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HOW TO QUALIFY AN ONLINE LOAN FROM SHUBHBANK

Posted on Thursday April 18th, 2019

Where money becomes the prime necessity, loan can help you to overcome those critical conditions. Nowadays loans are fast in processing and disbursal, as the digital lending solutions are evolving and growing more and more. Loans are the solutions that can become a great support in fighting financial crisis. The approval of the loan depends upon the eligibility of the borrower and you have to qualify the eligibility criteria to get the approval on your loan application. The online loans from ShubhBank are either secured or unsecured depending upon your choice and purpose of need. You have to repay the loan in easy EMIs. We have made some eligibility checks to minimize the risk of non-payment. Some of the factors are discussed below that How to Qualify an Online Loan From ShubhBank and to get approved the loan application.

AGE: It is the first criteria to meet for a borrower. The loan borrower must not be less than 21 years old and more than 60 years old at the first time of applying for a loan. When you are young, the chance of getting loan approval increases as you can extend the loan tenure till maximum length.

INCOME: The next check point is income before sanctioning the loan. The income source of applicant reflects his/her repayment capacity and credit worthiness. One must have a regular source of income and income range may vary from lender to lender. The minimum income must be Rs. 25000 per month and the amount also varies depending on profession i.e. salaried individual or self-employed or a professional.

CREDIT REPORT: All lenders do check your credit report prior to approving any kind of online loan. It ranges from 300 to 900 and the score of 750 or above makes you eligible for any kind of online loan. The higher score indicates your behavior towards your previous credits. If you default in past credits, it will be recorded by the credit bureaus in the credit history. Such actions of past may increase the chances of loan rejection.

EMPLOYMENT HISTORY: It is checked in both salaried and self-employed applicants. If you are salaried individual, you must have a work experience of minimum 2 years and in case of self-employed, applicant must have a business history of 5 years to become eligible for online loan.

REPAYMENT CAPACITY: The repayment capacity of borrower is measured by calculating its fixed obligation to income ratio which reflects the smooth loan repayment. To get the approval for online loan, we calculate your net monthly income and total outgo of all your existing loans including the applied one.

The Online Loans From ShubhBank are very handy and you can avail them from anywhere either from home or office and anytime from your laptop or smartphone. The eligibility check is required to get approved any of loan. If you meet the eligibility criteria with required documents, it takes just a few business days to get approval and disbursement of the loan.