Nowadays coronavirus pandemic has pushed whole globe in to lockdowns generating economy crisis and messing household finances. All the world economy has witnessed a standstill and unemployment has risen to unmatched levels. Therefore, your personal finances are also suffering in this crisis. Hence, care must be exercised as smart money management is important for survival. Every individual has to think calmly that will help you to fortify your household finances making you to come out of crisis unharmed. ShubhBank is suggesting you to exercise some pillars of finances and how to manage your money amid “Covid-19 Crisis“ to get autoimmune to the financial crunch.

1. Build emergency funds: You must save something from your monthly income in an emergency fund that can be accessed during critical times such as job loss, medical treatment etc. Never use such savings for lifestyle expenses such as vacations, entertainment or shopping.

2. Liquidate your assets wisely: You should act in an orderly manner and try to liquidate your assets to cover urgent cash needs or to protect your investment from irrecoverable losses. Be careful about the tax implications as well as the costs of liquidation like penalties or exit loads.

3. Top-up your existing insurance policy: Plan to improve your insurance coverage by buying a top-up health insurance policy. It’s an easy way to get additional plus large sized coverage with your existing coverage acting as a deductible.

4. Avoid panic: A clear headed thinking is always needed for your decisions such as liquidation or fresh investment because panic driven action may compound on your ongoing losses. It is always advisable to tolerate the ongoing volatility to earn higher returns later so buy new investments only if they line in with your financial goals.

5. Evaluate your monthly investments: This pandemic has given many valuable financial lessons so no longer align to your goals can be pruned. Always continue making your monthly contributions towards SIPs or any chosen scheme if you have regular income source. Never liquidate your investment if you fall in short with cash.

6. Don’t apply a loan without comparison: Always plan a loan with lowest interest rate and that can be done by comparing the different lenders at online marketplaces. You can “Apply Online Gold Loan“ or LAP at ShubhBank that may carry lower interest rate which in turn charges you less than credit card debt.

7. Use the moratorium if you require: During COVID-19 outbreak, lenders are providing a 3 month moratorium on EMIs. You can use this option if you have cash problem but always be aware of the interest rate that accrue during the deferment. However it may relieve you from stress for short time but if you have a regular income then continue with your repayments as you will gain nothing from the deferment.

8. Keep an eye on your credit card dues: Credit card may charge you higher rate of interest per annum. So never let your dues to build up and keep them repaying to decrease the chances of debt trap.

Nowadays, there is panic in air due to pandemic of COVID-19 and staying indoors is not only an effective way to remain healthy but it may also be a good time for financial security when all of us surely need it. However, all the individuals are facing downside of not being able to business or commute to workplace but there are some upsides of this isolation period. Generally, our life is fast paced that we forget to identify our monthly budget, so it is great time to embrace the isolation and make this a productive one. Here take a look upon how to keep check on your finances while staying quarantined while checking your monthly scenario.

Check Your Credit Report
Your credit report contains all the information about your Credit Card billings and loans. Moreover, it shows you the updated repayment history. By going through it, you’ll figure out if you’ve been missing any Credit Card payments or loan EMIs. Also, reviewing your credit history every now and then will help you boost your CIBIL score and thereby increases your chances of loan approval in future.

Review Your Savings
Prepared a brand new plan to save money in 2020 so why not review how you’ve fared in the first quarter. It’ll give you an insight into how realistic your plan is, and if required what changes you can make to it. Sometimes, plans sound great on paper but they don’t pan out the same way in real life. If you find out any gap in your plan and fix it before you move ahead into 2020.

Reschedule Your Household Budget
As essentials are taking center stage during the lockdown, it’s time to adapt your household expenditures to better suit the situation. Use this period to map out the general cash flow towards daily expenses. You might be already doing everything right in this regard, but it won’t hurt you to review it for what it’s worth.

Clear Your Credit Card Dues
If you’ve been paying your minimum monthly due towards your Credit Card bills, you may want to consider clearing all the dues because these plastic cards charge high interest rates which can cause your debt to grow big. You don’t want to be in debt trap. If clearing your dues is not your style, you can always consider transferring your outstanding balance to a Personal Loan. This way, you’ll be repaying your outstanding due at a lower rate of interest.

Forecast the Lockdown Savings
If you want to look up at the “Bright Side of this Lockdown“ just try and lay out how much you’re actually saving by not commuting to work place on a daily basis. Now it is the right time to optimize your savings and make this isolation work in the favor of your finances.

Well, it’s a best time to review your finances. Do to the same what companies do during a recession like identifying weaknesses and improve accordingly.

Those days are gone when you have to visit t into a bank branch, sitting down with a loan officer and filling out a loan application then waiting for the approval of loan. Sometimes loan procedure could take days, weeks or longer to get sanctioned. Nowadays, lenders rely upon your credit report, either your credit score fits in with lender’s guidelines, if yes, you’re your loan get easily approved. As per advancement in financial sector, every traditional lender and NBFCs now have their own websites which offers online loans, mobile banking and apps to make applying for a loan in easy and quick way. So “Apply For Loan“ at ShubhBank at tricity and you can get your loan approved in short time and transfer the funds to your bank account.


Therefore, times have changed now because with the power of internet networking, online banking and lending apps, loan process has become very easy. There are times when lender may require more information from you and may ask for documentation to support your figures you asked in the loan application. You must acknowledge these requirements as lender want to insure him that how much you are capable of repaying the taken loan amount. For some loans, the lender will ask about the guarantor and about their finances as well. The majority of lending institutions may ask the following questions.

* Your personal details such as your name and DOB (date of birth).
* Your residential address and for how long you have lived there.
* Additional contact details, email address, mobile phone number or any work numbers you may have.
* Questions related to the type of profession you are in, your wages and how frequently are you paid.
* An income and expenditure statement showing your income, your utility bills and monthly obligations.

Once a lender has this information, they can evaluate your worth of repaying the loan back and if your credit rating is satisfactory, the loan can be granted. Your affordability and CIBIL score are key factors in being approved for loan and depending upon the loan quantum you require, the loans can be approved quickly without further documentation. However, in times of some risk or for larger loan money, lender may require some additional documents to support the information you have given about yourself. To “Get Online Loan From ShubhBank“ you have to provide following documents:

* Wage statements and multiple statements to show consistency of your income.
* Papers of your tax credits and benefits, or any other income source you have.
* Audited bank statements showing you have a bank account in your name.
* Proof of identity such as driver’s license, passport, or unique identification card.
* Proof of residence such as a utility bill or tenancy agreement to verify your identity and address.

As you can see what may be asked from you, you have to provide the lender with such papers that makes sense and in case, you have sufficient credit score, you may not be asked for piles of papers to support your loan application.

As per COVID-19 outbreak, the whole country gone self-quarantined which have given rise to the unemployment, dismantling your monthly budget and also flattened the daily wages. However, credit cards would be helpful in such scenarios but there is time where you need cash to pay and then you have to think about other options. In these times, people think of the loan that is easily available in their personal space with great features. So, the Gold Loan from ShubhBank is the right choice in such tough times. It is the only loan which doesn’t require any income proof so there is easy schedule of EMI through this loan. Let us make you understand that how Gold Loan from ShubhBank services in COVID-19 lockdown to cut the crisis of cash.

HOW GOLD LOAN IS PROCESSED?
To secure a “Gold Loan“ you have to pledge your gold ornaments as collateral in our financial institutions. The loan quantum will be the 75% of the market value of the gold and your EMI will be a low key as it is secured loan which could be easy to afford. When you repay the whole amount, you will get you assets back. A Gold Loan from ShubhBank can be availed by sitting at your desk in your home as we offer digital platform for lending but you have to visit a once to pledge your yellow metal. We will evaluate your pledged metal after verifying all the KYC documents. After evaluation, we will cater the loan according to your requirement, then you have to decide what loan quantum you need and decide the tenure in which you repay the entire loan money. Thus, the EMIs will be planned accordingly. If your loan gets approved, then the loan money would be transferred to your bank account within few minutes to few hours.

SOME OTHER LOAN YOU CAN OPT IN COVID-19 LOCKDOWN
As mentioned above, you can “Apply For Gold Loan“ at ShubhBank in easy and simple way but there are few other financial products which could also be helpful to fund your needs that are discussed below:

Personal Loan: A Personal Loan from ShubhBank is one of the popular short term loans in the tricity. However, the rate of interest on this unsecured loan is high but if you are in need of immediate funds then it has no comparison. You can also avail it online at our website ShubhBank.com.

Loan against Insurance policy: If you are a policyholder, then you can apply for a loan against Insurance from ShubhBank. If you are in short-term crisis, then it can be an excellent alternative to the personal loan. The most advantageous thing is that you have the full tenure of policy to pay back the loan. However, you get this loan easily but if you default on premium or principal or on interest rate, you policy will lapse and insurer has right to recover the loan money from the surrender value of the policy. Therefore, plan your loan and EMIs accordingly.

Nowadays with the widespread of lending institutions, the great offers are provided by lenders to lure the borrowers to grab them particularly in the aspect of interest rates. When we are shopping for a loan, it would naturally seem that the lower the interest rate would be the better deal. However, that may not always be true, for number of reasons, and one of those reasons is that sometimes the interest rate we receive on a loan is outside of our budget. When you avail a loan, there are a few components that make-up the loan itself such as how much you are asking to borrow, how long you wish to borrow the money for, your credit score and credit history and the rate of interest. The rate of interest for a loan is important to the borrower, as it determines how much the loan is going to cost you. The higher the interest rate, the more money the lender makes off the loan. This fact makes a “Lower Interest Rate Loan“ seem like a better deal but the amount of interest depends upon the repayments period of the loan.

What Determines the Interest Rates on Loans?
Every lenders use various criteria to determine the interest rate for a loan such as loan amount, term, and credit scores. For instance, if the loan has a low interest rate, which seems appealing, but the term is only 12 months, then it draws high monthly payment which may not be a best deal for you. So a shorter term means lower interest rate, but higher monthly payment whereas a longer term means higher interest rate, but more affordable payments. Most of the lenders use the tenure as a strong basis for the rate offered as shorter term loan means lender will get their money back quicker.

Credit Score: Your credit score can be used to determine the interest rate for a loan. Higher will be your credit score, then lower interest rate you can receive for a loan and vice versa. Sometimes the interest rates are negotiable; you can always ask the lender about lower interest rates. If you have bad credit and need a loan, you will be considered a high risk, you will be charged a higher than usual interest rate.

Early Repayment Penalties: If a lower interest rate is a better deal or not, we need to be aware of how long we will be paying the loan back as well as early payment charges or pre-payment penalties. The percentage or fee can change on a sliding scale depending on how early we “Repay the Loan“. To exemplify, if we have a loan that was to be for 36 months, and look to pay it off in 12 months, the pre-payment penalty may be higher than paying the loan off early after 24 months. The reason for these pre-payment penalties is due to the fact that every lender expects to be earning a certain amount of interest during the full term of loan.

So shopping for a loan can get complicated, if we get attracted towards what may seem to be a low interest rate, but remember there are other factors to take into consideration while applying a loan.

A loan is something that helps you when you need a bulk amount. Personal loans give you the flexibility to choose funds as per your needs. It is one solution to your various issues like travel costs, wedding expenses, medical emergency, home renovation, etc.

How To Apply?
Applying for a personal loan is a very simple process, and your loan will be credited in your account within 24 hours. That’s not time-consuming. What can be time-consuming is the verification and approval of your personal details. But that also should not take long.

You can apply for your personal loan sitting in your comfort zone right now, online. Just follow the following process:

1. Filling up the application form is the first step of this process. Provide your personal, employment, and financial details, as required.
2. Select the amount you want to loan and also the tenor.
3. Submit the required documents, if any. An attendant will contact you as soon as your loan is approved.
4. You will get your loan amount within 24 hours.

So you see, you can easily “Apply For Personal Loan Online“. It is simple, as well as hassle-free.


Eligibility Criteria
If you are a student or a non-employed individual, you are not eligible for applying for the loan. You need to be a salaried professional or a self-employed individual, aged between 25 years to 58 years, to be eligible for a personal loan.

Documents:

For salaried professional


1. Identity proof- Voter ID/ PAN card/ Passport/ Driving license.
2. Residential proof- Utility bill/ Passport.
3. Last 3 months bank statement.
4. Last three months salary slip.
5. 2 passport size photographs.

For self-employed individual

1. KYC documents such as identity proof, address proof and date of birth proof.
2. Residential proofs.
3. Income certificate or income proof.
4. Bank statement of last 6 months.
5. Office address proof.
6. Residential proof and proof of office ownership.

“Personal Loan In Chandigarh“

In Tricity, there are many banks offering a personal loan. They have features that provide us with instant approval and a great rate of interest.

Here is a list of features of personal loan in Chandigarh.
• Their personal loan is available for a maximum of 7 years.
• Self-employed and salaried professionals, both are eligible for applying for a personal loan.
• Will have the flexibility to refund the loan by ECS or by direct debit or by post-dated checks.
• In Tricity, apart from the online procedure, the offline documentation process is also pretty fast as well as easy.
• Prepayment facility is also available there.
• Easy and faithful balance transfer facility is given to every consumer.

Conclusion
If you are a first-timer, you should conduct appropriate research before choosing a bank. You check things like credit score, down payment options, debt-to-income ratio, loan shop, their experience, and other few things. There are many people who fear to apply for a loan because they feel insecure about their future. Maybe they think if they face problems while returning the loan amount, they might lose everything. It’s not an uncommon thought; anyone can go through this kind of thought while applying for a loan. But nowadays banks are upgrading themselves with new technologies and new facilities, as well as becoming faithful day by day. They are giving you flexibility and long term time to return the loan. Always remember not to fall into the trap of borrowing from lenders. They will charge the highest interest rates.