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Posted on Thursday April 9th, 2020

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.

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Posted on Monday April 6th, 2020

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.

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.

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.

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Posted on Friday March 27th, 2020

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.

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Posted on Tuesday February 25th, 2020

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.


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.

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.

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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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Posted on Friday February 14th, 2020

There are many reasons why people want to take out a personal loan, but finding the correct place to go to can be quite difficult. If you have been looking for a place to get a Personal Loan In Chandigarh then your work has been made easy as now you can apply for a personal loan online without any hassle.

What eligibility criteria I have to meet apply for a personal loan?

The eligibility criteria will differ from company to company. Still, these are some of the basic criteria that must be fulfilled so that you can stand a chance to get the personal loan that you are looking for. You have to keep in mind that the eligibility criteria shall be different for salaried and self-employed individuals. Some of the most common criteria are as follows:

• For a salaried person, the age should be between 23 years to 60 years while self-employed individuals must be between 23 years to 55 years.
• The salaried person should make at least 20000 rupees per month while the self-employed person must make 25000 rupees in profit for a month.
• Your credit score must be above 750.
• The minimum loan amount that you will be able to collect will be around 100000, and the maximum will be 25 to 30 lacs.

Different types of personal loans:

People take personal loans for a lot of reasons, and according to the reasons, the kind of personal loan will be given to you shall be decided. Some of the most common reasons why people take out personal loans are-

• Weddings
• Vacations
• Festivals
• Renovation of home

Documents to keep ready before you apply for the loan

Without these documents, you shall not be able to apply for your loan. Keep them in hand while you Apply For Loan Online. These documents include:

• Identity proof- PAN card, voter ID card, passport, Driving license, etc.
• Residential proof- Utility bills or passport.
• Proof of income- For a salaried individual you may have to produce your bank statement of the previous two years, and the self-employed person shall have to produce an audited financial statement of the past two years.

Things to keep in mind while finalizing your decision to take out a loan:

• Make sure that you are doing proper research about the company from which you will take out your loan.
• Many people tend to ignore what is written in the fine print; that can be quite a hassle. Read every single line carefully. If you any problem understands any term make sure to get the advice of a professional.
• While repaying make out a clear cut plan to repay the loan. Make sure that that you can repay the amount without any hassle. This will make sure that credit rating is always high, and you never face a problem getting a loan in the future.

The best part about applying online is that you do not have to form long lines or go to any office to get your documents verified. Gets a personal loan sitting at your home today.