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WHAT IS THE DIFFERENCE BETWEEN SHORT VS LONG TERM PERSONAL LOAN?

Posted on Monday June 14th, 2021

When you are looking out for a personal loan, you may have come across with the term that is primarily associated with short term and long term Personal loan. Do you know what these terms mean in regular parlance? A long term Personal loan refers to the repayment period greater than 1 year and they may go up to 5 years while short term Personal loans are those loans that have tenure of less than equal to 12 months. It all depends upon on the amount of EMI you are capable of, before you Apply For Personal Loan.

A monthly installment is calculated based upon the length of the repayment period. If you opt longer tenure then you have to pay the lower EMI. Moreover, you are liable to pay interest rate across your loan tenure. If you want to keep your cash outflow low, it’s better to take a long term personal loan because it doesn’t affect your liquidity. If the purpose of securing personal loan is to meet emergency expenditure then it’s better to look out for short term loan which you can pay off faster.

Any resident of India above the age of 21 years can apply for a Personal loan if he/she has a regular flow of income every month. The loan could be sanctioned after the verification of the required documents and evaluating applicant’s credit score. One will need to upload/submit the following documents such as PAN card/Aadhar card/Voters ID, salary slip, 2 passport size photographs, last 6 month bank statement etc. along with your loan application. If you have a good credit score which may stands above 750, then the chances of your loan approval are high. The loan amount can range from few thousands to lakhs depending upon your eligibility that you can pay faster.

Personal Loans are more flexible than any other unsecured types of loans as they are not linked with particular usage. As they are unsecured loans which mean you don’t have to pledge any security against it. In addition to that, they don’t have prepayment penalties in case you want to foreclose your loan before the end of tenure. You can Apply For Personal Loan Online or offline at ShubhBank after deciding on loan tenure. If your documents are in order and eligible as per criteria, you can expect quick and hassle-free loan approval and disbursal within 2-3 working days.

A personal loan is a multi-usage loan and is one of the best financial tools available in the market when you are in need of emergency funds. The loan processing is simple, user friendly and convenient with less paperwork. Sometimes the processing deters many from applying for a loan but ShubhBank assure you an easy Personal Loan. You can choose between short and long term based upon your repayment convenience, it’s entirely up to you. You will surely have a wonderful loan experience in aspect of loan quantum, tenure and repayment option. Our team will always be there to assist you with all your financial requirements.


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HOW TO FIX YOUR PERSONAL LOAN ELIGIBILITY?

Posted on Monday April 5th, 2021

Have you ever suffered a loan rejection? Do you know the reasons behind this rejection, if yes, and then do you want to improve your odds of your loan application approval? Before heading to the reasons, you must know how the loan processing works, steps involved in loan application that will make you eligible for re-application with better chances of approval. Generally, personal loans are unsecured type of loans that doesn’t require any security against them. You can Apply For Personal Loan from various lending institutions.

There is no standard set of documents that each lender asks for as it varies from lender to lender. Typically, you will need to submit these documents such as PAN card, address proof, last three months salary slips, latest bank statement etc. However, personal loans are the convenient form of debt but getting an approval could be challenging sometimes. There is a set of criteria that lender will ask for while considering your loan application. Let us have a look on some ways to fix your loan eligibility.

→ Review the reasons of loan rejection: To fix any problem, you must know the reasons behind it. There could be number of reasons for your loan rejection. Some of them may be low monthly income, bad credit score, inaccurate information, unstable profession, existing loans, number of loan enquiries etc. the lender will not take such things positively and may reject your loan application.

→ Improve on credit score: A credit score helps the lender to determine your creditworthiness. If you have a high score of 750 or more, you have greater chances to get your loan approved and you may also get an opportunity to secure a loan on low rate of interest. So it is crucial to build a strong credit history. To do so, it is important to make timely payments on your dues, credit card bills and existing loan repayments.

→ Maintain your debt-to-income ratio: This is the ratio that determines your debts with respect to your income. A higher ratio will reflect that you have too many debts and unable to repay your loan. Therefore, to maintain your ratio low, you must repay the existing debts before applying for new loan. In result, lender will be risk free to provide you personal loan at competitive interest rates.

→ Compare and borrow: Every loan enquiry adds up to your credit report and affects your score adversely. So, do a proper research about lender and compare the loan products online. Every lender has different set of eligibility criteria and rate of interest. You must choose the lender that caters your needs and provides you quick and convenient personal loan.

→ Check your documents before applying: Before you Apply For Personal Loan Online or offline, check your all documents in place. Do not provide any inaccurate information to comply with lender’s terms to face any rejection. Never make a rush before re-applying any loan.

At the end, do not get disheartened, if you get your personal loan rejected. Just follow the above mentioned steps to improve your chances of loan approval.


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HOW PERSONAL LOAN FAVORED OPTION DURING UNCERTAIN TIMES?

Posted on Monday March 8th, 2021

Few times, we all have encountered a situation where a sudden expense popped up when you didn’t expect it. We have all been caught to suffer from some uncertain expenses at some point in our lives. In such situation, the first thing that comes to our mind is a loan that could be secured at the lowest possible rate of interest.

Nowadays, personal loan is an unsecured type of loan which makes it more attractive to avail as you do not have to pledge any asset as a security against the loan. Therefore, any individual with good credit score can Apply For Personal Loan. Most of the lenders in the market offer personal loan at smart interest rates and borrower friendly terms. Likewise, ShubhBank provides a seamless experience to the potential borrowers of budget friendly personal loan keeping in mind the monthly cash flow.

In this article, we will spotlight some reasons why you must secure a personal loan to overcome the financial shortfalls of your life.

Minimal documentation: ShubhBank demands very small set of documents in order to process your loan application. Even you do not have to fall for manual submission of the documents as we offer you the online service to upload your documents. We just require basic KYC documents such as identity proof, last 6 months salary slip, bank statements as well as address proof.

Flexible repayments: When you are done with all the requirements that lender has asked you to process the loan application, then the sales executive customizes the loan scheme that best fit your profile. It will help you to fulfill your financial requirements without the load of heavy monthly installments as we offer flexible repayment options for you.

Online accessibility: You can also Apply For Personal Loan Online from the comfort of your space, these days. All you required to do is to visit our website ShubhBank.com and fill out the loan application form. Our loan executives will customize offers that will best suit your financial profile. One you get approved for loan, then the loan money will be disbursed directly to your bank account.

Quick approval: Once you complete the entire documentation along with application form, then the lending institution will carry out a basic verification process. After the verification, the lender will disburse the loan quantum to your account within few business days.

Multi-purpose usage: You can use this unsecured type of loan in case of an uncertain financial need or other long term requirements. You can fund either medical or wedding expenses, home improvement projects, travel expenses etc. with the disbursed loan amount.

Transparency: We have transparent loan processing right from the approval to the disbursal of loan. We work as per the loan agreement signed between us and the applicant. There are no hidden charges or loan terms that would arise out in later stages of your loan journey.

A personal loan from ShubhBank is pocket friendly and easily available and we also provide customer eccentric support to guide you through the whole loan process making a stress free experience for you.


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BENEFITS OF APPLYING A PERSONAL LOAN FROM DSA

Posted on Thursday July 16th, 2020

Personal loans have become one of the best-selling loan products and it’s in high demand for number of advantages such as easy to apply, easy to repay, faster processing with minimal documents. Considering the high demand, personal loan providers are increasing at rapid pace in market, thus many a time, loan seekers get confused in choosing the right lender. Most of the times borrowers knock at the doors of lending institutions for loan and ignore Direct Selling Agents but if you study the functionality of DSA meticulously, you will find a number of benefits of applying a personal loan from DSA which are given below:

• Best Customer Support: A loan agent will always provide you with a best customer support system as compared to traditional lenders as they follow strict code-of-conduct ensuring the customer will get better services from DSA. They provide you step by step guidance at every step of the loan process.

• Doorstep Service: DSAs are best known for their doorstep services. They send their executives at your doorstep to alternate your visit to your lender’s office. The assigned executive will visit your place as many as times needed for collecting the documents, clarifying your doubts or taking your signatures on the loan documents.

• Credit Score in Safe Hands: There are always high chances of making personal loan mistakes which can spoil your credit score. In case, your eligibility criteria do not match with the lender, then your loan application will get rejected and it will surely spoil your credit score. If you Apply For Personal Loan from DSA, he/she will send your application to those lenders only whose eligibility criteria match you. Also, if you are not eligible, DSA will inform you not to process the application. Hence, there will be no harm to CIBIL.

• Great Chances of Approval: Mostly, the DSAs have a partnership with multiple lenders, therefore when you send a loan application through DSA; they evaluate your personal and professional information and choose the right lender so that you may get a granted approval on loan instantly.

• Less Effort and Saves Time: When you apply a personal loan from DSA, it saves a good amount of time and effort of borrower. You just have to Apply For Online Personal Loan through the website for which DSA works. Once your application gets submitted, loan agent will assist you at each and every step of loan process and saves a lot of time. Always check your loan EMI which will help you to plan your finances in better way.

These are all the benefits you can enjoy by applying for a personal loan from DSA. They always have to abide by the rules and regulations set by the lender, so one can easily trust a DSA for securing a loan product. If a loan seeker wants a seamless experience in the personal loan process, apply it through Direct Selling Agent (DSA) instead of applying a loan directly through the lender making the entire process easier and faster for customer.