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WHAT MAKES A PERSONAL LOAN A VIABLE BORROWING OPTION?

Posted on Friday January 6th, 2023

Sometimes, we may not get chance to fulfill our desires and forced to put your aspirations aside due to hectic schedule and financial restrictions. Desires don’t go away as you might have always wanted to purchase a new bike or gadget or wanted to take your family on a dream vacation but may not fulfill them. On contrary, you require instant funds to face any emergency where you are left with an only option, borrowing funds.

In such situation, Personal Loans come to your rescue which is obtained for a variety of purposes such as paying medical bills at hospital, planning a destination wedding or renovating your home etc. However, most of individuals might be hesitant to Apply For Personal Loan but there is a list of factors which make it a viable borrowing option. Let’s read out such beneficial factors to you to decide on taking out a Personal Loan.

✓ Online process: Nowadays, one doesn’t need to visit any lender as he/she can apply for Personal Loan online from the convenience of your personal space. To verify your legitimacy, you just need to submit soft copies of KYC documents online.

ShubhBank has made the loan procedure more simplified and easy these days with doorstep documentation services. We value our customers and provide customer support to answer their queries and to finish the loan application quickly and correctly. One can complete the loan application process along with required documentation just under 30 minutes.

✓ Flexible repayment: The repayment for personal loans are flexible and designed to meet variety of purposes like home renovations, weddings, travel as well as medical emergency expenses. ShubhBank provides you the customized personal loan based upon interest rate, repayment structure and tenure.

Moreover, the interest rate upon loan varies depending upon the various factors such as principal amount, repayment duration and evaluation of borrower’s credit history. Therefore, loan is tailored just for you to fulfill all your desires and goals. So pick a loan tenure that enables you to customize your monthly outgo according to your necessities.

✓ Minimal documentation: Availing a loan was a tedious process in past days because of onerous qualification standards and paperwork requirements. However, ShubhBank offers you fully digital lending process where you can upload basic documents to get approval on your loan without experiencing any hassles.

We also provide a doorstep service for documentation collection so a borrower can expect a quick approval and smooth disbursal as well.

✓ No collateral: Personal Loans fall under the category of unsecured loans and you need not require putting any kind of personal asset as collateral in the event of non-payment of debts. You can Apply For Personal Loan Online just with a good credit history and can fulfill your every desire, need, ambition or dreams with instant funds.

Hence, one of the most convenient and popular types of financial product available in recent times is Personal Loan. We have already stated some of the benefits of such loan which makes it a viable borrowing option that suits your budget easily.


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WHY LOAN AGAINST GOLD IS BENEFICIAL THAN SELLING IT?

Posted on Wednesday December 28th, 2022

Nowadays, inflation has caused a huge disruption in the country’s economy where many individuals have lost their job and businesses suffered losses and exhausted all their surplus capital, therefore in need of funds to take care of various needs as well as to cater the emergencies. Most of them are opting for unsecured loans which are not a great option as it comes with high rate of interest.

However, secured loans refer to borrowing funds by pledging any of your personal assets which has a benefit of low interest rate. An individual can Apply For Gold Loan as it is the most stable and easy option rather than selling your gold to fulfill your needs. Taking a gold loan can address your short- term monetary needs and gain ownership of your possession when your financial situation gets better.

Let us explore the benefits of gold loan that how it is beneficial than selling it to address the current economic situation:

√ Available at doorstep: Selling gold is not an easy task as you need to search for reliable buyer who will pay you appropriate price. On contrary, getting a gold loan is simple as ShubhBank provides gold loan at your doorstep.

Once you apply for gold loan, a loan officer visits your place to check the quantity and quality of gold. Based upon such evaluations, your loan gets approved and once it gets approved the loan money is transferred to your bank account within 30 minutes.

√ High LTV: It is one of the major benefits of availing a gold loan because you receive high loan to value ratio against the pledged asset. Moreover, it offers you a financial freedom as you can utilize such high loan quantum to pay different pending expenses.

√ Safety features: Selling your ornaments could be your last resort, even pledging it as collateral could give you anxiety because of its security aspect. Now, you need not to worry about these security concerns as most of the lenders offer a robust security system ensuring the gold retrieved from your doorstep is deposited in a secured locker.

√ Competitive rates and flexible repayment options: The rate of interest on gold loan is on lower side as compared to other loans which makes it a reasonable option rather than selling your gold. Furthermore, repayment of gold loan can be done conveniently as borrowers can either pay interest every month or can make bullet payments to reduce the overall amount owed.

√ Nominal documentation: Loan against gold doesn’t require any heavy documentation as compared to other types of secured loans. One just needs to provide KYC details to complete the registration process and Apply For Gold Loan Online.

Hence, availing a gold loan through ShubhBank can provide you instant relief while maintaining ownership over your possession. We have proposed several benefits of getting a loan against gold rather than selling it. So, if you want to get a quick gold loan or need to understand more about these features, ShubhBank is one stop solution for all such queries related to gold loan.


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WHY LOAN AGAINST PROPERTY IS FINANCIALLY BENEFICIAL?

Posted on Friday December 16th, 2022

Loan against property is a financial tool offered by lender to provide funds to a borrower in exchange for property as collateral. Every financial institution will lend you money on the condition of pledging your property till the repayment of the entire loan amount. Additionally, lender keeps the original documents of pledged property until the borrower repays the whole amount.

When you APPLY FOR LOAN AGAINST PROPERTY and pledge your property to the lender, then the institution has right to use your property for auction in case of non-repayment. However, there is some risk but there are several financial benefits associated with this loan. Here, we will list the benefits of Loan against Property that will help you to figure out if it’s ideal choice for you.

→ High loan amount: It is numbered as top benefits of mortgage loan that you can get a high loan sanction amount. However, the loan amount depends upon the market value of the property to be pledged. Most of the lenders offer 75-80% of the market value of pledged property for the entire loan tenure. Moreover, the sanction amount is decided according to loan to value ratio.

→ Competitive rate of interest: Being a secured loan, the lender has surety that they have borrower’s property as backup in case of any default. Therefore, lending institutions offer Loan against Property at reasonable rates of interest as compared to other unsecured loans. Usually, the interest rate varies from one lender to other.

An affordable interest rate ensures the borrower to enjoy the benefits of loan against property and eases the financial burden of paying huge EMIs every month.

→ Minimal foreclosure charges: It is one of the core benefits of mortgage loan where you can enjoy the minimal to nil foreclosure charges. However, the financial institutions levy 2-4% of outstanding principal amount for the early repayment or closing the loan before its tenure but in case of Loan against Property, most of the lenders do not charge any fees or ask for nominal percentage.

So, it is advisable to ask your lender before you APPLY FOR LOAN AGAINST PROPERTY ONLINE or offline if there is any charge payable or any hidden fees regarding foreclosing a loan.

→ Tax benefits: This is another benefit of a loan against property where you can also get the tax benefits by accessing the loan. A salaried employee can claim the tax benefits on the payable interest under the Sec 24 of the Income Tax Act 1961. The tax advantages don’t levy upon the principal amount.

Hence, now you are aware of the several financial benefits of Loan against Property but always do a proper research about the lender’s credentials because you are going to be in relationship with your lender for a long term. Always go for the reputed lender whom you can trust easily as you are pledging your valued asset with them.

Get a Loan against property from ShubhBank as we always go extra mile in providing your desired loan amount at competitive interest rates with no hidden charges to make your loan journey easy.


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HOW TO MAKE HASSLE FREE REPAYMENTS FOR HOME LOAN?

Posted on Monday December 12th, 2022

If you are the one who is struggling with loan repayments in such inflation then you must be aware of the fact that you are not the one only. There are number of people who are struggling with the same thing at same point. Buying a dream home requires huge funds, for which you can Apply For Home Loan but one has to repay the loan along with interest rate in fixed period.

Generally, there are two main factors such as rate of interest and repayment period that affect the home loan because these are the factors that determine your EMI which you are supposed to repay the loan. One can work on both the factors to cut down the loan repayment to shed the loan burden in less time.

Therefore, in this blog post we will go through some of very useful points that would help you to cut down your interest on your current home loan:

→ Higher down payment: Higher payments have many benefits so you must plan well before availing a home loan. When you have sufficient funds to make high down payments then it will surely reduce your loan amount that would lead to lower rates and small EMI amount.

Making a higher down payment will increase the chances of your loan approval but you must be careful not to stretch your finances too far as it is necessary to have some savings to face emergencies in future.

→ Pay additional installment: Yes, you heard it right that paying an additional EMI will not only cut down your interest rate but also helps you to repay the earlier than the tenure. You can pay extra installment whenever you get promotion in your office or you get an incentive or bonus. It might be a small amount but it will surely make a big difference by reducing your loan tenure as well as levied interest rate.

→ Prepay your loan: One can opt the prepay facility in which one can deposit some additional amount along with monthly installment to reduce the total loan amount as well as decrease your repayment period. Nowadays, most of the lenders do not charge any foreclosure fee or penalty on the prepayments towards home loan.

→ Avail balance transfers: This option is now available at every lending platform these days. Many individuals are not aware about this facility but it’s really useful to reduce the interest payments. The option of balance transfer let you switch over to another lender who offers you lower rate of interest.

However, to avail this service you have to pay the fees to both the existing as well as new lender. Before doing so, one must conduct a proper research and compare the interest rates charged by different lenders.

Hence, there is no denying fact that it is very exciting to purchase and construct your dream house and you can Apply For Home Loan Online or offline to fulfill your desire. Sometimes, loan repayments towards home loan can prove to be difficult but following such tips would make you able to handle them easily.


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HOW TO APPLY FOR A LOAN WITHOUT HIDDEN CHARGES?

Posted on Wednesday December 7th, 2022

Nowadays, loans are very popular financial tools among people to fulfill their financial needs. They offer potential to the borrower to shed off their financial constraints and to enjoy great deals on loans such as flexible repayment tenure, instant disbursal and low interest rates. One can APPLY FOR A LOAN to handle a financial crunch as it is easy to go financing option.

Therefore, loans are common these days and can be availed under two categories like secured and unsecured loans according to your need. Sometimes, when you get a loan from specific lender, your loan cost comprises some hidden charges which can burn a big hole to your pocket.

In this blog post, we will guide you through various hidden charges like late payment penalty, pre-payment charges, processing fees, balance transfer cost etc. levied by the lenders and how to avoid them to save your hard-earned money.

→ Read the loan agreement carefully: While availing any kind of loan, it is advisable to go through the agreement before signing the final copy because this document enlists all he types of charges that lender can levy upon you under different circumstances.

You must read carefully about the payable interest rate, repayment mode, repayment tenure as well as other terms and conditions. Take your time to read the fine prints to nullify any mistake and then sign the loan agreement.

→ Plan the repayments: It would be wise and effective thing to plan your EMIs according to your repayment capability to avoid the delay in repayments.

There are number of lending platforms that let you use EMI calculator to check the repayment amount for particular repayment period from which you can get an idea that how much you can repay easily to avoid any penalty in the future.

→ Be aware of different fee types: One must be aware of every kind of payable charges and fees types that are involved in specific loan product because having knowledge beforehand can help you to plan your repayments well and you can avoid any situation that can levy any additional or hidden charges on you.

→ Get a loan from reputed lender: With the emergence of new-age fintech companies, it has become easier to access the loans. You can APPLY FOR A LOAN ONLINE or offline by meeting the eligibility criteria specified by the lender and by uploading required documents.

One can get funds disbursed to their bank account directly once their loan gets approved. The approval is based upon various factors such as eligibility criteria, income, and age of borrower as well as after the verification of submitted documents.

So, it would be better option to avail a loan from a reputed lender like ShubhBank to keep yourself away from all such hidden charges to make your loan journey stress-free.

Hence, we have listed such factors to make you aware of unnecessary charges levied by some of the lenders and are guiding you that by exercising a bit of caution while signing any loan application, you can avoid any kind of hidden charges.


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HOW YOU CAN USE A PERSONAL LOAN FOR YOUR NEEDS?

Posted on Monday December 5th, 2022

A Personal Loan is always a convenient option when you are struggling with any financial issue. It will provide you complete assistance and fulfill your monetary needs without exhausting your emergency funds. ShubhBank is one stop solution for every kind of your financial need where you can Apply For Personal Loan to get instant funds to face urgent expenses.

We take care of every loan seeker’s need and offer varieties of Personal Loans to meet your numerous needs. Here, in this blog post, we will look upon the list of reasons for using personal loans:

✓ Electrical appliance: Sometimes your home appliances such as AC or geyser makes you lighten up your pocket as they need an up gradation and few times they totally break out. In case you are unable to fulfill the required demand but it’s basic thing that add convenience to your daily life then you must avail a Personal loan to make a new purchase or to get your appliances serviced.

✓ Wedding: It is true to say that Indians have big fat weddings and may cost you your lifetime savings. To make the most of this auspicious occasion so people choose expensive venues and luxurious themes which require big budget. Therefore, to make your wedding unforgettable and easy on finances, you can take a Personal Loan to make your dream true.

✓ Rental deposit: Few times, you need to change your city due to your new job or transfer and you have to rent a flat or house. So, a rental deposit will help you secure that expense. One can repay the loan money to lender upon termination of their lease.

✓ Travel: The travel loans come under the roof of Personal Loans that can turn your plan of exotic trip into real fun. If you are making plan of travelling to your dream destination with your friends and family but not having enough savings, you can book your fares and hotel with a personal loan.

✓ Medical urgency: Whenever you face any medical emergency the first thing you stress about paying the huge hospital or medical bills. Here the Personal Loans come to your rescue as they are enough to cover medical tests, treatments, surgeries and other hospital bills etc. ShubhBank is always there to help you in such difficult scenario by sanctioning you instant money.

✓ House renovation: When you want to improve your home style or need to add any extra room as your family is expanding these days. A Personal Loan comes in handy if you want to buy furniture or consumer durables or to make small construction expenses. If you have steady income, then you can Apply For Personal Loan Online to plan a set up.

Hence, ShubhBank offers budget friendly EMIs and attractive rates of interest on Personal Loam for the borrowers who are in need of instant funds. We tailor our financial product and services to meet the need of every individual at any stage of life. If you are in need for any of the above mentioned things, you can avail Personal Loan from us.