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HOW PERSONAL LOAN FAVORED OPTION DURING UNCERTAIN TIMES?

Posted on Monday March 8th, 2021

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.


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WHAT ARE THE PROS AND CONS OF JOINT HOME LOAN?

Posted on Thursday March 4th, 2021

Joint home loan is one of the best financial products by lending institution to hedge their mortgage risk. Most of the lenders insist on joint home loan these days, even if the property to be pledged is bought in a single owner’s name. The key advantage of taking this loan is the home loan tax benefits and the other thing that is quite interesting, adding your earning or non-earning spouse as a co-applicant. If you Apply For Home Loan jointly, it makes your repayment capability higher. As every cloud has a silver lining, so do the joint home loan. Let us understand the pros and cons of this loan which are mentioned below:

Advantages of Joint Home Loan

♦ Higher loan quantum: You can apply for loan jointly with your partner, siblings or children to get your loan quantum increased substantially. Every lender sees the borrower’s net monthly income and then finalizes the loan money to be disbursed. Usually, the lending institution would offer a loan on which the monthly installment could be as high as half of the monthly income.

♦ Tax benefits: If your co-applicant is co-owner of house with you, then you can both claim the tax benefits. There is deduction from the taxable income on both the principal repayment as well as interest to be paid, hence, bringing down the overall tax liability of borrowers. Therefore, a home loan jointly allows co-applicants to double the tax deduction benefits from a single housing loan.

♦ Flexible repayment: If you are applying for home loan jointly, it is not necessary that both the applicants have to repay equally towards the principal amount and interest payment. It entirely depends upon the borrower to decide how much each of the borrowers contributes towards EMI.

Disadvantages of Joint Home Loan

♦ Delayed Documentation: As the two applicants Apply For Home Loan Online or offline, so lender will take more time to complete the documentation check. This time lapse occurs as authorities take longer time to ensure that documents submitted by applicants are genuine and not forged. The entire process of document verification is repeated two or three times depending upon the number of co-applicants who have applied for loan.

♦ Impact on CIBIL score: As the joint home loan gives you the advantage of flexibility on repayment but it also have a disadvantage because if any of the two applicants defaults on repayment then the credit score of both of the borrowers would face the brunt as any default on the EMI could negatively affect your credit history.

♦ Divorce or Demise: In case if the co-borrower decides to move out of a loan due to divorce then it is the responsibility of first applicant to repay the whole loan. In other case, if one of the co-applicants passes away then the surviving spouse have to take the charge of repaying the entire loan amount. It is advisable to avail separate life insurance policies to decrease the financial load on one applicant in case of demise or separation.


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HOW TO INCREASE YOUR HOME LOAN ELIGIBILITY?

Posted on Thursday February 18th, 2021

Nowadays, home loan market is growing with every passing day and easily available to the common masses. Though it is easily accessible, therefore, one should be aware of the loan quantum that can be approved to him/her. Thus, it is advisable to research properly and understand completely about the home loan eligibility. So, before you Apply For Home Loan it is highly recommended for you to check your eligibility as well as affordability.

Loan eligibility is a term given to specify your affordability. It reflects how much loan money you will get through home loan. The eligibility is determined by various factors which include borrower’s age, income, employment, CIBIL score and many more depending upon the norms of particular lending institution. The factors that help in enhancing the home eligibility involves a good repayment history, regular source of income, co-applicant/co-borrower, low credit utilization ratio etc.

There are some tips and tricks to increase your home loan eligibility and to secure a loan quantum that you desire. In this article, we are discussing some tips to enhance your eligibility which is mentioned below:

→ Adding a co-applicant: Signing a home loan agreement with your spouse or your partner as a co-borrower can increase your eligibility. By doing so, you can also get approved for higher loan quantum from the particular financial institution. As a matter of fact, co-borrower can be your life partner, your sibling or any other family members. Adding co-applicant can increase your EMI affordability and lender find it more secure to lend you the money. Some of the lenders also get ready to lend a loan at comparatively low rate of interest.

→ Adding second source of income: Another source of income can help you to increase your eligibility for home loan. A second source of income can be your rental income, part-time job, rent from farms, share etc. Adding any of these on top of your monthly income reflects your good financial health and hence, lending institution find it secure to approve you a higher loan quantum.

→ Improve your credit score: It is one of the key factors that decide your loan approval or rejection either you Apply For Home Loan Online or offline. It is one of the most important components which decide the loan money which will be approved for you. Lenders find it secure to lend money to the person having good credit score as it indicates good repayment history of yours. Therefore, if you are planning to take a home loan, check your CIBIL score first. If you find it low, then try to improve it.

→ Repay your existing debts: The repayment of existing debts not only help you to build a good CIBIL score but also help you to decrease the credit utilization ratio which further enhances your home loan eligibility. Moreover, having some additional savings and investments can also add up to your eligibility.

Hence, these are some of the tips and tricks that you can follow to increase your Home Loan Eligibility and make the loan journey easy and convenient for you.


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HOW GOLD LOAN CAN HELP YOU IN QUICK NEED?

Posted on Monday February 8th, 2021

There are some uncertain times when unforeseen expenses can deter your monthly income towards various expenditure outlays. In such situations, most of the people turn towards their savings to escape out the period of cash crunch by compromising their financial security in the long run. Nowadays, emergence of cash loans has effectively reduced the financial burden considerably as they are extremely helpful to get short-term funding on an emergency basis. Moreover, the minimum eligibility criteria associated with such loans allow potential loan seekers access the funds without much hassle.

The perspective borrowers can eliminate their emergency requirements easily by opting for popular funding solution like gold loan these days. The gold loan can help borrowers meet their urgent requirements by offering better convenience as compared to other funding options. ShubhBank has streamlined the loan processing of yellow metal to quite an extent. Some of the perks are offered by us to boost the convenience of availing such loan which is listed below:

High LTV ratio: Loan to value ratio is the percentage of the pledged security’s total value that can be secured as a loan at maximum. To exemplify, if the precious metal you pledge is valued at Rs. 20 lakh, and the LTV ratio offered against it is 75%, you can avail Rs. 15 lakh as the loan quantum. In this context, you can avail the highest loan to value ratio against your yellow metal at nominal interest rates.

Minimum documentation requirement: To take a Loan against Gold you will neither need to undertake an elaborative paperwork nor comply with any strict eligibility criteria. In gold loan, the loan quantum disbursed is based solely on the value of gold ornaments you pledge, you can secure it without submitting any documents like your income tax return proof and such. Apart from this, the lender does not take your credit score into account to deem you eligible for the borrowing.

Assured security of the collateral: You can give away the hesitation of pledging your gold to take the loan with lender’s uncompromising measures to secure your precious metal. To illustrate, the yellow metal collected from you as a security is deposited to the lender’s vault where it is stored safely until the time you repay the loan. Sometimes, it receives additional security through an insurance scheme offered at no additional charges.

Flexible repayment term: If you Apply For Gold Loan you are enabling to opt for a repayment tenure ranging between few months to years. In such period, you only have to pay the interest accrued against the quantum availed and the rest as bullet payment after the loan tenure get completed as compared to other secured types of loan.

With such great benefits, gold loan makes for the most convenient option when it comes to meet any type of cash requirement- whether long term or short term. You must have to understand that how gold is valued before you apply for it to ensure that you are aware of the entire loan procedure.


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WHAT ARE THE STAGES OF PERSONAL LOAN PROCESSING?

Posted on Wednesday February 3rd, 2021

Sometimes situations may arrive when your savings are not enough to cover your emergencies because spending all your savings in a single time is not a wise idea as it increases your potential financial risks in the long run and left you with no financial security to cover you back. There might be a solution for such situation where money is needed urgently apart from your monthly budget. In such case, borrowing will be the only solution left for you but what makes sense is choosing a right lender and perfect type of loan which has easy processing with simple terms. Personal Loan is such a financial tool where you get access to funds without pledging any security at budget-friendly interest rates.

With the revolution in technology with the lending sector, you can now secure a Personal Loan in much easier way. You can easily take a personal loan by visiting the websites of online lenders like ShubhBank or you can also pay a visit for offline loan. To apply for the loan, you just need to fill the loan application form by providing basic information what may lender ask you for. The online processing is fast and your loan gets approved in a shortest possible time. There are few stages of personal loan processing which we have listed below:

→ Loan Application: To start a loan processing, you have to fill a loan application form which can be found easily on the online platform of various lenders. The application form should be duly filled with all the genuine information. The form includes the section to provide your personal details such as name, address, age, employer with whom you are working and contact details such as email address or phone number.

→ Submission of documents: Once you complete the loan application form, lending institution will take the loan process ahead and will ask for the KYC documents to get submitted. A lender needs these documents of loan borrower to determine and verify the identity, age and income. These documents include Identity proof, residence proof, income proof etc.

→ Document verification: The verification process starts once you submit all your required documents with loan application form to the lender. Firstly, the lender will check the credit score when you Apply For Personal Loan and if you meet the criteria, the lender will move ahead to verify your provided documents. The primary verification includes your identity and address that you have filled in application form, then your income details are verified by cross checking with your employer or bank details. When lender finds your documents correct and you meet the eligibility criteria, you will be approved for loan.

→ Disbursal: Here, the lender drafts a loan agreement for you. It may include loan terms and conditions, the interest rate and tenure for which you are getting approved. If you are satisfied with all the terms and conditions, you need to sign the loan agreement. After that the loan money will get disbursed directly to your bank account. It is always advised to go through the terms and conditions carefully in the agreement before signing it.


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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.