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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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WHAT DEMANDS CAN BE FULFILLED BY APPLYING FOR A LOAN?

Posted on Friday October 21st, 2022

Today, there may be numerous reasons that may prompt you to avail a loan for your financial needs whether it is to pay for hospital bills, buying a new home or vehicle, higher studies, business needs or even consolidating your debts. The convenience and easy application for loans make them a popular financial tool among people. You can Apply For Loan despite of taking it as liability as there are flexible repayment options offered by the lenders these days.

In addition to that, getting a loan can help you to attain a strong credit report with a positive repayment history. Therefore, when you want to avail higher credit in future, such as business loan or home loan, lenders will review your application favorably because you would already have proved yourself as a low risk borrower. Now, we will take a look on some of the top reasons for which people avail a loan:

✓ To fulfill personal aspirations: Every single person has a set of aspirations that they want to achieve in their lifetime such as buying a fancy gadget, home renovation or buying a luxury car. A loan can help you to meet all these aspirational purchases because most of people still live on fixed monthly income.

One does not need to dig into his/her emergency funds to finance these expenses ensuring your loved ones are taken care if you are not there. A loan can help you to make these purchases easily and you can pay the lender in easy installments. You can also use EMI calculator to get an estimate of your installments and set budget accordingly.

✓ To consolidate the debts: In case, you have missed some of your previous loan EMIs or credit card bills then you have fallen into a debt trap. One can use a loan as financial route to consolidate such debts to tackle the situations and bring all your financial liabilities under single roof. Moreover, when you bring multiple repayments to a single monthly payout, it will help to boost your credit rating.

✓ To fulfill business needs: The major challenge in setting up or expanding a business is to find a funding for it. It is a fact that everyone is not blessed with significant savings so to overcome such scenario, opting a loan could be a best way to fulfill your business needs.

You just have to meet basic eligibility criteria proposed by the lender with a robust business plan. Once you fulfill the criteria, your loan will be disbursed into your bank account and you can utilize it to fund various business operations.

✓ To meet emergencies: However, you are prepared with some savings but future is unpredictable and you may face some circumstances where you are not in position to meet the financial expenses such as medical bills, emergency travel and car breakdown etc. therefore, you can Apply For Loan Online to meet the entire expenses.

Hence if you need a quick flow of cash, a loan is undoubtedly the best way out. One can avail a loan after reviewing all the terms and conditions as well as the interest charges applicable on it to make the loan journey stress free.


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HOW ONLINE LOANS ARE CHANGING THE WHOLE LENDING SCENARIO?

Posted on Thursday September 22nd, 2022

Nowadays, digital technology has entirely changed the way of borrowing and lending the money. There are number of bank and NBFCs that marked an online presence through their websites, lending portals and lending apps for taking the loan procedure to a whole new level. Access to online lending market has made it easier for borrower to Apply For Loan these days.

The time taken to approve your loan application has been reduced significantly to 2-3 business days and physical process involved in authenticating the CIBIL has been replaced by API which automatically lessened the turnaround time. Therefore, the entire process of loan sanction has been made pretty easier. Here, we will discuss about some of the features related to online loans:

Basic eligibility criteria: Most of the lending institutions have very easy and simple eligibility criteria for sanctioning a loan. This makes it convenient for a wide variety of people to get a big or small ticket loans. Nevertheless, one must have a really good credit score for availing such types of loan solutions.

Paperless transactions: The lending institutions that offer online loans provides an easy documentation process with the help of lending apps and online submission of required papers. It means there is no need to visit the branch physically to avail any loan because you can simply get it approved by sitting at your home or office.

Faster processing: Once you submit all the required documents, your loan application get processed within 1-2 days and then the loan money is disbursed directly to your bank unless and until you have a good credit score. The loan procedure starts with meeting up eligibility criteria and ends with the loan quantum required for disbursal.

No hidden fee: When you avail any kind of loan, make sure to read all the terms and conditions regarding loan, interest rate, minimum payable amount for every month carefully. Well, all these terms are highlighted on the lending portals and phone applications making it hassle free to you access the portal and Apply For Loan Online easily.

Affordable interest rate: Those days are gone now when the interest rates were handled by the bank managers because there is no space for favoritism as rate of interest are highly competitive these days. In recent times, any borrower will be eligible for rate of interest evaluated by the system based upon their credit profile, thus eliminating human bias.

Great customer support: Every lending institution provides both instant approval as well as 24X7 customer support to your queries by emails, SMS or phone calls. They give you a faster resolution and peace of mind regarding your question related to entire loan process. Nowadays, loan companies give you all the pre and post loan services along with financial solution.

Hence, the scenario of the financial sector has changed radically with the advancement in digital technology and online loans which are simple, convenient, paperless as well as seamless to access. One can apply for desired loan solution to meet a variety of personal and professional needs.


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WHAT TO LOOK AT BEFORE YOU APPLY FOR LOAN AGAINST PROPERTY?

Posted on Monday September 19th, 2022

Nowadays loan against your residential or commercial property is a best way to raise lump sum cash. You are free to use the loan amount for any wedding event, business expansion or home renovation etc. It is an outstanding option to utilize the value of your property to meet any financial requirement. One can Apply For Loan against property and can mortgage his/her property by meeting up the eligibility criteria asked by the specific lender.

The loan amount, interest and tenure can vary from lender to lender depending upon the value of your property as well as credit worthiness. It is good to assess your financial situation before getting a loan. Here, in this blog post we have prescribed some points to look at before availing a Loan against Property. Let’s go through these points:

⇒ Assess your financial profile: One can start it by consolidating their total income and total debt including your rent, insurance premiums, children’s school fees etc. one you find the difference between two, you will come to know what you left with to pay an EMI for a new loan. There are number of lending platforms that provide EMI calculator to understand your potential. You just need to enter your desired loan amount, tenure and interest rate; you will get your EMI.

⇒ Loan repayment period: Everybody needs to fix their repayment structure judiciously. Any individual gets tempted to pick longer tenure and shorter EMIs but one must be aware that you will end up paying higher rate of interest making your borrowing cost higher. Therefore, it is good to know your EMI capacity so that you could minimize your repayment period.

⇒ Never delay your EMIs: When a borrower delays their monthly installments, lender may levy a penalty which also adds up to your loan cost. Moreover, delayed repayments can affect your credit report adversely. It is always good to be disciplined with your payments to maintain your credit profile.

⇒ Convenience: Time is priceless and crucial factor in any transaction, so one should always look for a lender with whom you can Apply For Loan against property Online rather than wasting your time by visiting a branch with pile of papers. ShubhBank offers an online lending platform which is a convenient way to avail a loan. Visit our website and click on “Apply Now” for loan against property and upload your details to submit your application.

⇒ Right lender: Any potential loan seeker should choose a lender after checking some important parameters because applying a loan with multiple institutions can hinder your credit score which can lead to loan rejection. ShubhBank is a renowned lending platform that offers loans with complete transparency and has a smooth operation with speedy loan processing. It would be a wise decision to choose an authentic lender with easy eligibility criteria.

Hence, after going through these points, you must be aware of the fact that these things are extremely important to make any informed decision regarding mortgaging your commercial or residential property to fulfill your personal or professional needs.


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WHAT SMART WAYS TO ADOPT TO REDUCE LOAN BURDEN?

Posted on Friday January 15th, 2021

Loans are the credit tools that are capable of helping you in your tough financial times. It might be a personal loan that can be availed for multipurpose usage or a home loan that funds your home purchase but these helping tools have to be repaid, that’s too with accumulated interest rates, nowadays, availing a loan has become quite easy with the online availability, you just need to fill the Online Loan Application Form submit the required documents and have to fulfill the set of eligibility criteria of the particular lender and its approved. Once the loan money gets disbursed into your account, the repayment process starts including paying off the EMIs. If you have availed a loan by evaluating your income then you can be relaxed but if it is not analyzed properly then it can cause a serious trouble to you later.

Life is uncertain and throws up surprises sometimes at you which may hit your finances. Therefore, here are the smart ways to reduce the loan burden to make you feel stress-free.

→ Be in your budget: Whenever you think about managing your finances well, you have to start with a monthly budget. It gives you an idea of how much your expenditures are and teach you to live within your pocket. To make a budget, start with making a list of money you spend in previous month and after analyzing it, create a budget for the next month. Cut all the unnecessary expenses which will make you to save much more at the month end.

→ Grab the tax benefits: It is not necessary that all loans will bring you the tax benefits but the home loans do so. If you have decided to repay a housing loan which gives tax benefits, one must do a cost benefit post-tax evaluation. Instead of clearing such loans, you should focus on those loans which have higher rate of interest and do not offer tax benefits. Few times, it may be good to retain a loan which offers tax benefits.

→ Go for an affordable EMI: Securing a loan can be an easy game for many as they get quick access to the needed funds but it can be tough to repay it as you need to pay much more than the principal amount along with interest. So, to keep the loan journey easy, always Apply For Loan amount that can be affordable without hitting your monthly budget. Take the help of online EMI calculators to know your monthly installments in advance. A shorter tenure of loan can increase your EMI burden. Hence, try to calculate your repayment capacity and affordability before choosing your loan EMI amount.

→ Increase repayment with hike in income: To bump up the EMI with rising income is one of the easiest ways to reduce the loan burden. It will not only help to repay your loan faster but will also make you stress free. Increasing the EMI will end your loan sooner making you enable to focus on the other financial goals.

These are the some ways which should be followed by everyone and will help you to get rid of your loan burden faster.


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HOW DIGITAL PLATFORMS HAVE CHANGED THE FACE OF LENDING?

Posted on Monday December 21st, 2020

Nowadays, each and every sector is transforming and doing business through digitalization, whether it is a private firm or public, a great change is being seen from the past decade. Due to COVID outbreak, the last six months have been extremely crucial to survive in any business. Most of the businesses have leveraged the use of digital platforms to provide services to their clients at the comfort of their personal space. Everyone is competing these days, to serve the customers best through their online sites. Therefore, the financial sector is no exception here, almost every financial institution is providing online services to Apply For Loan or to make online payments, everything is getting quicker.

The lending sector is one of the few sectors which are running all the time. The financial institutions with digital lending platforms are making a difference in potential loan borrower’s lives by providing loans in just a click of the button. The digitalization in lending has been growing and has become footfall for any customer before branch interaction. The automation process has made the digital adaption easy and there are many digital strategies that financial institutions are adopting which are listed below:

√ Online loan applications: Now, it becomes easier for loan seekers to fill online application forms, upload KYC documents and compare the loan schemes anytime and anywhere in a couple of minutes. It is unlike the conventional process where a personal was required to visit the banking or non-banking branch to Apply For Loan Online. Once you get approved for the loan application, the loan disbursal would take few business days to get credited. With digital lending services, most of the things can be done online which reduces time and require less paperwork.

√ Privacy: Security is of severe importance for any financial institution to ensure customer data is safe by using significant technologies. Cyber crime is a greatest threat especially to lending sector where customers trust them for their money matters. Some of the key steps such as user authentication and secure infrastructure are taken to tackle privacy concerns.

√ Automated process: The manual intervention is eliminated by using significant softwares designed to handle documentation, KYC and other work making the process easier for both borrower and lender. Most of the banking and non-banking companies are automating their services which provide high accuracy.

√ Marketing: Companies are adopting the idea of email marketing, social media marketing and telecalling to reach out the potential customers. They are engaged in investing in online channels to create their brand image, to build a fan base and attract customers by online marketing strategies.

ShubhBank is one of the leading digital lending platforms that is making a difference in its customer’s lives by offering online loans in the comfort of their homes. Serving the customers is the core value of ShubhBank and we always keen to bring trust among our borrowers to be a preferred choice for them. All the process related work can be done online by lessening the manual process.