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.

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.

Taking a personal loan and using the loan money to fund your vacations or to buy yourself a new gadget is great, as long as you manage the timely repayments and don’t get into debt trap. Personal loan is a most popular financial product that an individual can avail when in need. Most of the lenders have sweetened the pot with minimal documentation, quick approval, flexible tenure and comfortable loan terms. This type of loan is very useful when you need funds in short time such as wedding, travelling, vehicle purchase or home improvement. Before securing it based upon your needs, plan a budget and figure out if your income can accommodate the monthly installments. If you are going to apply for the loan, there are some do’s and don’ts to remember while taking a personal loan for you given below in this article:

1. Borrow as much as you need: This is the best way to avoid getting into debt trap. You may meet the eligibility criteria for higher loan quantum but it’s advisable to borrow just what you need. If you are not sure about your requirements then opt for Personal Loan Overdraft, where you are sanctioned with full loan amount in one go but withdrawals can be done as per need and you only have to pay the interest rate on the amount you use.

2. Borrow according to repayment capacity: As a thumb rule for loans, a loan EMI should not exceed 20-25% of your monthly income. So, before you “Apply For Personal Loan“ calculate how much monthly installment you can accommodate after meeting all you’re your expenses and adjust the funds accordingly.

3. Choose the right tenure: If you opt for long tenure, it will reduce the EMI and short tenures are suitable for short term cash needs where a borrower expects the money from other sources in few days. Therefore, choose carefully and make timely payments as it can affect your credit score and reduce your chances of getting the loan approvals in future.

4. Don’t use loan money for luxuries: A personal loan is multipurpose, it does not come with a restriction on use and sometimes, it is easy to give in to the impulse of spending the loan amount on luxuries. Well, it’s great to treat yourself occasionally but spend the borrowed money carefully and make sure to repay it on time before making an unpleasant loan journey.

5. Read the terms and conditions carefully: Nowadays, there are innumerable digital lending platforms providing you the “Online Personal Loans“ to save your time and make you aware about the terms and conditions applicable on loan processing and approvals. Before, signing the loan agreement read the terms and conditions carefully and ensures yourself what you are getting into.

Personal loans are convenient because they are fastest and easiest form of credit available in the market. It should be a wise decision to identify your needs first, plan out your budget and to opt for a Personal Loan.

Personal Loans from ShubhBank are available in customized forms and have steadily developed the capability of fulfilling both the short and long term goals of their borrowers. These are basically unsecured loans that come collateral free and are pocket friendly growing at a rate of 20% every year. Nowadays, personal loans are being disbursed across a wide spectrum of financial institutions but the reason for growing popularity of Personal Loans at ShubhBank is that we have evolved into a variety of unique and demand specific financial product. You can either use it to renovate your home, purchase a gadget, organize a wedding or take a dream vacation. The availability of requirement oriented product has made this loan completely revolutionary as online personal loans are more inclusive and accessible. Here, we help you to understand that how Personal Loan from ShubhBank helps you to meet your financial needs and can prove to be a best fit for you.

1) Debt Consolidation: This loan can help you to consolidate all your debts under single umbrella. You can simply apply for Personal Loan from ShubhBank and need not to worry about paying multiple loans with fluctuating interest rates. You can club all your outstanding payments into one monthly installment and it will help you to shoot your financial troubles leaving you stress-free.

2) Wedding Expenses: Marriages in our country generally encompasses a big fat fanfare. A venue, the decor, outfits or the food, turning your wedding into a cherishable moment requires a healthy dose of finances and that’s what for we sponsor our personal loan. Our lending institution not just helps you to cover your all wedding expenses but also prevent you from breaking into your saved or emergency funds. At ShubhBank, you can avail “Online Personal Loan“ to get funds with low monthly installments to deal with wedding expenditures without any hindrance.

3) Big Purchases: Sometimes, need of making large purchases can be sudden affair. A refrigerator or an AC might abruptly break down or your car need to be serviced after accident, so withdrawing cash from saving would dent them largely. Therefore, it would be wise choice to take a small personal loan rather than digging a hole into your pocket and helps you to make a big purchase.

4) Vacation: At the end, you can avail this loan to take your ideal dream vacation. A personal loan crafted at ShubhBank takes care of all your travelling expenses whether it is air tickets, accommodation fares or meal charges. You loan application would be processed within a time span of 2-3 business days giving you the chance to enjoy your awaited dream without taking the burden of expenses.

A personal loan from ShubhBank is increasingly customer-centric, goal-oriented and tailor made financial product which harbor the potential to help individuals fulfill their long-cherished dreams and responsibilities. So if you need to shed your financial worries, you can “Apply For Personal Loan“ with low money cash outflow at ShubhBank.

Nowadays loans are the survival tool for many individuals as they get you the money at a time of emergency in a hassle free manner. It gives you the benefit of borrowing money with pocket friendly and “Affordable Rate Of Interest“ rather than asking family or friends for monetary help. Another advantage is repayment options where you are in favor of repaying the loan quantum as long as per choice in easy monthly installments known as EMI. One should know about the basic rules to keep in mind before applying a loan to make the loan journey more comfortable.

Affordable EMI of loan: A smart borrower never bites off more than he/she can chew comfortably. So one should take care that loan EMI should never burn a hole in your pocket. Our loan EMI should not exceed from 30% of your total monthly income. If loan to income ratio is in limit, it is always acceptable to lender. If you are unable to maintain the EMIs then it will surely give you a financial burden and mental stress and you will not be enable to focus on other financial goals.

Compare each and everything: Either it is a basic product or any other financial products, we all get active in terms of bargaining and finding the best deal available in market. There are number of banks and NBFCs offering different kind of financial services at different interest rates. The rate of financial product varies from one lender to other. Hence, it is important to compare the lenders and what benefits they are offering.

Do the calculation: The thought of borrowing more money than you need is tempting itself. It might seem to be a smart option but it will generate a burden for rest of the life. Though many of lenders offer money up to higher limits but we should not jump at this thought. It is always advisable to “Apply For a Loan“ and borrow the money equivalent to your requirement and can be easily repaid. Therefore, calculate your finances and then borrow accordingly.

Short tenure: The EMI is lower in the case if borrower goes for a long term loan and can enjoy the tax breaks but the longer tenure ends up in paying more on interest, however, tax benefits brings the effective cost of loan down. Availing a short term loan may not always be possible for everyone because in this EMI is always high. But having sufficient income and benefits from bonuses and incentives, it is the best option to repay your loan in short tenure with increasing EMI.

Check terms and conditions carefully: When you avail a loan, you have to sign a loan agreement consists of terms and conditions regarding the loan and many legal clauses about that particular financial tool. In case you default on loan, lenders have the full authority to take any appropriate action against the borrower but under those terms and conditions.