Nowadays loans are savior for several reasons which can bail you out from tough financial situations and provide you financial cushion for happy events in your lifespan. An unsecured loan is that credit solution which doesn’t require any collateral, so a lender sanctions you a loan based upon your creditworthiness. A lending institution will check prescribed eligibility criteria to approve your unsecured loan. Personal loan, business loan, credit card loans are some of the basic examples of unsecured loans.

Loans are classified into secured and unsecured loans which have different features and criteria. An unsecured loan generally depends upon borrower’s credit worthiness whereas in secured loan, one has to pledge some type of asset as collateral reducing the chances of default. Therefore, unsecured loans stand in contrast to secured loans and if you are looking to “Apply For Loan“ it is good to know the features of unsecured loan which are mentioned below:

Higher interest rate: However, unsecured loans are riskier than secured loan for lenders as they are collateral free but require higher credit score for loan approval. In case of default on secured loan, lender has right to repossess the collateral to recover the outstanding dues but in unsecured loans, lender can’t claim any asset. Therefore, unsecured loans are fully qualified on the basis of creditworthiness, so they are always offered on high interest rate.

Role of co-applicant in loan: Every lending institution decides the loan approval based on creditworthiness of borrower in case of unsecured loan and can charge you a higher rate of interest if they find you risky as per their analysis. In some cases, looking after your requirement and eligibility, lender may give you an opportunity to add a co-applicant with a stable income and good credit score.

The role of co-applicant is to take on the legal obligations to pay the debt in the times when primary borrower defaults on payment. One can also share the EMI burden with their co-signer.

Credit report: It is the key factor that decides the approval or rejection of your loan application. One must have a credit score above 750 to get approved for unsecured loan and to grab a competitive interest rate on it.

Well, the eligibility criteria for unsecured loan are highly stringent and may differ from one lender to other. Here, we are listing the widely followed eligibility criteria. Have a look on it:

• A borrower must be salaried person or self-employed individual with regular income above a certain minimum threshold.

• If you have any existing loan then its EMI must be below 50% of your monthly earnings.

• The credit score of borrowers whether they “Apply For Loan Online“ or offline should be above 750 with an excellent credit history.

• One must have a work experience between 2-4 years depending upon the type of employment.

Now you know that secured and unsecured loans are starkly different and have different features and eligibility criteria, so choose wisely between them to get a financial aid in tough times.

Many of us are not able to fulfill their dreams with our savings; therefore people turn to financial tools such as loans or credit cards. These loans can fulfill all your needs whether for buying a home, vehicle or those who want to pay for higher education or wedding. One just thinks of his/her needs and lending market has a customized offer for you. There are number of secured or unsecured loans which are easily available in market and apply for a loan.

Nowadays, loans are easily accessible and majority of people are able to take the advantages of these financial tools. However, your eligibility helps you to avail any kind of loan but it’s more important to manage the loan repayments as it has a huge impact on your credit history. Here, we have listed down some of the tips to manage your loan payments easily.

Create a budget: Before you “Apply For Loan“ work out on your financial planning. Always make yourself sure of debt to income ratio and savings to pay the monthly installments. It is of great importance to scrutinize the terms and conditions of the loan that it doesn’t impact your credit score and you have to shell out more money than your earnings. Hence, do a proper search and stick to your budget plan and get a loan accordingly.

Timely payments: It is really important to make regular repayments to make your loan journey stress free and joyous experience. Never let your repayments to pile up as it will only accumulate additional costs such as penalty and have an adverse effect on your credit history. Loan repayments should be your top priority to have a good financial health. When you can’t remember the due dates of loan EMI’s, set out an auto debit facility for repayments.

Prioritize high interest loans: The loans which have long tenure are always opted for lower rate of interest where as short tenure loans charges you high rate of interest. It is always advisable to pay off the loans that have higher interest as it will help you to reduce the debt burden. You can also take the advantages of tax deduction on some loans.

Seek some financial advice: After following such tips, if you are still unable to manage your loan repayments and getting into a debt trap, then I’s a high time to seek an advice from financial expert. He/she will guide you through all your financial worries and offer you a credible advice and remedies to lower down your debt burden. These experts may charge you some fees but saves you a lot of bucks.

These financial solutions are meant to help you in fulfilling your requirements whether you “Apply For Loan Online“ or offline and repaying your loan EMIs on time can make your loan journey more fun for you. It is important to inculcate some financial discipline to take benefits of these wonderful and easily accessible financial tools that make your present and future easy and enjoyable.

In past times, when you had been tried for a loan, you would be aware of the time consumed in it as well as remember the amount of paperwork you submitted to get a loan. Nowadays, with the evolution of digitalization in the fintech sector has completely changed the lending scenario. With an access to smart phones, you can get anything you need whether it is groceries, medicines or loans and investments.

Before the online portal has been introduced, the NBFCs and banks were only limited to metro cities leaving the majority of potential borrowers undiscovered. Moreover, the cost of loans were very high and time consuming due to the involvement of physical office, lots of documentation, verification and evaluation of loan applicant. Now the technology has revolutionized the way of lending sector and you can “Apply For Loan“ at your fingertips.

The processing time of a particular loan has been reduced to 1-2 business days from 15 days as earlier. Now the whole loan process has become paperless, you only have to upload the documents on online portal of specific lending institution. The physical process of verification has overtaken by API which has decreased the turnaround time to minutes from days. Online lending has penetrated the whole country and has an access to every person who owns a smart phone.

In recent times, online loans are the most convenient financing options available in the market. Here, we have mentioned some of the features of e-loans on which you will agree that they are customer friendly financial solutions. Let’s explore some of these:

Simple eligibility criteria: The eligibility criteria for online loans have become relatively simple and easy to meet. If a borrower is a resident of India and above the age of 21 years and earning enough as his/her monthly income, you are eligible to apply for any kind of loan according to your needs.

Minimal documentation: A decade ago, lenders ask for lot of paperwork and documentation to disburse a loan but online loans are quiet popular these days as they are quick and paperless. To exemplify, ShubhBank provides you a digital platform to “Apply For Loan Online“ with uploading some of the basic documents such as PAN card, residence proof, salary slip of last six months etc.

Fast processing: In past, the processing time was measured in days and moths but today you can process your loan application with 1-2 business days on approval. The disbursal of loan has become much faster when it comes to any financial emergency.

Customized loan solutions: The digitalization in fintech industry has ensured that lenders could come up with customized credit solutions to meet the unique requirements of their customers. One can find tailored solution for their needs whether it is for wedding expense, home renovations, business needs or medical emergency. The competition between lenders has increased to create unique solutions that appeal the potential loan seekers.

Hence, whatever be you need, you can be sure that you will get a tailored solution at ShubhBank.

Undoubtedly, 2020-21 has been difficult years for many employed and business class individuals. It has been a time where number of people lost their jobs as a main source of their income and some even lost their lives due to the Covid-19 outbreak. However, some policies of government did try giving us some relief through moratorium, low premium health insurances, and ration schemes etc.

Well, these relieves did help us but still can’t make up for what we all have lost in previous two years. Most of the people are in debt, outstanding card bills and have no idea what to do to manage their financial health while some of them chose to “Apply For Loan“ to consolidate their debts. Therefore, keeping all this in mind, we have discussed a list of activities that you can follow to start in 2022 on a good note. We have created a basic list, so you can change few things as per your financial goals.

Make a financial map for 2022: It’s good to start a new year with a robust financial map. One can start with setting their goals for every month/quarter. To illustrate, you can decide to repay your outstanding bills by March as well as try your best to clean all your debts before June. Making a financial plan will help you to start working on your finances until you achieve the goals. Sometimes, a deadline will motivate you to accomplish your goals.

Plan a budget: Besides making a financial map, you can create a monthly or early budget. However, we don’t advise cutting down on every expense but it will be wise to plan a budget where you can save enough funds for investments and repaying your outstanding debts. It will also help you to save ample amount of cash to face any financial crunch or medical emergency.

Investments and Savings: After laying a map or planning a budget, you will decide on a minimum amount of money that you can keep aside for investments and your savings. It is really important as these investments can give you higher returns than your savings. Therefore, study, compare and research, set investment goals and start saving wealth for your future.

Retirement plan: Either you are in early age or aged, a planning for retirement is a must because with a retirement fund, one can live his/her life on their own terms. It’s good not to expect any help from your family and friends in the future, so start planning early and set up a good retirement plan.

Overall, 2022 is just few weeks away and thus, we thought it’s best to discuss such points with you. You can follow such points, and enhance your financial health. We hope that 2022 ends up better for you than 2021. For any further queries about best home loan, personal loan or business loan, you can connect with ShubhBank online or offline to consolidate your debts or fulfilling your requirements at attractive rate of interest with hassle free loan procedures.

The world economy is in a state of turmoil due to COVID-19 pandemic, leaving most of the population insecure about their jobs and finances. The financial anxiety is increasing at an alarming level during these tough times; it’s hard to make rational choices about the better ways to manage finances. However, making smart financial decisions by avoiding money mistakes are must to ensure your financial security in future. In this article, we are listing few tips to overcome financial crisis at a personal level.

→ Fuel up your emergency fund: Anyone can face an actual emergency such as a job loss or less income to pay regular bills. It is the right to beef up your emergency funds as financial experts’ advice to have three to six months worth of living expenses in your savings. Nowadays, when you are working from home, you can save so many bucks spent on the commuting, meals, and laundry towards your emergency funds. Moreover, you are unable to access any leisure activities like movies, restaurants, concerts etc., you can also put that money towards your fund.

→ Look on your spending habits: If you are insecure about your finances during this ongoing pandemic, have a closer look on your expenses. Try to spend on crucial expenses and cut down your unnecessary expenses to a minimum level. Your monthly bills have to be your priority, else can wait. Priorities essential utility bills like electricity, water, insurance premiums and loan EMIs. Look for a way to buy products in bulk for minimum price.

→ Get a loan to avoid immediate cash crunch: If you are a business person then you may have a disrupted cash flow as well as income disruptions to pay your employees and regular bills. Therefore, you can “Apply For Loan“ either personal or business depending upon your repayment capability to overcome this immediate cash crunch. However, taking a loan can be easier option these days, but consider it as a last resort. If you find that you will be unable to repay it easily then do not take on debt to worsen your current situation.

→ Opt for second income: Try to come up with some innovative ideas to earn extra income. You can take up freelancing projects, online part-time jobs or make your past time activity to earn for you like handcrafts, baking, chocolate making, culinary skills etc. The earnings from these projects can be small but this small proportion can add up to something very significant in future.

→ Do not sell your stocks: As the trending stock market crashes, it will tempting you to sell your stocks but history imparts that stock markets have always recovered over time, so do not react to it without having a word with any financial expert. Now, if you decided to sell your stocks, you will automatically lose the opportunity to participate in the market recovery. A panic stricken decision of selling your stocks may lead to significant money loss and you may fail to achieve your financial goals.

Few times, we all have encountered a situation where a sudden expense popped up when you didn’t expect it. We have all been caught to suffer from some uncertain expenses at some point in our lives. In such situation, the first thing that comes to our mind is a loan that could be secured at the lowest possible rate of interest.

Nowadays, personal loan is an unsecured type of loan which makes it more attractive to avail as you do not have to pledge any asset as a security against the loan. Therefore, any individual with good credit score can “Apply For Personal Loan“. Most of the lenders in the market offer personal loan at smart interest rates and borrower friendly terms. Likewise, ShubhBank provides a seamless experience to the potential borrowers of budget friendly personal loan keeping in mind the monthly cash flow.

In this article, we will spotlight some reasons why you must secure a personal loan to overcome the financial shortfalls of your life.

Minimal documentation: ShubhBank demands very small set of documents in order to process your loan application. Even you do not have to fall for manual submission of the documents as we offer you the online service to upload your documents. We just require basic KYC documents such as identity proof, last 6 months salary slip, bank statements as well as address proof.

Flexible repayments: When you are done with all the requirements that lender has asked you to process the loan application, then the sales executive customizes the loan scheme that best fit your profile. It will help you to fulfill your financial requirements without the load of heavy monthly installments as we offer flexible repayment options for you.

Online accessibility: You can also “Apply For Personal Loan Online“ from the comfort of your space, these days. All you required to do is to visit our website ShubhBank.com and fill out the loan application form. Our loan executives will customize offers that will best suit your financial profile. One you get approved for loan, then the loan money will be disbursed directly to your bank account.

Quick approval: Once you complete the entire documentation along with application form, then the lending institution will carry out a basic verification process. After the verification, the lender will disburse the loan quantum to your account within few business days.

Multi-purpose usage: You can use this unsecured type of loan in case of an uncertain financial need or other long term requirements. You can fund either medical or wedding expenses, home improvement projects, travel expenses etc. with the disbursed loan amount.

Transparency: We have transparent loan processing right from the approval to the disbursal of loan. We work as per the loan agreement signed between us and the applicant. There are no hidden charges or loan terms that would arise out in later stages of your loan journey.

A personal loan from ShubhBank is pocket friendly and easily available and we also provide customer eccentric support to guide you through the whole loan process making a stress free experience for you.