If you want to own a successful business or want to make your existing business successful, a regular cash flow is a part and parcel for every company to start a profitable business. The common reasons for which a company needs funding can be purchasing a new machinery, wages payment to the staff, buy an office space, bring down the existing debt or to expand the pre-existing business. Therefore, to get the funds, there is a large marketplace for business loans as corporate sector plays a significant role in contributing the GDP of the country. Nowadays, the demand for business loans is increasing; hence financial institutions are making it easier to avail funding for businesses. Here are few tips to tell you that how to pick the right “Business Loan“ to achieve success.

TYPE OF LOAN: There are different types of business loan available in India for small businesses which are mentioned below:

• Working capital loan.
• Term loan.
• Machinery loan.
• A business line of credit.

So, to avail the benefits, you first have to decide about the type of loan you need. If you need to purchase new or upgraded machinery/equipment then you can opt for a machinery loan, if you need to pay out wages or want to expand your existing business then you can go with working capital loan. When you know about such options, these always work the best when you “Apply For Business Loan“. Always research them one by one and opt for best suited at last.

THE RIGHT LENDER: When you are trying to plan for a loan, you will come across many lending institutions offering number of benefits. But if you really want to secure best option, it needs sometime. You need to research for various lenders by going through their websites, customer reviews on their portal. Always compare them on the basis of interest rates, quantum offered and tenure to repay the loan. ShubhBank is trending lending institution who provides Online Business Loan to fulfill all your requirements.

DOCUMENTATION: When you apply a loan, every lender will ask you about business’s cash flow to ensure them for repayment. It is every borrower’s responsibility to provide correct documentation to avoid rejection of loan application. Having a robust business layout showing the potential growth and profit can help you to get approved for loan. The other important factor to know is eligibility criteria. Try to opt a lender with minimum eligibility criterion as gathering all the required documents may be tough at that point of time. Some of the documents required are given below:

• Existing business details.
• Previous year’s Income Tax Returns.
• Proof of identity- PAN card, address proof, voter ID etc.
• Last two years bank statement.
• Commercial and residential property documents.

At last, selecting a right business loan is important for every business’s success. So be a smart, choose the best loan product available in the market and make an informed decision. Hence, a right financial partner can contribute to your growth in business.

Have you ever thought what protects the rights of borrower and lender when a loan is sanctioned or what kind of issues they might face after lending or borrowing money without a contract? The loan agreement is a contract that binds people into some kind of restrictions and regulations to formalize a loan process. It is necessary before lending as well as borrowing money. There are so many types of loan agreements depending upon the type of loan by following the state and federal laws. In this article, ShubhBank gives you a complete guide to loan agreement and its working.

The agreement contains all the details regarding how much quantum has been loaned and the time by which the borrower have to pay back the secured money. Once the papers are signed, the borrower is obliged to pay the borrowed amount to the lender. It also prevents illegal or excessive repayment of interest rate, thus safeguarding the borrower’s right when they “Apply For Loan“. It mutually benefits both the lender and borrower as it assures the lender with guaranteed payback as well as assures the borrower with no hidden charges levied on the loan money. The agreement allows people to take legal action and save you in case of any discrepancy. It is always advisable to draft an agreement to stay at safe side while lending or borrowing the money. There are various sections penned in agreement and enlist as following:

BASIC INFORMATION: Each loan agreement has a section that enlists the details of borrower and lender. The details are listed about the person’s full address, salaried or self-employed, its designation and the numbers of lenders and borrowers with a specified guarantor details in a separate section. At last, a section is included that specifies date and location of signing the loan agreement documents.

LOAN DETAILS: After listing the details of people involved in loan process, one must outline the specific details about transaction and payment information, the interest rate levied on the loan amount etc. In payment section, the details about EMI frequency are listed and also include the acceptable payment mode such as cash, net banking, credit card payment etc. In interest section, information regarding the type of interest rate is listed whether it’s fixed or variable and the date from which the interest will accrue.

DEALING WITH A VIOLATION: If a lender has sanctioned the loan by taking collateral as a security against any “Loans In India“ then make sure to mention the terms related to collateral in the loan agreement. Generally, secured loans have such section in the loan agreements mentioning details of the security agreement where for unsecured loans; one can omit this section from their documents. There is an additional provision in agreement which prevents the violation of the agreed norms. It can help the lender to recover the borrowed amount through legal action or by taking possession of assets in case the borrower defaults on loan payments.

The coronavirus is spreading fast and has brought up a discomforting slowdown in everyone’s life by some or other ways. It is essential to understand the magnitude of financial distress as the virus has pushed the financial markets into a tailspin. It is not just to stay healthy and safe medically but it would be prudent for every individual to look after their current savings, expenditures and emergency funds. Here, ShubhBank is proposing few tips to avoid the financial distress from “COVID-19 Outbreak“ and to stay financially strong to ride out of the current turmoil. Let’s have a look on them:

Build secondary sources of income: The surplus funds can be savior in this pandemic outbreak. Look out for part time work, preferably that could help you to overcome the financial crisis. One of the possible avenues could be register as a DSA at ShubhBank and utilize the quarantine time to generate the leads, getting the loans disbursed and earning high payouts to improve your finances.

Follow digitalization: Avoiding the crowd is the mantra to prevent yourself from getting infected by coronavirus. It is wise decision to use internet banking and apps to make payments. Also maintain some cash bundles at home safety vault to able to meet any emergency expenses.

Get an Insurance Policy: As we go with the recent studies of scientists, COVID-19 is here to stay for more than a year so it may be a wise decision to take a health insurance policy. Before purchasing any “Insurance Policy“ ShubhBank aware you to keep a check on exclusions from medical cover and ensure the coronavirus related expenditure gets covered in policy or not.

Do not panic: If you have already made any investment for long-term goals then there is no need to worry to sell that asset as continuing such investments would not harm your financial health. Also, not rush to hoard basic commodities and contribute to society as a civilized citizen by taking required precautions.

Don’t miss the credit bills: Avoid the miss management of your credit card bills and EMI payments as it could hit your credit score badly. As upon lockdown gets open and you might need any gold loan or personal loan from ShubhBank to avoid debt trap then there will be greater chances of your loan application to get rejected within a short time.

Invest the funds wisely: If you are planning to invest your money somewhere, it is advisable to check the share markets which are hit by the virus turmoil because investing in such sectors that are falling badly will let you face significant losses. Various sectors such as travel and hospitality may take long time to recover from the losses of this economic situation. At the end, it is always safe to prepare contingency plan for your office work as well as home to ensure the work continuity and take care of your loved ones in case you are out of action for few days.

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.