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HOW TO ACHIEVE THE FINANCIAL GOALS IN NEW YEAR?

Posted on Wednesday December 30th, 2020

Financial goals are the savings, investment or expenditure targets you plan to achieve over a set period of time. The phase of life or the age you’re in usually determines what type of financial goals you wish to achieve. For example, if you’re a teenager, it may be an easy short-term goal like saving for a new pair of branded jeans or something more challenging like saving for a bike. On the flip side, an individual with a growing family would have a long-term goal of going from renting a house to owning his/her own home by taking Home Loan. Moreover, saving for a child’s higher education and saving for your own retirement are the other popular financial goals.

How a one can set the financial goals?
Setting the financial goals is not an easy steps, one has to be determined about his/her decision. So, we are there to help you by suggesting some steps to set the financial goals.

• Figure out what matters to you at first. Put everything, from the practical and crucial to the unusual and distant, on the table for inspection and evaluation.

• Examine out what’s within reach, what will take a little time, and what must be part of a long-term strategy.

• Apply a SMART goal strategy on yourself. Make certain that your ambitions are Specific, Measurable, Achievable, Relevant, and Timely.

• Create a realistic monthly budget. Get a strong hold on what’s you saving and what’s you spending, and then work on it to address your goals. Use your budget to plug leaks in your financial boat.

• Your realistic and practical layout and water-tight budget will show at least a handful of leftover money. How much that money is, get it automatically directed into a separate account designed to complete the first couple of things on your list of priorities.

• Monitor your progress with passing time. Ensure yourself that you are hitting the set benchmarks. If not, take some time in that case to re-evaluate what is wrong.

How to achieve the financial goals?
The best way to achieve your financial goals is by making a layout that prioritizes your savings and investments. When you evaluate your own expenses and savings, you’ll discover that some are wide and distant-reaching goals, while others are narrow in aspect. Your goals can be separated into three categories according to time period:

• Short-term financial goals take a couple of months to achieve. For instance, it may include taking a holiday trip, buying a new gadget or paying off a particular debt by taking Personal Loan.

• Mid-term financial goals can’t be achieved in a short time and can take too many years to get accomplished. To illustrate, it may include purchasing a dream car, finishing a degree course or certification, or paying off your existing debts.

• Long-term financial goals (more than five years) may take long years to get accomplished and, as a result, they require longer commitments, true determination and often more money. To exemplify, it might include buying own home, saving for a child’s higher education, or for a comfortable retirement.


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HOW DIGITAL PLATFORMS HAVE CHANGED THE FACE OF LENDING?

Posted on Monday December 21st, 2020

Nowadays, each and every sector is transforming and doing business through digitalization, whether it is a private firm or public, a great change is being seen from the past decade. Due to COVID outbreak, the last six months have been extremely crucial to survive in any business. Most of the businesses have leveraged the use of digital platforms to provide services to their clients at the comfort of their personal space. Everyone is competing these days, to serve the customers best through their online sites. Therefore, the financial sector is no exception here, almost every financial institution is providing online services to Apply For Loan or to make online payments, everything is getting quicker.

The lending sector is one of the few sectors which are running all the time. The financial institutions with digital lending platforms are making a difference in potential loan borrower’s lives by providing loans in just a click of the button. The digitalization in lending has been growing and has become footfall for any customer before branch interaction. The automation process has made the digital adaption easy and there are many digital strategies that financial institutions are adopting which are listed below:

√ Online loan applications: Now, it becomes easier for loan seekers to fill online application forms, upload KYC documents and compare the loan schemes anytime and anywhere in a couple of minutes. It is unlike the conventional process where a personal was required to visit the banking or non-banking branch to Apply For Loan Online. Once you get approved for the loan application, the loan disbursal would take few business days to get credited. With digital lending services, most of the things can be done online which reduces time and require less paperwork.

√ Privacy: Security is of severe importance for any financial institution to ensure customer data is safe by using significant technologies. Cyber crime is a greatest threat especially to lending sector where customers trust them for their money matters. Some of the key steps such as user authentication and secure infrastructure are taken to tackle privacy concerns.

√ Automated process: The manual intervention is eliminated by using significant softwares designed to handle documentation, KYC and other work making the process easier for both borrower and lender. Most of the banking and non-banking companies are automating their services which provide high accuracy.

√ Marketing: Companies are adopting the idea of email marketing, social media marketing and telecalling to reach out the potential customers. They are engaged in investing in online channels to create their brand image, to build a fan base and attract customers by online marketing strategies.

ShubhBank is one of the leading digital lending platforms that is making a difference in its customer’s lives by offering online loans in the comfort of their homes. Serving the customers is the core value of ShubhBank and we always keen to bring trust among our borrowers to be a preferred choice for them. All the process related work can be done online by lessening the manual process.


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HOW PERSONAL LOAN IS FAVOURED OPTION DURING FINANCIAL CRUNCH?

Posted on Thursday December 3rd, 2020

Life is full of uncertainty; therefore, you don’t have idea when a sudden expense will pop up when you are not expecting it. In our lives, we have all been caught off guard by some uncertain expenses at some point. Those times, the only remedy to this crisis is borrowing that could be easily secured at the lowest possible interest rate. Personal Loan is an unsecured type of debt making it more feasible to avail without pledging any asset as collateral against it.

Any individual with the ability to repay it can avail a personal loan. There are numerous lenders in the market who offer personal loan at smart interest rates and borrowing friendly terms. Likewise, ShubhBank’s Personal loan is fueled with flexibility and convenience. Our goal is to provide a seamless experience to customers and budget friendly loans keeping in mind the monthly cash flow cycles. Here in this article, we will spotlight the reasons why one must avail a personal loan with ShubhBank.

⇒ Online accessibility: You can easily avail a personal loan from ShubhBank from the comfort of your personal space. All you are required to do is click on our website ShubhBank.com and fill out the application form. Once you upload your basic information, the site will customize offers that will best suit your needs. You can also carry out this process offline by visiting our branch in tricity.

⇒ Nominal documentation: We ask for minimum documents in order to process your loan application. One does not have to fall prey to manual delivery of papers because you can upload the documents online. The basic documents required may include ID proof, latest bank statements, salary slip or address proof to Apply For Personal Loan Online.

⇒ Flexible repayment: Once you uploaded the documents along with application form, our representative will customize the offers that best fit to your profile. We always keep in mind your monthly income and other expenses while customizing the loan scheme. It helps you meet your financial requirements without the heavy burden of monthly installments.

⇒ Instant Approval: After applying for personal loan, we carry out a basic verification process on your given details. Post the evaluation process, we approved the loan until or unless you fulfill our eligibility criteria and disburse the loan quantum directly to your bank account within few business days.

⇒ No usage restrictions: One can use this loan can be used in case of any emergency financial requirement or other needs. You can also use the loan money to fund medical expenses, weddings, travel expenses or home improvement projects and merely anything with our loan offering.

⇒ Transparency: The process of approval to disbursal by ShubhBank is transparent. We work as per the agreement signed by the borrower. There is no place for any hidden charges or terms and conditions that would arise in later stages in your loan journey.


ShubhBank is the one stop remedy for your financial crunch. We have customer eccentric support team to guide you through whole loan process.


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FEW TIPS TO AVOID THE FINANCIAL DISTRESS FROM COVID-19 OUTBREAK

Posted on Monday June 8th, 2020

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.


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THINGS TO KEEP IN MIND BEING A LOAN GUARANTOR

Posted on Monday February 17th, 2020

A loan guarantor can be a family person, friend or colleague who is legally liable to pay off the outstanding loan amount in case if the primary borrower is unable to repay it. Initially, it seems very simple that it’s just a matter of doing signature only but there is lot more to it. If the primary applicant does the timely repayments then there is nothing to worry about but if he starts skipping EMIs then lender can reach out to the guarantor and ask him to pay the outstanding amount. If both the borrower and guarantor fail to Repay the loan then lender can take legal actions against both the borrower and guarantor too. In this article, we have mentioned few things to keep in mind Being a Loan Guarantor that one should not take lightly.

Impact on your Credit Score: When you sign as a guarantor for someone else and the loan is defaulted, it negatively impacts the credit report of guarantor. However, if the applicant is prompt and repay the loan in timely manner then there will be a good impact on both the borrower’s and guarantor’s credit score.

Impact on your assets: In case of default, if the primary borrower is able to repay the loan then lender will initially try to liquidate the borrower’s collateral to recover money. If the borrower denies or escapes out then lender may ask you to pay off the outstanding amount. If you are unable to pay off then lender can seize and liquidate any of your personal asset such as land, property, etc. to recover the loan money.

Impact on the eligibility to get credit: If you are a guarantor for any loan then it will be counted on your open lines of credit, therefore, your personal eligibility will be hampered but if there is default then your credit score will take a hit too. In that case, if you want to Apply For Any Loan then you may face difficulty due to poor credit rating.

Read the agreement clauses carefully: You must always be careful being a loan guarantor with the clauses in loan agreement that what will happen to the obligations of a guarantor in case of default. For instance, in case where the primary applicant dies or partners get separated after divorce, in these circumstances, loan should not be passes onto heirs.

Track the repayments yourself: Always keeps an eye on the repayments regarding the loan for which you have signed up as guarantor. A single default in monthly installments can be reflected in your credit report too, so be attentive and take an regular update regarding the loan repayments.

After reading all this, it is important for you not to take the role of guarantor lightly and be sure and keep these things in mind before signing up the agreement because you cannot back out later till there can be a suitable replacement and the primary applicant should agrees to do so.


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BASIC RULES TO KEEP IN MIND BEFORE APPLYING A LOAN

Posted on Friday February 7th, 2020

Nowadays loans are the survival tool for many individuals as they get you the money at a time of emergency in a hassle free manner. It gives you the benefit of borrowing money with pocket friendly and Affordable Rate Of Interest rather than asking family or friends for monetary help. Another advantage is repayment options where you are in favor of repaying the loan quantum as long as per choice in easy monthly installments known as EMI. One should know about the basic rules to keep in mind before applying a loan to make the loan journey more comfortable.

Affordable EMI of loan: A smart borrower never bites off more than he/she can chew comfortably. So one should take care that loan EMI should never burn a hole in your pocket. Our loan EMI should not exceed from 30% of your total monthly income. If loan to income ratio is in limit, it is always acceptable to lender. If you are unable to maintain the EMIs then it will surely give you a financial burden and mental stress and you will not be enable to focus on other financial goals.

Compare each and everything: Either it is a basic product or any other financial products, we all get active in terms of bargaining and finding the best deal available in market. There are number of banks and NBFCs offering different kind of financial services at different interest rates. The rate of financial product varies from one lender to other. Hence, it is important to compare the lenders and what benefits they are offering.

Do the calculation: The thought of borrowing more money than you need is tempting itself. It might seem to be a smart option but it will generate a burden for rest of the life. Though many of lenders offer money up to higher limits but we should not jump at this thought. It is always advisable to Apply For a Loan and borrow the money equivalent to your requirement and can be easily repaid. Therefore, calculate your finances and then borrow accordingly.

Short tenure: The EMI is lower in the case if borrower goes for a long term loan and can enjoy the tax breaks but the longer tenure ends up in paying more on interest, however, tax benefits brings the effective cost of loan down. Availing a short term loan may not always be possible for everyone because in this EMI is always high. But having sufficient income and benefits from bonuses and incentives, it is the best option to repay your loan in short tenure with increasing EMI.

Check terms and conditions carefully: When you avail a loan, you have to sign a loan agreement consists of terms and conditions regarding the loan and many legal clauses about that particular financial tool. In case you default on loan, lenders have the full authority to take any appropriate action against the borrower but under those terms and conditions.