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WHAT ARE THE FEATURES AND ELIGIBILITY FOR UNSECURED LOANS?

Posted on Friday August 12th, 2022

Nowadays loans are savior for several reasons which can bail you out from tough financial situations and provide you financial cushion for happy events in your lifespan. An unsecured loan is that credit solution which doesn’t require any collateral, so a lender sanctions you a loan based upon your creditworthiness. A lending institution will check prescribed eligibility criteria to approve your unsecured loan. Personal loan, business loan, credit card loans are some of the basic examples of unsecured loans.

Loans are classified into secured and unsecured loans which have different features and criteria. An unsecured loan generally depends upon borrower’s credit worthiness whereas in secured loan, one has to pledge some type of asset as collateral reducing the chances of default. Therefore, unsecured loans stand in contrast to secured loans and if you are looking to Apply For Loan it is good to know the features of unsecured loan which are mentioned below:

Higher interest rate: However, unsecured loans are riskier than secured loan for lenders as they are collateral free but require higher credit score for loan approval. In case of default on secured loan, lender has right to repossess the collateral to recover the outstanding dues but in unsecured loans, lender can’t claim any asset. Therefore, unsecured loans are fully qualified on the basis of creditworthiness, so they are always offered on high interest rate.

Role of co-applicant in loan: Every lending institution decides the loan approval based on creditworthiness of borrower in case of unsecured loan and can charge you a higher rate of interest if they find you risky as per their analysis. In some cases, looking after your requirement and eligibility, lender may give you an opportunity to add a co-applicant with a stable income and good credit score.

The role of co-applicant is to take on the legal obligations to pay the debt in the times when primary borrower defaults on payment. One can also share the EMI burden with their co-signer.

Credit report: It is the key factor that decides the approval or rejection of your loan application. One must have a credit score above 750 to get approved for unsecured loan and to grab a competitive interest rate on it.

Well, the eligibility criteria for unsecured loan are highly stringent and may differ from one lender to other. Here, we are listing the widely followed eligibility criteria. Have a look on it:

A borrower must be salaried person or self-employed individual with regular income above a certain minimum threshold.

If you have any existing loan then its EMI must be below 50% of your monthly earnings.

The credit score of borrowers whether they Apply For Loan Online or offline should be above 750 with an excellent credit history.

One must have a work experience between 2-4 years depending upon the type of employment.

Now you know that secured and unsecured loans are starkly different and have different features and eligibility criteria, so choose wisely between them to get a financial aid in tough times.


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WHAT KIND OF LOAN SERVICES SHUBHBANK OFFERS?

Posted on Monday March 7th, 2022

ShubhBank started up as a lending platform and a digital partner with various renowned financial institutions introducing digital lending offers to the potential loan seekers across the country. We aim at understanding the requirements of our customers and offer one stop solution for all their financial needs covering every aspect of life. One can Apply For Loan needed to cover all their necessities depending upon their need. We have listed types of loans offered by us.

Personal Loan: ShubhBank offers simplest and instant loan to the potential borrowers meeting their urgent requirements which does not require any collateral. The loan processing is very fast as it just gets completed within 2-3 business days offering you hassle free journey. You can apply for it online also as it is the most convenient way and we provide your doorstep services. The interest rates may vary according to the bank norms that will process your loan.

Mortgage Loan: It is another type of instant loan offered by us where one has to pledge his/her residential or commercial property as collateral. The unique feature of this loan solution is that the quantum is up to 100% depending upon the evaluation of property current price and disbursal takes place between 5-7 days. The interest rate starts from around 8.50% to 18.00% involving the processing fees and service tax.

Home Loan: Owning a house is the basic requirement of every family and ShubhBank helps you to achieve your dream goal of purchasing your own home. We tie up with all the lenders providing you the best interest rates as buying a home is the biggest investment of life. Home loans features with longer tenures, fixed and floating rates where 80% of value of home is disbursed as loan quantum in less possible time.

Business Loan: This loan is another category of financial solution which helps small business owners to expand their business or capital needs. Moreover, loan is offered with minimal documentation, easy eligibility criteria and lowest possible rates of interest. The loan tenure is flexible and loan money can be availed up to few lakhs to crores depending upon your repayment capacity. However there is no need of collateral but a guarantor is required.

Used Car Loan: Our institution is among top ranked service providers and offer best rates pre-owned car loan facility across the country. We offer most convenient and easiest used car loan at competitive interest rates to the borrowers in need. The banks associated with us offer 80% of loan amount with flexible loan terms and tenure.

Gold Loan: Every household in our country own the precious metal as ornaments, coins and bars as it is in our culture and can be savior in times of financial crunch. Gold loan are the cheapest loans available in the market as they can be availed at lowest rates of interest and has easy repayment structure.

ShubhBank offers unique loan products and provides you the platform where one can quickly check their eligibility criteria and Apply For Loan Online or by visiting our branch fulfilling your demands and needs.


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WHAT ARE THE BEST WAYS TO MANAGE LOAN REPAYMENTS?

Posted on Friday February 18th, 2022

Many of us are not able to fulfill their dreams with our savings; therefore people turn to financial tools such as loans or credit cards. These loans can fulfill all your needs whether for buying a home, vehicle or those who want to pay for higher education or wedding. One just thinks of his/her needs and lending market has a customized offer for you. There are number of secured or unsecured loans which are easily available in market and apply for a loan.

Nowadays, loans are easily accessible and majority of people are able to take the advantages of these financial tools. However, your eligibility helps you to avail any kind of loan but it’s more important to manage the loan repayments as it has a huge impact on your credit history. Here, we have listed down some of the tips to manage your loan payments easily.

Create a budget: Before you Apply For Loan work out on your financial planning. Always make yourself sure of debt to income ratio and savings to pay the monthly installments. It is of great importance to scrutinize the terms and conditions of the loan that it doesn’t impact your credit score and you have to shell out more money than your earnings. Hence, do a proper search and stick to your budget plan and get a loan accordingly.

Timely payments: It is really important to make regular repayments to make your loan journey stress free and joyous experience. Never let your repayments to pile up as it will only accumulate additional costs such as penalty and have an adverse effect on your credit history. Loan repayments should be your top priority to have a good financial health. When you can’t remember the due dates of loan EMI’s, set out an auto debit facility for repayments.

Prioritize high interest loans: The loans which have long tenure are always opted for lower rate of interest where as short tenure loans charges you high rate of interest. It is always advisable to pay off the loans that have higher interest as it will help you to reduce the debt burden. You can also take the advantages of tax deduction on some loans.

Seek some financial advice: After following such tips, if you are still unable to manage your loan repayments and getting into a debt trap, then I’s a high time to seek an advice from financial expert. He/she will guide you through all your financial worries and offer you a credible advice and remedies to lower down your debt burden. These experts may charge you some fees but saves you a lot of bucks.

These financial solutions are meant to help you in fulfilling your requirements whether you Apply For Loan Online or offline and repaying your loan EMIs on time can make your loan journey more fun for you. It is important to inculcate some financial discipline to take benefits of these wonderful and easily accessible financial tools that make your present and future easy and enjoyable.


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HOW ONLINE LOANS ARE CHANGING THE FINANCIAL MARKET?

Posted on Monday February 7th, 2022

In past times, when you had been tried for a loan, you would be aware of the time consumed in it as well as remember the amount of paperwork you submitted to get a loan. Nowadays, with the evolution of digitalization in the fintech sector has completely changed the lending scenario. With an access to smart phones, you can get anything you need whether it is groceries, medicines or loans and investments.

Before the online portal has been introduced, the NBFCs and banks were only limited to metro cities leaving the majority of potential borrowers undiscovered. Moreover, the cost of loans were very high and time consuming due to the involvement of physical office, lots of documentation, verification and evaluation of loan applicant. Now the technology has revolutionized the way of lending sector and you can Apply For Loan at your fingertips.

The processing time of a particular loan has been reduced to 1-2 business days from 15 days as earlier. Now the whole loan process has become paperless, you only have to upload the documents on online portal of specific lending institution. The physical process of verification has overtaken by API which has decreased the turnaround time to minutes from days. Online lending has penetrated the whole country and has an access to every person who owns a smart phone.

In recent times, online loans are the most convenient financing options available in the market. Here, we have mentioned some of the features of e-loans on which you will agree that they are customer friendly financial solutions. Let’s explore some of these:

Simple eligibility criteria: The eligibility criteria for online loans have become relatively simple and easy to meet. If a borrower is a resident of India and above the age of 21 years and earning enough as his/her monthly income, you are eligible to apply for any kind of loan according to your needs.

Minimal documentation: A decade ago, lenders ask for lot of paperwork and documentation to disburse a loan but online loans are quiet popular these days as they are quick and paperless. To exemplify, ShubhBank provides you a digital platform to Apply For Loan Online with uploading some of the basic documents such as PAN card, residence proof, salary slip of last six months etc.

Fast processing: In past, the processing time was measured in days and moths but today you can process your loan application with 1-2 business days on approval. The disbursal of loan has become much faster when it comes to any financial emergency.

Customized loan solutions: The digitalization in fintech industry has ensured that lenders could come up with customized credit solutions to meet the unique requirements of their customers. One can find tailored solution for their needs whether it is for wedding expense, home renovations, business needs or medical emergency. The competition between lenders has increased to create unique solutions that appeal the potential loan seekers.

Hence, whatever be you need, you can be sure that you will get a tailored solution at ShubhBank.


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HOW TO DO FINANCIAL PLANNING FOR 2022?

Posted on Monday December 20th, 2021

Undoubtedly, 2020-21 has been difficult years for many employed and business class individuals. It has been a time where number of people lost their jobs as a main source of their income and some even lost their lives due to the Covid-19 outbreak. However, some policies of government did try giving us some relief through moratorium, low premium health insurances, and ration schemes etc.

Well, these relieves did help us but still can’t make up for what we all have lost in previous two years. Most of the people are in debt, outstanding card bills and have no idea what to do to manage their financial health while some of them chose to Apply For Loan to consolidate their debts. Therefore, keeping all this in mind, we have discussed a list of activities that you can follow to start in 2022 on a good note. We have created a basic list, so you can change few things as per your financial goals.

Make a financial map for 2022: It’s good to start a new year with a robust financial map. One can start with setting their goals for every month/quarter. To illustrate, you can decide to repay your outstanding bills by March as well as try your best to clean all your debts before June. Making a financial plan will help you to start working on your finances until you achieve the goals. Sometimes, a deadline will motivate you to accomplish your goals.

Plan a budget: Besides making a financial map, you can create a monthly or early budget. However, we don’t advise cutting down on every expense but it will be wise to plan a budget where you can save enough funds for investments and repaying your outstanding debts. It will also help you to save ample amount of cash to face any financial crunch or medical emergency.

Investments and Savings: After laying a map or planning a budget, you will decide on a minimum amount of money that you can keep aside for investments and your savings. It is really important as these investments can give you higher returns than your savings. Therefore, study, compare and research, set investment goals and start saving wealth for your future.

Retirement plan: Either you are in early age or aged, a planning for retirement is a must because with a retirement fund, one can live his/her life on their own terms. It’s good not to expect any help from your family and friends in the future, so start planning early and set up a good retirement plan.

Overall, 2022 is just few weeks away and thus, we thought it’s best to discuss such points with you. You can follow such points, and enhance your financial health. We hope that 2022 ends up better for you than 2021. For any further queries about best home loan, personal loan or business loan, you can connect with ShubhBank online or offline to consolidate your debts or fulfilling your requirements at attractive rate of interest with hassle free loan procedures.


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HOW TO APPLY FOR PERSONAL LOAN IN FEW STEPS?

Posted on Monday December 6th, 2021

In recent times, our basic needs have started seeking faster gratification too such as the needs for funds. Therefore, personal loans give an easy remedy which is always within the reach of an individual and is the remedy to today’s financial needs. You can Apply For Personal Loan for any of your need such as buying a new gadget, wedding, setting up a new business, creating an art studio and many more.

Well, in previous times, getting a personal loan was a daunting task. The time taken to get the approval on loan, submitting the piles of papers and hidden charges deterred loan seekers as they wanted their needs to be fulfilled as soon as possible. Nowadays, the process of applying a loan has been simplified. The digitalization has made the life easier and enhanced the popularity of Personal loans.

There are number of aspects related to the processing of loans such as application process, documentation, approval etc. Here, we have mentioned few steps that one needs to follow to get a Personal Loan.

Eligibility Criteria: There are some of the criteria which one needs to fulfill to get eligible for loan which requires you to be an Indian resident above the age over 21 years and his/her net monthly income to be over INR 25,000. If you fulfill all these criteria, you can move to the further step of application.

Application Procedure: At this step, one has to fill the application form on our website ShubhBank.com or you can visit out branch in tricity. In this form, you have to fill in the details such as name, type of loan, your address, the details of your employment and other required fields.

Documentation: You can say goodbye to humongous paperwork these days. All you need to do is to submit your documents at branch or you can upload all the documents on our website following Aadhar card, PAN card, last six months salary slip as well as bank statement, ITR returns.

Verification: The lending institution will evaluate your application, check the credit score and go through the documents. If you fulfill all the considerations regarding Personal Loan, you chances of getting an approval on loan are very high. Once the loan gets approved, the loan quantum is disbursed to your mandated account.

Disbursal: It takes 2-3 business days for the loan amount to get credited directly to your bank account if you Apply For Personal Loan Online. With minimum documentation that is needed to be submitted for loan approval, the loan procedure gets as easy as pie.

Personal loans from ShubhBank are the best financial solutions that will come to your rescue in any emergency. These loans are fast, easy to process and require less documentation. We at ShubhBank, understands your requirements and create tailor made solutions to address them. Therefore, if you need a Personal Loan for any need, do visit our branch or get in touch with us through our website. We will gladly assist you in securing the Personal Loan.