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DO’s AND DON’Ts TO REMEMBER WHILE TAKING A PERSONAL LOAN

Posted on Wednesday August 5th, 2020

Taking a personal loan and using the loan money to fund your vacations or to buy yourself a new gadget is great, as long as you manage the timely repayments and don’t get into debt trap. Personal loan is a most popular financial product that an individual can avail when in need. Most of the lenders have sweetened the pot with minimal documentation, quick approval, flexible tenure and comfortable loan terms. This type of loan is very useful when you need funds in short time such as wedding, travelling, vehicle purchase or home improvement. Before securing it based upon your needs, plan a budget and figure out if your income can accommodate the monthly installments. If you are going to apply for the loan, there are some do’s and don’ts to remember while taking a personal loan for you given below in this article:

1. Borrow as much as you need: This is the best way to avoid getting into debt trap. You may meet the eligibility criteria for higher loan quantum but it’s advisable to borrow just what you need. If you are not sure about your requirements then opt for Personal Loan Overdraft, where you are sanctioned with full loan amount in one go but withdrawals can be done as per need and you only have to pay the interest rate on the amount you use.

2. Borrow according to repayment capacity: As a thumb rule for loans, a loan EMI should not exceed 20-25% of your monthly income. So, before you Apply For Personal Loan calculate how much monthly installment you can accommodate after meeting all you’re your expenses and adjust the funds accordingly.

3. Choose the right tenure: If you opt for long tenure, it will reduce the EMI and short tenures are suitable for short term cash needs where a borrower expects the money from other sources in few days. Therefore, choose carefully and make timely payments as it can affect your credit score and reduce your chances of getting the loan approvals in future.

4. Don’t use loan money for luxuries: A personal loan is multipurpose, it does not come with a restriction on use and sometimes, it is easy to give in to the impulse of spending the loan amount on luxuries. Well, it’s great to treat yourself occasionally but spend the borrowed money carefully and make sure to repay it on time before making an unpleasant loan journey.

5. Read the terms and conditions carefully: Nowadays, there are innumerable digital lending platforms providing you the Online Personal Loans to save your time and make you aware about the terms and conditions applicable on loan processing and approvals. Before, signing the loan agreement read the terms and conditions carefully and ensures yourself what you are getting into.

Personal loans are convenient because they are fastest and easiest form of credit available in the market. It should be a wise decision to identify your needs first, plan out your budget and to opt for a Personal Loan.


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HOW PERSONAL LOAN FROM SHUBHBANK HELPS YOU TO MEET YOUR FINANCIAL NEEDS

Posted on Tuesday May 26th, 2020

Personal Loans from ShubhBank are available in customized forms and have steadily developed the capability of fulfilling both the short and long term goals of their borrowers. These are basically unsecured loans that come collateral free and are pocket friendly growing at a rate of 20% every year. Nowadays, personal loans are being disbursed across a wide spectrum of financial institutions but the reason for growing popularity of Personal Loans at ShubhBank is that we have evolved into a variety of unique and demand specific financial product. You can either use it to renovate your home, purchase a gadget, organize a wedding or take a dream vacation. The availability of requirement oriented product has made this loan completely revolutionary as online personal loans are more inclusive and accessible. Here, we help you to understand that how Personal Loan from ShubhBank helps you to meet your financial needs and can prove to be a best fit for you.

1) Debt Consolidation: This loan can help you to consolidate all your debts under single umbrella. You can simply apply for Personal Loan from ShubhBank and need not to worry about paying multiple loans with fluctuating interest rates. You can club all your outstanding payments into one monthly installment and it will help you to shoot your financial troubles leaving you stress-free.

2) Wedding Expenses: Marriages in our country generally encompasses a big fat fanfare. A venue, the decor, outfits or the food, turning your wedding into a cherishable moment requires a healthy dose of finances and that’s what for we sponsor our personal loan. Our lending institution not just helps you to cover your all wedding expenses but also prevent you from breaking into your saved or emergency funds. At ShubhBank, you can avail Online Personal Loan to get funds with low monthly installments to deal with wedding expenditures without any hindrance.

3) Big Purchases: Sometimes, need of making large purchases can be sudden affair. A refrigerator or an AC might abruptly break down or your car need to be serviced after accident, so withdrawing cash from saving would dent them largely. Therefore, it would be wise choice to take a small personal loan rather than digging a hole into your pocket and helps you to make a big purchase.

4) Vacation: At the end, you can avail this loan to take your ideal dream vacation. A personal loan crafted at ShubhBank takes care of all your travelling expenses whether it is air tickets, accommodation fares or meal charges. You loan application would be processed within a time span of 2-3 business days giving you the chance to enjoy your awaited dream without taking the burden of expenses.

A personal loan from ShubhBank is increasingly customer-centric, goal-oriented and tailor made financial product which harbor the potential to help individuals fulfill their long-cherished dreams and responsibilities. So if you need to shed your financial worries, you can Apply For Personal Loan with low money cash outflow at ShubhBank.


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MAKE A WISH AND SHUBHBANK WILL GRANT IT

Posted on Tuesday March 13th, 2018

ShubhBank loans are tailor made to suit the specific preferences of various individuals to meet their diverse financial needs. We are sensitive to the different income ranges of its customers and hence has devised custom made schedules of restitution. ShubhBank offers personal loan to individuals in order to fulfil their personal financial needs. This needs could range from the purchasing of consumer durables to genuine credit requirements. We provide personal loan to make the milestones in your life more monumental by raising need of their monetary aspects. Whether its your child’s higher education or wedding. ShubhBank’s “Personal Loan at an Affordable Interest Rates” allow you to enjoy the important moments of your life without any concerns. Our loan is generally more flexible, money is available faster including hassle free loan processing.


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HOW A PERSONAL LOAN SAVES YOU DURING HARD TIMES

Posted on Thursday March 8th, 2018

Life is full of uncertainties and tough times can knock your door anytime. It can come in many ways such as medical emergency, urgent house repair, car breakdown, paying an education fees or so on. Everyone use to save his/her earnings to cope up with these tough times but in this real world it is too  tough to bring it in practical. When you don’t have adequate amount of fund to face the problem the only reliable option that can save you is “Personal Loan“. It is the best credit product that is available in the lending market as it don’t ask for the collateral. There is no such fixed use of this loan, borrower can use it to satisfy any financial needs. Even the processing of this loan has become faster due to the advent of online lending. Gone are the days when the person have to submit the piles of the papers to apply for loan. With the nature of being unsecured and quicker in processing, personal loans have become saviour for many in urgency of life. One can get the loan amount in their account within 24 hours of application which makes it best tool for fighting emergencies.


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GOOD AND BAD OF TAKING PERSONAL LOAN

Posted on Monday January 15th, 2018

 

 

Personal Loans can help you in a situation when you need a lot of money in short time. They are easily accessible and reasons are not for getting a loan. The good reasons to get personal loan is that it can be used for clearing the debt and saving your CIBIL. We never care for money when our loved ones are not in good health, so the loan is easily affordable to struggle with the emergency expenses. Sometimes a good reason to get personal loan is for home renovations. Moving to a new place can be quite an expensive affair and to deal with it, personal loan is good option. If there are many good reasons for Getting a Personal Loan, there are fair share of bad ones too. If you have to take personal loans just to partake in gambling then it can never be a good idea. Your own start-up can often be a life changing experience but you should avoid taking personal loan for investment. A loan comes with a big responsibility and if you default or miss repayment, it can have repercussions on your credit score.