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WHICH DON’TS TO REMEMBER WHILE APPLYING A PERSONAL LOAN?

Posted on Monday April 10th, 2023

Availing a personal loan has become the simplest way to tackle the financial crunch these days. This loan is very popular among borrowers as it is offered at minimal eligibility and can be utilized for various purposes making it an ideal choice for loan applicants whether it provides financial support for medical emergency or funding a purchase of electrical gadget or renovating a home etc.

One of the great advantages of a personal loan is that it is approved and disbursed within a day. You can APPLY FOR PERSONAL LOAN to fulfill any of the above mentioned purposes. However, one must be aware of several things about loan which can lead to problems in future. Many people ignore such factors which may impact their future finances if they fail to repay the EMIs.

In this article, we have mentioned some factors that most of the borrowers ignore which lead to debt trap. Therefore, here are some of the don’ts for getting an approval on personal loan.

✓ Don’t accept the first loan offer: You might get several loan offers by various lenders in your inbox or mail box but it doesn’t mean that you accept the first offer you get. It is never advisable for anyone and even if you are given an exciting offer, it is significant to check other offers from different lenders and choose the one that suits your needs and budget. Keep in mind to shop around before availing a loan.

✓ Don’t take out the maximum amount: A lending institution might to go for a full loan quantum for which you have cleared the eligibility check. However, we don’t recommend availing a big loan just in case you are eligible for it. Personal Loans are unsecured loans that come with high rate of interest and hence you need to be careful before applying for a specific loan amount.

On the other hand, it is important to evaluate your repayment capability before you AVAIL A PERSONAL LOAN. Therefore, avail an amount as per your needs and repayment capacity. The repayment amount that seems manageable during approval may be mistake down the line just in case you unexpectedly lose your job position or in situation where you need to spend such a huge amount.

✓ Do not apply several loan applications at same time: Most of the borrowers who have an urgent need for funds sometimes apply for a loan with multiple lending institutions at once. Every loan application requires checking your credit score which reduces your CIBIL marginally. These checks could inversely hurt your credit score which lowers your loan eligibility and credibility as well.

It is often true to say that a personal loan is a financial product that could give you a financial assistance to deal with different financial requirements. So, keep in mind about these above mentioned pointers while taking a personal loan will save you from number of financial troubles in future. APPLY FOR PERSONAL LOAN ONLINE at ShubhBank and get it approved in minutes with no hassles and stress.


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HOW TO ACCESS FUNDS THROUGH LOANS WITHOUT ANY HASSLE?

Posted on Friday March 31st, 2023

A loan is a form of credit or called as savior that can help you to meet financial exigencies with several other benefits. People can use it for travel expenses, home renovation, wedding or buying their favorite gadgets etc. Loans have wide scope and the options for repayments are aplenty.

However, when you APPLY FOR A LOAN the process seems to be overwhelming sometimes especially when you don’t know where to start and how to do it. In this blog post, we will guide you with some tips that how you can get the funds without any hassle. Have a look on such hacks:

✓ Understand the loan process: Every lending institution has own loan norms and process, so understanding that process as well as getting prepared beforehand will ensure you to access funds quickly. While extending you loan money, lender will check your employment status, salary slips and credit score etc. One can also check his/her eligibility through lender’s website or assistance through phone by loan representative.

✓ Understand the documentation: Once you apply for a loan, the financial institution will ask you for some basic documentation to verify your credit worthiness and financial status. To illustrate, if you apply for a loan at ShubhBank, a borrower needs to submit a copy of their identity such as Aadhar card or passport, a copy of PAN, latest bank statements and credit card details to set up an e-mandate.

If you have all these documents in hand, you can avail any kind of loan to fulfill your financial goals without any trouble.

✓ Start your loan planning early: It is the most helpful tip to get a loan which means if you have an emerging financial need then start researching for loan in time. Go online and compare different lenders and the interest rates offered by them to get a best deal for your financial requirements.

Get a look on all the aspects of loan such as required loan amount, repayment and the time it will take to pay back entire amount. Planning such things early can help you to get best fit for loan and avoid unnecessary stress.

✓ Plan your EMIs well: A good financial plan will help you to accommodate your monthly installments for the loan easily. One can also use a different bank account for their loan repayments to avoid any delays in the EMIs. An individual can also invest their money simultaneously and utilize such returns to repay the loan.

✓ Get a financial expert: Taking an advice from a financial expert will help you when you get stuck in any financial situation whether it is choosing a suitable loan product, repayment planning or understanding the impact of loan on your financial health etc.

Hence, you can get a loan easily by following such simple tips or hacks and there is no need to go out of your way. One can APPLY FOR A LOAN ONLINE after a mere research, planning as well as dome expert advice. Keep these tips and tricks in mind to meet unforeseen expenses without any hassle.


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HOW TO REPAY A GOLD LOAN IN SUPER EASY WAYS?

Posted on Friday March 24th, 2023

Loans against gold have become very popular over the last few years. The gold loans offer several ways to repay the loans as compared to other secured loans. However, gold is not just a precious metal because some people take it as a financial investment. One can Apply For Gold Loan by pledging their ornaments to the specific lender.

Gold loans are one of the convenient ways to arrange finances in the times of need such as medical emergencies, travel or study purposes and business goals etc. This yellow metal always comes as a savior in case of financial emergency or situation. Moreover, the interest rates upon gold loan are comparatively low than other traditional loans as it provides you an option for flexible repayment schemes.

In this blog post, we will discuss about the several ways to repay your loan against gold. Therefore, we jotted down some of super ways that you can follow to Repay Your Gold Loan.

• Periodic EMIs: Most of the borrowers prefer such method where they are required to pay the loan money from the month following disbursement month. It is a best option for salaried individuals who have regular cash flow. The monthly installment includes both principal and interest amount.

You can also pick an auto debit repayment which deducts from your bank account monthly. It also helps to reduce the liability of interest rate as the gold loan tenure progresses.

• Periodic interest: It is one of the most efficient ways to pay back the gold loan through periodic interest where both the principal and interest charges are kept separated from each other. One has to pay only the interest in EMI and total principal amount has to be paid on maturity.

This option is best for the individuals who don’t have enough monthly cash flow to be able to pay interest and principal money collectively. Borrowers should consult their lender bout interest amount and loan cost beforehand then select accordingly.

• Bullet repayments: In this method, borrower is required to pay principal and interest amount at the end of the loan term. During the loan term, you are neither required to repay principal money nor the interest rate. It is called as bullet repayment as you pay the entire amount at once at the end of your loan tenure.

• Partial payment: It is another method to repay the gold loan where borrower makes partial payments of interest and principal amount of gold loan as per their convenience. This method does not require you to follow the basic EMI system.

• Monthly interest in overdraft account: The repayment of gold loan is very easy through an overdraft account method. The overdraft accounts act as transactional account where people can pay the monthly rate of interest as per the account’s borrowing amount.

ShubhBank offers all these repayment options when you Apply For Gold Loan Online or offline to fulfill your financial emergencies. To know more about the gold loan repayment methods, click at our website or visit our branch in tricity.


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HOW TO GRAB AN INSTANT APPROVAL ON YOUR HOME LOAN?

Posted on Friday March 10th, 2023

Getting your own dream house is one of the most precious moments in a person’s life. In our country, most aspiring homeowners do avail home loan for purchasing their homes. NBFCs like ShubhBank provide instant and hassle free home loans to eligible borrowers. If you are the one who is looking for some financial aid to purchase a home without hassle, there are few points that you can sort out at your end to get your loan approved.

In this blog post, we will guide you to follow these effective tips before you APPLY FOR HOME LOAN to get it approved quickly.

✓ Improve your credit score: A borrower’s credit score is a key factor that indicates a loan applicant’s eligibility for availing a loan. The CIBIL score ranges from 300-900 and if someone has a good credit score of 750 or above, lending institutions will consider them a reliable borrower and approve their loan application promptly.

However, if your application is lacking in some aspect, you can still AVAIL A HOME LOAN at attractive interest rates with an excellent credit score. More is the CIBIL score; the faster you will get loan approval.

✓ Do not have existing debts: Prior to apply a home loan, make sure that you have cleared all the existing loans as well as credit card dues. It will greatly help your loan eligibility as it will be a indication of your creditworthiness which can get you a quick approval.

✓ Apply with a co-applicant: If your credit score is weak or you don’t meet the eligibility criteria asked by the lender then you can improve your eligibility and speed up your loan approval with a co-applicant who already has a good credit history.

A co-applicant can be your spouse or any other family member who has regular income and can pledge to repay the loan in your steal will surely improve your eligibility for home loan and get you best deals on loan terms with instant approval.

✓ Know your loan terms: Being a responsible borrower, you need to be completely aware of your loans terms such a repayment period, interest rate, prepayment options, loan processing time along with loan terms and conditions before you APPLY FOR HOME LOAN ONLINE or offline.

Make sure to go through the loan application carefully and understand all the process and sail through the loan terms and conditions as well as the repayment structure.

ShubhBank offers you online home loan in very easy steps where you have to fill out an online application form and upload all the required documents on our website. However, it’s easy to get a home loan but ensure yourself about the eligibility criteria before disclosing any relevant information. One can also use EMI calculator to know about the loan repayments and tenure.

We also provide doorstep service and with our dedicated team, one doesn’t have worry about documentation and loan processing. Get in touch with ShubhBank’s representative or visit our digital lending platform for further support and guidance about home loans.


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WHY DEMAND FOR PERSONAL LOAN IS ELEVATING EVERY YEAR?

Posted on Monday March 6th, 2023

Availing a personal loan can help you build a strong credit profile with a history of timely repayment. Therefore, when you apply for higher loan amount in future such as home loan or business loan, lender will access your application instantly because you would have already established yourself as responsible borrower.

There may be several compelling reasons that may prompt you to Apply For Personal Loan such as paying for a medical emergency, planning a dream vacation or even to consolidate your debts. Moreover, the open usage of this unsecured loan makes it popular financial product in the lending market.

In this article, we will look at different reasons that are driving more and more borrowers in country to take a personal loan with every passing year.

• Fulfill Personal Aspirations: Every person has a set of desires that they aim to fulfill in their lifetime. It could be something like buying a new laptop, adding a new room to your house or taking a holiday plan. This loan will help you meet all these expenses as majority of individuals live on fixed monthly incomes.

One doesn’t want to dip into their life’s savings to finance these purchases because he/she needs to think of their retirement age ensuring that their family is taken care of in their absence. Going the way of availing personal loan help you to make such aspirational expenses that one can pay back to the lender in easy EMIs.

• Consolidate Existing Debt: In some situations, a person misses his/her previous loan repayments and fell into a debt tap. Getting a personal loan to consolidate your debts helps you to manage such circumstances. It brings all your financial liabilities under single roof and instead of repaying multiple installments. One has to repay a single lender only.

Furthermore, a personal loan not only consolidate your debts but also add some benefits like boosting your credit rating as well as history which will in turn help you to secure higher credits in future.

• Start Your Business: In our country, young people are opting to go the entrepreneurial route these days and major challenge in setting up a new venture is funding for it. Not every has ample amount of saving to invest in business so this problem can be solved by opting a personal loan from ShubhBank at affordable rate of interest.

• Tackle unforeseen expenditures: In general, life is unpredictable so how much you prepare for it; you may come face to face with some instances where you may not be in situation to meet the financial expenses whether it is a household repair, car breakdown or other unplanned expenditure. In such situations, it is the best option to Apply For Personal Loan Online to tide over it.

Hence, when you need a quick influx of funds, a personal loan is always a savior. Anyone can reach out to ShubhBank to avail a Personal loan or get in touch with us if they have any queries related to loan terms and conditions.


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WHY A LOAN AGAINST GOLD IS BETTER FOR URGENT NEEDS?

Posted on Friday February 24th, 2023

Gold is a precious metal that has carried a high aspirational value in our country. However gold has always been an investment kind of thing but it’s also effective for securing a loan in times of need. Possessing gold has been marked up as symbol of prosperity in most of the households since time immemorial.

Moreover, many people in India have emotional attachment to the gold ornaments, coins and bars what they possess. Some of the people consider this precious metal as a security asset to Apply For Gold Loan whenever they face a financial emergency or shortage of funds.

In this blog post, we have mentioned below some of the benefits for which you should consider availing a gold loan to support your financial situations or to face any emergency and urgent need of funds.

✓ Instant disbursal of loan: It is one of the biggest advantages of loan against gold that you will get instant loan money whenever there is urgency. The gold loan is disbursed quickly and it is an outstanding alternative to meet your financial requirements such as education fees, medical bills, business needs or any other specific end use.

✓ Affordable rate of interest: The most significant benefit associated with gold loan is that it is a secured loan as it requires your gold ornaments as collateral so it is offered on affordable rates of interest which will automatically reduce your debt burden.

✓ Big loan money: One can borrow a significant amount of loan money against your gold ornaments. ShubhBank offers a loan ranging from minimum of INR 10,000 and a maximum of up to INR 20 lakhs against your gold jewelry.

One can also use the loan eligibility calculator to get an idea about eligible loan money once they enter details such as loan tenure, number of gold ornaments, the weight of the ornaments and their quality details.

✓ Flexible repayment options: As compared to other secured loans, gold loans secure the most flexible repayment option. A borrower can generally allow choosing from any of the one option that suits his/her pocket. These options include bullet payments, part repayments, overdraft facility as well as flexi payments.

✓ Easy eligibility criteria: However a loan against gold is considered to be risk-free loan for the lenders so the eligibility criteria are very simple. Any person with gold ornaments, stable income and employment status can Apply For Gold Loan Online or offline as per their choice.

✓ Fast and safe loan processing: Usually gold loans don’t have any complex documentation process. A potential loan seeker can just walk into the lending institution or get in touch at specific digital lending platform and submit KYC to avail a gold loan. Once you get approved, the loan amount is disbursed directly to your bank account within half an hour.

Hence, it’s high time to realize and unlock the potential of your gold ornaments. A gold loan can rescue you in times of emergency and you can redeem your gold after repaying the loan amount. To apply, visit ShubhBank or get in touch with us through our website.