Yes, a Personal Loan can still be rejected even after document verification. Verification only confirms identity and income authenticity, not final eligibility. In India, lenders reassess credit score, repayment capacity, existing EMIs, and internal risk rules before final approval. If any mismatch, new credit enquiry, or policy restriction appears at this stage, rejection may occur. Initial verification should not be considered a guarantee of disbursal. Borrowers should wait for final approval before making financial commitments.