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Posted on Thursday July 8th, 2021

There are certain times when you require funds quickly for wedding expenses, travelling somewhere or a medical emergency and many more. In such situations, you may or may not have savings to redeem or any asset to pledge. Hence, a Personal Loan can be savior in these tough times. Most of the lending institutions in the market allow you to grab a Personal Loan without any collateral and don’t lay down any restrictions on using the funds.

One must be careful about certain things before they Apply For Personal Loan as the rate of interest charged on this loan is higher as compared to other types of secured loans. The rate of interest depends upon the borrower’s profile, needs and lender’s eligibility criteria. There are some factors which could be helpful in making an informed decision and to get the best offer available when it comes to calculate interest on personal loan.

Prepayment of a loan: The prepayment of any existing loan can help you to reduce the interest rate on loan to significant extent because repaying the loan earlier helps in reducing the amount of monthly installments and let you save interest to the extent of the repaid loan amount.

Pay outstanding debt: The multiple outstanding debts leaves you with less income flow to repay your personal loan resulting in higher rates of interest. Paying off your outstanding debt is a good idea as it lower downs the rates of interest. It is advisable to repay the debts with high interest rate followed by debts having lower interest rate. Therefore, repaying the loan faster will help in reducing the loan amount, thereby decreasing the interest burden.

Balance transfer: Personal loans being unsecured loans always have high rate of interest resulting in high cost borrowing. Thus, most of the lenders allow you the benefit of transferring the loan balance to the lenders who offer lower interest rates which will reduce your repayment burden to a particular extent.

Good credit score: The regular cash flow or stable income, low income to debt ratio as well as maintaining a good CIBIL score with a clear history of the repayments make sure the lender about your eligibility when you Apply For Personal Loan Online or offline and helps you to avail better as well as lower rates of interest.

Debt consolidation loan: If you are already facing a stress of having multiple loans along with a personal loan then try to consolidate all your debts with a debt consolidation loan at lower rates in addition to other benefits to shed off the burden of repaying existing debts.

If you are looking out for a loan, then a Personal Loan from ShubhBank can help you to obtain the funds to fulfill your requirements with easily payable EMIs and flexible repayment period. Despite of which option you choose, staying committed to timely repayments will help you not to fall in the debt trap and solve all your questions to reduce the interest rate on personal loan.

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Posted on Thursday March 12th, 2020

There are many times that we face a sudden huge expense and without the proper capital, it can be quite troublesome. Do not worry as there are many banks that let you Apply For Personal Loan Online. Personal loans are brilliant as you do not have to keep anything as collateral, that is, you are not pledging anything as security. As a result, you would have to have a good credit history to be eligible for applying for such a loan. You can use the money taken out for any reason as you deem worthy. You can use it to go out for a vacation, for your marriage, sudden medical emergency or even for home renovation. Personal loans are very flexible and the best part is nowadays you do not have to wait in long lines to get your loan application processed; just log on to the website of your preferred bank and follow the necessary steps to apply for the loan online. Apply for a personal loan in tricity today without any hassle!

What to do before you apply for the loan?

Before you Apply For Personal Loan there are few things to reconsider. Carefully assess why you need the loan and how you will manage to pay it back. For this, you must be aware of your credit history. A through research should also be done by you so that you can get the best interest rate.

Eligibility criteria to full fill

After you have compared the different banks and picked the ones that you like. It is best to go through the eligibility criteria prescribed by them. The following eligibility criteria are common to most banks. The bank of your choice may have its own policies so it is better that you go through all the literature given in the terms and conditions so that you can make the best choice for yourself. The eligibility criteria for a self-employed person very from a salaried person so be sure to check out what you need.

The following are criteria which must be fully by a salaried person:

● The age of the person should be between 24 years to 60 years.
● The net monthly income of the person must not be less than 20000 rupees.
● The credit score of the person must be above 750.
● The minimum loan amount that the salaried person must take out is 100000 rupees while the maximum limit is 20 lacs.

The following are criteria which must be fulfilled by self-employed person:

● The age of the person should be between 24 years to 55 years.
● The net monthly income of the person must not be less than 25000 rupees.
● The credit score of the person must be above 750.
● The minimum loan amount that the salaried person must take out is 100000 rupees while the maximum limit is 30 lacs

Say goodbye to the long lines that you had to wait in for long hours to get your loans approved. Go through all the necessary information online. Apply for the loan from anywhere and be at ease as you get the best services from your preferred bank from the comforts of your house.

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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.

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Posted on Monday February 3rd, 2020

Do you want to expand your business or want to buy a car, and then the loan is ideal for you. Some people thought borrowing loans is a burden, but if you think technically, you will find it is not! The loan is not your burden because it helps to fulfil your dream instantly, and you can pay EMI later. Suppose, if you want to expand your business, then you can apply for a business loan now; once you will get it, you will expand it immediately, which will help you to get ROI within a certain time. And with the low rate of interest, later you can repay the amount easily.

How To Apply For A Loan?

In India, mainly two types of available loan one are a personal loan and another is a business loan. Now, there are different terms and conditions available for loans as per government rules and regulations. If you want to apply for a loan, you can visit a government bank or private bank or any financial service company. The government sector has set a fixed rate of interest for different types of loans, whereas the private sector offers an attractive rate of interest. You can apply for a loan online or offline both. Online is the best option because it saves you money.

How To Find The Best Loan Service, The Provider?

If you are thinking about How to Get a Personal Loan! This article is just for you. You are getting a personal loan now a day very simple. You have to check bank or company, their authentication, their license, and then check your criteria and if match, and then proceed. You have to check the website, always choose a concern or financial service provider or bank properly. Check their authentication, license, and customer reviews regarding the loan. After that, check their website and visit their loan application form. Once you visit, you have to put all the basic information related to your job, salary, you identify proof, etc. and need to submit.

Follow Simple Process

You have to check Personal Loan Eligibility before apply. Once you check your eligibility, you can fill up their online form and submit. Every bank or company has its eligibility. You can apply for a loan if you earn a monthly minimum of 20,000 to 25,000 per month. The more you earn monthly, the more you will be able to get approval easily. Another important factor is the credit score. They will also check your credit score before you apply. If you have a good credit score, you will get a loan very easily.

Documents You Need For A Loan

You have to put some documents for taking a loan. During application, you need to submit your identity proof, like Aadhar card, voter card, pan card, and your two passport size picture and your salary slip, bank statement, etc. Once you submit your documents online or offline, their loan officer will verify the documents, and if they approve, you will get a loan amount easily at your bank within 2-3 business days.

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Posted on Monday December 16th, 2019

These days, it is always significant for the bank or lender to be aware of how a borrower will repay the loan when it comes to Personal Loan. If you have been maintaining a good credit history by paying all the dues on time then it will increase your credibility as a borrower and boost your chances of loan approval. There are some other steps also that one can take into account to accelerate the loan approval. Here are the tested ways how to get instant approval on your Personal Loan application mentioned below:

Meet the eligibility criteria: It is advisable to compare the eligibility requirements of different lenders before applying for a loan. Most of the lenders have a minimum age requirement of 21 years and maximum of 60 years. Moreover, banks also have different age requirements for salaried and self-employed individuals. The employment area and income criteria also vary from lender to lender. Make sure to meet all the requirements for a speedy approval.

Keep documentation handy: The main documents you will need to have are identity proof, age proof, address proof and income documents. These may include a Voter ID card, PAN card, Aadhaar card, driving license or utility bills such as electricity, phone or gas bill can serve this. Income documents comprises of three month pay slips and bank statement.

Do not skip the research: One of major setback in rejection is avoiding the enough research. Every lender offers different interest rate. Consider all the options, do not go with the first lender, you could miss out on better loan offers from other lender. Do check upon the processing fees and other applicable charges too. Compare all these factors before finalizing the loan.

Be careful about credit history: At the last but not least, lenders will definitely want to scrutinize your credit report. If your CIBIL score is anywhere less than the expected or if you have defaulted payments on your existing loans, it will decrease your chances to Get a Quick Approval On Your Personal Loan request. It is always good maintain your finances in order. There are several platforms available on the internet where you can check your Credit Score for free. Make sure to review your report before opting for a loan, if there are any inaccuracies or errors, so they can be fixed on time.

It is suggested to look upon the loan amount requirement, whether you are borrowing for the long term or short term, always remember to borrow according to your repayment capability. It should be a wise decision to secure that much quantum which could be paid off easily. It is good to repay the borrowed amount without having to get into more debt. The equated monthly installment of your borrowed credit should not exceed 50% of your monthly income. Taking such pointers into consideration, you’re sure to speed up your loan processing. To explore exclusive deals on financial products, just click on ShubhBank.com.

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Posted on Thursday December 5th, 2019

A personal loan is mainly a type of loan that is unsecured and helps you to cover up your current economic necessities. You don’t need to vow any collateral security while to have a personal loan, and your lender makes you flexible to utilise the funds as you need. It can fulfil your dreams to manage your trip costs and marriage expenditures or any medical crisis, residential renovation, debt consolidation and others.

Eligibility To Get A Personal Loan-

It is the time to fulfil your fantasies into reality with a Personal Loan. You can now use the EMI Calculator of Personal Loan to calculate your monthly spending way before you will apply for a loan and have a detailed conclusion of your monthly expenses well in advance if you are a salaried person.

Personal Loan For Salaried:

Individuals can take a Personal Loan:

● The person should be a Salaried Employee.
● Salaried doctor
● Municipal and private limited companies employees.
● Employees including government and Public Sector that Undertakings,

The criteria are-

● The minimum age will be 21 years
● Maximum period will be 60 years (maturity time of the Personal Loan)
● The person’s minimum net monthly income will be Rs. 15,000

How to apply for a personal loan

If you’re curious in leasing a personal loan, but confused How to Get a Personal Loan Here the ways-

1. At first, check your credit score.

A credit score is a crucial component to qualify for an unsecured personal loan. Lenders don’t divulge what the rating they are looking for is; but of course, they mostly prefer outstanding or excellent credit.

2. Secondly, do order a manuscript of the credit report.

Your credit score denotes your creditworthiness; it doesn’t exhibit you the full impression. To know more in detail, order an available manuscript of your credit summary.

You can also get a free report once 365 days from these 3 credit bureaus: Equifax, TransUnion and Experian. It will indicate any outstanding obligation, along with your past of reimbursement and other factors that can affect your credit score.

3. Thirdly you need to pay your bills on time.

If your credit score is terrible, you can try to improve it by soon bill payment.

4. Fourthly, pay down your debt.

Your debt to your income ratio is another main factor may affect your credit score. If you got a high rate, pay your mortgage could help increase your score.

5. You need to submit a joint petition with a creditworthy cosigner.

The essential documents needed for a personal loan-

These are the documents that are expected on with Loan application:

● (Identity proof) One copy of passport or voter ID card or driving license or Aadhaar card
● (Address proof) 1copy of passport or voter ID card or driving license or Aadhaar card
● Your Bank statement of the recent three months as, Passbook of the previous six months
● Your latest salary slip with current dated salary receipt with most current Form 16 is required.