exactly what they meant when they said ‘overleveraged.

 

[Gaara]

SBI at least had decency to give proper reason for rejection, other banks cs they themselves do not know the reason for rejection.

 

[V G]

It means your total credit limit on all of your credit cards as per cibil report is more than your income.

 

[VijayflyRaven]

All other banks are ok with it. Looks like SBI is very restrictive.
Is there any workaround?
1) Trying high value cards instead of cashback.
2) Can I add other income to my income apart from salary? That must more than triple my net income.
3) Can we apply from airport or other places which can bypass these
4) Is there any means to avoid CIBIL check which could help bypass this issue? Example: savings account offers

 

[bing1309]

over leverage excessive than your income or unsecured loan is more than secure loan

only option cut you're slack or reduce all cards limit by requesting bank. And then apply for card. Or submit income proof and apply offline they will check and issue you one or fd based card no other option apart from that.

 

[rogerthat]

It is quite possible that your income recorded in SBI system is outdated while your credit limit is up to date. You will have to reduce your credit limit to about twice your income AND apply offline via the bank or an agent who directly works with the bank (not the DSAs you see at the malls). They will help you update the income records to bypass the "over leveraged" part. Hopefully. I am trying the same but I am having to literally fight with banks to get cards closed and removed from CIBIL.

 

[mayankcse10]

I also got the same rejection reason last month during an application through an agent at Max Store. Even the agent was clueless about the details, as my CIBIL score was 801, but I didn't follow up as the max card is not critical for me. I just needed something for online SBI offers that is LTF, or effectively LTF. Yesterday, I got an email regarding the application as well, but it didn't mention overleverage as the rejection reason.

It was my first CC application rejection in 12 years of credit history; hopefully this is not a problem with other banks.

 

[Boy 07]

I applied thrice for SBI cashback card and it was denied with internal policy decision as response. I went to the bank and found out that the reason specified was “over leveraged”. I have no outstanding loans. I never missed a single payment and have over 800 CIBIL score. In fact I closed SBI Simply click card in 2018.

I have all bank cards with a credit limit of around 2 crores. Hence SBI does not want to issue a card now. In 2016 to 2018 my credit limit was less than 1 crore. It appears that SBI has a limit of 1 crore for existing credit cards. Income is around 50L which means 4x limit.

Anyone has overcome similar issue?

Yes Same things happening with me too
I have 779 Cibil 11 cards from 5 banks with total limit 15L one loan is going on from last three years with no late payment and my cards utilisation is 1%
I am trying to apply from 2023 it's got instantly declined I tried for reason they told me your income is less then your liability (over leverage) I am not able to understand what should I do ?