These days, it is always significant for the bank or lender to be aware of how a borrower will repay the loan when it comes to Personal Loan. If you have been maintaining a good credit history by paying all the dues on time then it will increase your credibility as a borrower and boost your chances of loan approval. There are some other steps also that one can take into account to accelerate the loan approval. Here are the tested ways how to get instant approval on your “Personal Loan“ application mentioned below:

Meet the eligibility criteria: It is advisable to compare the eligibility requirements of different lenders before applying for a loan. Most of the lenders have a minimum age requirement of 21 years and maximum of 60 years. Moreover, banks also have different age requirements for salaried and self-employed individuals. The employment area and income criteria also vary from lender to lender. Make sure to meet all the requirements for a speedy approval.

Keep documentation handy: The main documents you will need to have are identity proof, age proof, address proof and income documents. These may include a Voter ID card, PAN card, Aadhaar card, driving license or utility bills such as electricity, phone or gas bill can serve this. Income documents comprises of three month pay slips and bank statement.

Do not skip the research: One of major setback in rejection is avoiding the enough research. Every lender offers different interest rate. Consider all the options, do not go with the first lender, you could miss out on better loan offers from other lender. Do check upon the processing fees and other applicable charges too. Compare all these factors before finalizing the loan.

Be careful about credit history: At the last but not least, lenders will definitely want to scrutinize your credit report. If your CIBIL score is anywhere less than the expected or if you have defaulted payments on your existing loans, it will decrease your chances to “Get a Quick Approval On Your Personal Loan“ request. It is always good maintain your finances in order. There are several platforms available on the internet where you can check your Credit Score for free. Make sure to review your report before opting for a loan, if there are any inaccuracies or errors, so they can be fixed on time.

It is suggested to look upon the loan amount requirement, whether you are borrowing for the long term or short term, always remember to borrow according to your repayment capability. It should be a wise decision to secure that much quantum which could be paid off easily. It is good to repay the borrowed amount without having to get into more debt. The equated monthly installment of your borrowed credit should not exceed 50% of your monthly income. Taking such pointers into consideration, you’re sure to speed up your loan processing. To explore exclusive deals on financial products, just click on ShubhBank.com.

A personal loan is mainly a type of loan that is unsecured and helps you to cover up your current economic necessities. You don’t need to vow any collateral security while to have a personal loan, and your lender makes you flexible to utilise the funds as you need. It can fulfil your dreams to manage your trip costs and marriage expenditures or any medical crisis, residential renovation, debt consolidation and others.

Eligibility To Get A Personal Loan-

It is the time to fulfil your fantasies into reality with a Personal Loan. You can now use the EMI Calculator of Personal Loan to calculate your monthly spending way before you will apply for a loan and have a detailed conclusion of your monthly expenses well in advance if you are a salaried person.

“Personal Loan For Salaried:“

Individuals can take a Personal Loan:

● The person should be a Salaried Employee.
● Salaried doctor
● Municipal and private limited companies employees.
● Employees including government and Public Sector that Undertakings,

The criteria are-

● The minimum age will be 21 years
● Maximum period will be 60 years (maturity time of the Personal Loan)
● The person’s minimum net monthly income will be Rs. 15,000

How to apply for a personal loan

If you’re curious in leasing a personal loan, but confused “How to Get a Personal Loan“ Here the ways-

1. At first, check your credit score.

A credit score is a crucial component to qualify for an unsecured personal loan. Lenders don’t divulge what the rating they are looking for is; but of course, they mostly prefer outstanding or excellent credit.

2. Secondly, do order a manuscript of the credit report.

Your credit score denotes your creditworthiness; it doesn’t exhibit you the full impression. To know more in detail, order an available manuscript of your credit summary.

You can also get a free report once 365 days from these 3 credit bureaus: Equifax, TransUnion and Experian. It will indicate any outstanding obligation, along with your past of reimbursement and other factors that can affect your credit score.

3. Thirdly you need to pay your bills on time.

If your credit score is terrible, you can try to improve it by soon bill payment.

4. Fourthly, pay down your debt.

Your debt to your income ratio is another main factor may affect your credit score. If you got a high rate, pay your mortgage could help increase your score.

5. You need to submit a joint petition with a creditworthy cosigner.

The essential documents needed for a personal loan-

These are the documents that are expected on with Loan application:

● (Identity proof) One copy of passport or voter ID card or driving license or Aadhaar card
● (Address proof) 1copy of passport or voter ID card or driving license or Aadhaar card
● Your Bank statement of the recent three months as, Passbook of the previous six months
● Your latest salary slip with current dated salary receipt with most current Form 16 is required.

You might be in your late 40’s and you are working twice as hard to get half the reward to lead a comfortable life and you might be forgetting something very important to your future. After some years when you retire, there will not be any cushion to protect your backbone as you will not be drawing the salary that time. You need to lay out a plan that your life after retirement will be as pleasant as now. Retirement is an important event in one’s life as it marks the end of one phase. It is necessary to be financially fit at that age but for achieving this, you need to plan carefully to lead a good life. In this article, we are going to discuss what the importance of “Future Financial Planning In Life“ is and why you should secure your future early.

REASONS FOR SECURING YOUR FUTURE EARLY IN LIFE
You might be wondering what it is required to plan so early in your life. There are some reasons mentioned below that why should you start planning immediately.

Quality of Life: If you are really planning to lead the life as you are leading now such as with your maximum salary, then you have to start planning early to maintain the same quality of life. The long term plan will enable you to save significantly. On a flip side, you will have to scrimp after your retirement and finances will become more of a restriction.

Income: You may have the income sources in future like pension, side business, rent etc. but you will most likely have a little income. It is good to start a calculation now and try to save up from now for a better future.

Medical Expenses: Aging is sure to bring along some diseases and illness. As per saying, “Man is not immortal.” Now you might be fit as fiddle but after a certain age, your health starts deteriorating and there may be some medical expenses. If you are aware of such things then you should save up now to afford your medical expenses after retirement.

Other Expenses: In coming years, you might want to fund your grandchildren’s higher studies or their wedding; with this view you should probably start saving up immediately. On contrary, you have to liquidate some assets to fulfill these requirements, ultimately leading to the bad quality of life.

Moreover, life is always unpredictable. You might plan something and life may have something totally different in store for you. You should be prepared for unforeseen events such as medical emergency or any other financial need. If you have saved up a substantial amount of money for future, you can use it in dire consequences as well. Saving up early in life is always advantageous because your earnings have more time to compound and grow. So planning for your future is more like an ongoing process which pays off after your retirement.

In every household and family, there are certain financial requirements and wishes of lifestyle improvement that often get ignored due to other priorities. It is designed to help you meet financially demanding situations in life. From a new furniture set, to purchasing gold jewellery for the women of the house, medical expenses to marriage expenses. “Personal loan can be availed to meet authentic personal expenses“. The loan scheme is meant to aid all its users to a convenient ways to make their smaller dreams come true. It is armed to add people in their quick and smaller financial requirements which at the moment cannot be afforded in full. With flexibility of loan amount and tenure, our loan has more to offer its customer than meets the eye. Our efficient team will help you to let know your repayment capabilities and your credit worthiness that how much loan quantum you can secure and at how much interest rates.

Owning a car of your choice is a dream that every individual carries life long. But getting the right car with the right kind of financing takes effort and considerable research from the individual’s end. When you decide to buy a new car, you are generally very decisive about the car model and make. What actually puts you in dilemma is how you are going to finance the car and if you do choose a car loan  how much will that actually costs. It is very important that you plan your finances and understand how much you would actually be paying towards car loan. Along with other aspects of loan the extra charges levied should also be taken into account by prospective borrowers. As one of the best car loans in the market, ShubhBank offer a car loan with competitive pricing and complete transparency. We offer complete flexibility of repayments with variable tenure. You can easily “Apply for a Car Loan” using online form. It just need to fill in certain personal details when they file an application. Low processing charges and flexible repayment make a ShubhBank car loan, one of the most bought out debt product in market.

There are number of banks in India and each of them has their own set of loans- be it a home loan, personal loan, car loan, loan against property or any other loan. In this case study, Shubhbank have tried to document some of the best loan products currently available in country. We have disbursed loans to more than thousands of customer over the couple of years and keep on expanding our network. You can borrow from us by availing your furnished copies of ID proof, pan card, aadhaar card and bank statements. It is important to thoroughly read through the loan schemes before you decide to “Apply For a Loan“. Repayments are done in flexible manner and EMI’s are planned at handsome rates of interest. ShubhBank in Chandigarh provides a transparent platform to connect borrowers and lenders.