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HOW TO APPLY FOR A LOAN WITHOUT HIDDEN CHARGES?

Posted on Wednesday December 7th, 2022

Nowadays, loans are very popular financial tools among people to fulfill their financial needs. They offer potential to the borrower to shed off their financial constraints and to enjoy great deals on loans such as flexible repayment tenure, instant disbursal and low interest rates. One can APPLY FOR A LOAN to handle a financial crunch as it is easy to go financing option.

Therefore, loans are common these days and can be availed under two categories like secured and unsecured loans according to your need. Sometimes, when you get a loan from specific lender, your loan cost comprises some hidden charges which can burn a big hole to your pocket.

In this blog post, we will guide you through various hidden charges like late payment penalty, pre-payment charges, processing fees, balance transfer cost etc. levied by the lenders and how to avoid them to save your hard-earned money.

→ Read the loan agreement carefully: While availing any kind of loan, it is advisable to go through the agreement before signing the final copy because this document enlists all he types of charges that lender can levy upon you under different circumstances.

You must read carefully about the payable interest rate, repayment mode, repayment tenure as well as other terms and conditions. Take your time to read the fine prints to nullify any mistake and then sign the loan agreement.

→ Plan the repayments: It would be wise and effective thing to plan your EMIs according to your repayment capability to avoid the delay in repayments.

There are number of lending platforms that let you use EMI calculator to check the repayment amount for particular repayment period from which you can get an idea that how much you can repay easily to avoid any penalty in the future.

→ Be aware of different fee types: One must be aware of every kind of payable charges and fees types that are involved in specific loan product because having knowledge beforehand can help you to plan your repayments well and you can avoid any situation that can levy any additional or hidden charges on you.

→ Get a loan from reputed lender: With the emergence of new-age fintech companies, it has become easier to access the loans. You can APPLY FOR A LOAN ONLINE or offline by meeting the eligibility criteria specified by the lender and by uploading required documents.

One can get funds disbursed to their bank account directly once their loan gets approved. The approval is based upon various factors such as eligibility criteria, income, and age of borrower as well as after the verification of submitted documents.

So, it would be better option to avail a loan from a reputed lender like ShubhBank to keep yourself away from all such hidden charges to make your loan journey stress-free.

Hence, we have listed such factors to make you aware of unnecessary charges levied by some of the lenders and are guiding you that by exercising a bit of caution while signing any loan application, you can avoid any kind of hidden charges.


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WHAT DEMANDS CAN BE FULFILLED BY APPLYING FOR A LOAN?

Posted on Friday October 21st, 2022

Today, there may be numerous reasons that may prompt you to avail a loan for your financial needs whether it is to pay for hospital bills, buying a new home or vehicle, higher studies, business needs or even consolidating your debts. The convenience and easy application for loans make them a popular financial tool among people. You can Apply For Loan despite of taking it as liability as there are flexible repayment options offered by the lenders these days.

In addition to that, getting a loan can help you to attain a strong credit report with a positive repayment history. Therefore, when you want to avail higher credit in future, such as business loan or home loan, lenders will review your application favorably because you would already have proved yourself as a low risk borrower. Now, we will take a look on some of the top reasons for which people avail a loan:

✓ To fulfill personal aspirations: Every single person has a set of aspirations that they want to achieve in their lifetime such as buying a fancy gadget, home renovation or buying a luxury car. A loan can help you to meet all these aspirational purchases because most of people still live on fixed monthly income.

One does not need to dig into his/her emergency funds to finance these expenses ensuring your loved ones are taken care if you are not there. A loan can help you to make these purchases easily and you can pay the lender in easy installments. You can also use EMI calculator to get an estimate of your installments and set budget accordingly.

✓ To consolidate the debts: In case, you have missed some of your previous loan EMIs or credit card bills then you have fallen into a debt trap. One can use a loan as financial route to consolidate such debts to tackle the situations and bring all your financial liabilities under single roof. Moreover, when you bring multiple repayments to a single monthly payout, it will help to boost your credit rating.

✓ To fulfill business needs: The major challenge in setting up or expanding a business is to find a funding for it. It is a fact that everyone is not blessed with significant savings so to overcome such scenario, opting a loan could be a best way to fulfill your business needs.

You just have to meet basic eligibility criteria proposed by the lender with a robust business plan. Once you fulfill the criteria, your loan will be disbursed into your bank account and you can utilize it to fund various business operations.

✓ To meet emergencies: However, you are prepared with some savings but future is unpredictable and you may face some circumstances where you are not in position to meet the financial expenses such as medical bills, emergency travel and car breakdown etc. therefore, you can Apply For Loan Online to meet the entire expenses.

Hence if you need a quick flow of cash, a loan is undoubtedly the best way out. One can avail a loan after reviewing all the terms and conditions as well as the interest charges applicable on it to make the loan journey stress free.


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HOW ONLINE LOANS ARE CHANGING THE WHOLE LENDING SCENARIO?

Posted on Thursday September 22nd, 2022

Nowadays, digital technology has entirely changed the way of borrowing and lending the money. There are number of bank and NBFCs that marked an online presence through their websites, lending portals and lending apps for taking the loan procedure to a whole new level. Access to online lending market has made it easier for borrower to Apply For Loan these days.

The time taken to approve your loan application has been reduced significantly to 2-3 business days and physical process involved in authenticating the CIBIL has been replaced by API which automatically lessened the turnaround time. Therefore, the entire process of loan sanction has been made pretty easier. Here, we will discuss about some of the features related to online loans:

Basic eligibility criteria: Most of the lending institutions have very easy and simple eligibility criteria for sanctioning a loan. This makes it convenient for a wide variety of people to get a big or small ticket loans. Nevertheless, one must have a really good credit score for availing such types of loan solutions.

Paperless transactions: The lending institutions that offer online loans provides an easy documentation process with the help of lending apps and online submission of required papers. It means there is no need to visit the branch physically to avail any loan because you can simply get it approved by sitting at your home or office.

Faster processing: Once you submit all the required documents, your loan application get processed within 1-2 days and then the loan money is disbursed directly to your bank unless and until you have a good credit score. The loan procedure starts with meeting up eligibility criteria and ends with the loan quantum required for disbursal.

No hidden fee: When you avail any kind of loan, make sure to read all the terms and conditions regarding loan, interest rate, minimum payable amount for every month carefully. Well, all these terms are highlighted on the lending portals and phone applications making it hassle free to you access the portal and Apply For Loan Online easily.

Affordable interest rate: Those days are gone now when the interest rates were handled by the bank managers because there is no space for favoritism as rate of interest are highly competitive these days. In recent times, any borrower will be eligible for rate of interest evaluated by the system based upon their credit profile, thus eliminating human bias.

Great customer support: Every lending institution provides both instant approval as well as 24X7 customer support to your queries by emails, SMS or phone calls. They give you a faster resolution and peace of mind regarding your question related to entire loan process. Nowadays, loan companies give you all the pre and post loan services along with financial solution.

Hence, the scenario of the financial sector has changed radically with the advancement in digital technology and online loans which are simple, convenient, paperless as well as seamless to access. One can apply for desired loan solution to meet a variety of personal and professional needs.


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HOW COLLATERAL FREE LOANS CAN BE AN IDEAL CHOICE?

Posted on Monday August 29th, 2022

The collateral free loans refer to the term where a borrower doesn’t need to pledge any asset or security against the loan money. The loans are approved on the basis of client’s current income, cash flow and credit rating to ensure the repayment of loan on time. Collateral can be any of your personal or business assets that acquire certain financial value against the borrowed money.

One can Apply For Loan to fulfill the personal and business purposes without pledging any security. Most of the popular collateral-free loans are Personal Loans and Business Loans. The amount of loan sanctioned purely depends upon your credit score. So, now you have better understanding of collateral-free loans, here we have listed some of the benefits availed from security free loans making them an ideal choice for borrowers.

● No security required: As the name indicates, these loans are free from the requirement of any asset from the borrower. Lender will not compel the customer to risk his/her valuable asset for availing a loan. Therefore, by removing this obligation, it allows the borrowers to remain stress free about debt burden and use the amount to tackle their financial crunch without losing any asset.

● Build your credit history: Since collateral loans remove the requirement of any security but it is based on most important aspect which is borrower’s credit worthiness. Every lender approves the collateral-free loans based upon the clean credit history and good credit score of their client.

If you are a first time borrower, then unsecured loans can be great way to start working on your credit score. After availing the loan without pledging any asset, make sure to pay the loan EMIs on time to build up your credit score over the time and get eligible for big ticket loans in future.

● Quick loan approval: In case of secured loans, lenders take long time to approve the loan as they need much time to evaluate the value of the possession submitted as collateral and thereby finalizing the loan quantum. However, collateral free loan eliminates this need and loan mount is approved and disbursed quickly.

As one of the reputed lenders, ShubhBank sanctions the collateral free loan in a few minutes after evaluating your eligibility and funds are reflected in your bank account within 24-48 years.

● Flexible payments: Sometimes unsecured loans are restricted by limited repayment options but most of the lending institutions like ShubhBank offer variety of repayment options to make the loan journey as smooth as possible. We offer collateral free loans at nominal interest rates with flexible repayment structure.

Hence, collateral loans have become ideal choice to the dilemma of the loan seekers who don’t want to risk their assets in the loan process. Moreover, it helps the borrower to build a credit score and helps to Apply For Loan Online or offline in future at competitive interest rates. If you are looking for easy and convenient collateral-free loans, visit the ShubhBank and avail the useful features such as fast online processing and flexible tenors on unsecured loans.


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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 GET GREAT TAX BENEFITS ON THESE LOANS?

Posted on Wednesday November 11th, 2020

Loans can be a savior during an emergency and they don’t have to trap you in debt over a period of time, if you manage your finances well. Even, you can get tax benefits from certain kind of loans. It is true that you could get some great tax deals on your loans. As per the income tax, 1961, government has levied some tax benefits that have been provided been provided to the borrowers to reduce the burden of tax repayment. Let’s have a look on some common loan options that offer tax benefits.

Home Loan: It is one of the biggest loan liabilities that a borrower can avail. The loan quantum and tenure can be high on Home Loan but the tax benefits that a customer reaps on it are pretty good too. It can benefit an individual in two ways. Firstly, the amount paid towards the principal qualifies a tax deduction under Section 80C of the Income Tax Act while another benefit comes from a deduction in the amount paid as interest on the loan. If one has his/her spouse as co-borrower, the deduction can be claimed by each of you. The tax benefits on home loan can only be availed after the construction is completed.If you are planning to sell your home within five years from the date of taking loan then say goodbye to tax benefits.

Study Loan: The government has put various measures to promote higher education in youth and people have become aware to venture out of the country to study. Nowadays, the cost of professional courses such as medical and engineering is still sky-rocketing in India as well as abroad. This is when study loans come in handy as they pave the way to your future. To enjoy the perks of tax benefits on your Study Loan, the loan should be borrowed from scheduled financial institution. The tax benefits to the borrower availing an education loan for pursuing the higher studies come under the Section 80E of the Income Tax Act. This advantage can be availed for maximum of eight years or on the tenure, whichever is applicable.

Personal Loan: It is a type of unsecured loan that offers a plethora of requirements. This loan is a lot easier to obtain without stating the purpose of borrowing it. The most common reason behind applying a Personal Loan is medical emergency, debt consolidation, travelling, higher education and many more. Most of the people tend to miss out the tax advantages on it as not many know this benefit of loan. Generally, the principal amount and charges of interest paid towards loan cannot be deducted for tax exemptions but you can claim the benefits if you are using the borrowed amount for home renovation.

Now you have a guide that if the loans are handled responsibly, they can help you plan your finances in a better way. The tax benefits are the fantastic offers provided on Home Loan, Study Loan and Personal Loan. If you are looking for a loan from above mentioned categories, just give them a shot.