Personal loans are the simplest solution to your every financial requirement. Lenders considers so many factors while approving a loan for you which involves your credit score, debt to income ratio and repayment capability, so make sure to get prepared if you don’t want to get your application rejected in a desperate situation. ShubhBank has put together some of the points that will help you to get through the financial crunch.

In the past times, you could get a personal loan from your relatives or friends but nowadays you can “Apply For Personal Loan“ from any of the lending institute or neighborhood bank where you share a nice relationship. However, in present scenario, there are many lenders who might offer you online as well as offline personal loan.

With the various digital lending platforms, you have far better options like rate of interest of your choice, flexible tenure, processing charges which you won’t mind paying. ShubhBank offers all these features at a single platform, if you are looking for an instant or quick personal loan. Before applying, one must know the reasons for rejection in personal loan which are mentioned right below:

False documentation: It will be one of the main reasons for which your application will get rejected. Faulty paperwork, erroneous details and especially false papers will surely leas your loan application to get rejected. Similarly, one should not upload or submit the incorrect information while filling up the loan application which ultimately results in rejection.

Any of the false details will not only results in rejection but also lead to reduction in the trust of the lender which he/she has in you with regards to repay the loan. So, make sure to fill the loan application correctly with the right details and upload genuine documents for positive results.

Multiple loan enquiries: You may be in hurry for an urgent financial purpose, but it doesn’t mean you go around seeking through multiple loan enquiries and loan applications. All the loan enquiries you made will be recorded to your credit report which will have a negative impact on your credit score.

Don’t hustle while availing a loan; compare the different lenders and loan solutions with lowest interest rate fulfilling your needs and which suits best to your budget otherwise seeking your objective through numerous applications may reject your loan application.

Poor credit history: It is an important factor while you “Apply For Personal Loan Online“ or offline because your credit history reflects your repayment capacity to the lender. It indicates your creditworthiness, whether you defaulted on any repayment or not. Therefore, to avoid the rejection, don’t default or delay the repayments of loans. More you will be scheduled in repaying the loans; more will be your credit score.

Unpaid debts: If you have any accumulated debts currently, then inform your lender prior applying for a loan because unpaid debts can be a prime reason for the rejection of your loan application.

Now that you are aware of all the reasons for the rejection in Personal Loan, make sure that you may look after these factors before getting a loan.

A personal loan is one of the best options for any short-term financial crunch or immediate emergency. This unsecured loan is quite handy and can easily manage the planned as well as unplanned expenses. The advancement in the technology and the digitalization in lending sector have speeded up the entire loan process, therefore one can “Apply For Personal Loan“ instantly and get the approval for it in less than an hour.

Everything sounds so good about this loan such as quick approval, fast disbursal and many more factors like these which make personal loans, one of the widely accepted financial products among the majority of people. However, there are several benefits associated with this loan but there are certain things about the loan which remain untold. In this article, we will mention some tips about personal loan that nobody going to tell you.

Secure in need: Being an unsecured loan, the rate of interest rate is comparatively higher than other secured loans. So, keep all this in your mind, always apply for a personal loan when you are not left with any other option. It is good to understand that as this loan helps to cover your short-term crisis, you will be paying back it for coming years with interest. Hence, make yourself sure about your repayment capacity within your income.

Additional charges: Before you decide to go with a specific lending institution for taking a personal loan, you need to know about all the terms and additional charges along with interest rates charged by that lender. These additional charges may include processing fees, penalty charges for prepayment or late payment of EMIs, verification charges etc. Make sure that you take these things into consideration as these factors can club together to form bigger amount.

Pick a short tenure: Most of the lenders provide personal loans for longer tenure with lower EMI. It may be quite tempting but you end up paying more on the component, so always try to pick up a short tenure.
Good CIBIL score: A good credit score always helps you to grab the best deals on a personal loan. It will give you the power to negotiate the lower interest rate with the lender to reduce your loan burden.

Research thoroughly: Nowadays, there are innumerable personal loan providers in the lending market offering the same product at different rates of interest. To grab a best deal on your personal loan, it is important to do thorough research before choosing a lender for you. Select a loan provider after comparing every feature such as interest rate, terms and condition, loan tenure etc. and then “Apply For Personal Loan Online“ or offline according to your requirement.

Hence, if you are looking to sign for a personal loan application, it is important to consider above mentioned tips as they will not only help you to catch the best deals on personal loan but it will also keep you stress free from the debt trap as well as avoid the future troubles.

Personal loans are unsecured types of loans that do not require any security and it can fulfill every need, dream or purpose. To be at the top, they are quick and convenient. In this article, let us have a look that how to manage your expenses when you “Apply For Personal Loan“. Therefore, we will discuss the different expenses that can be fulfilled with personal loans.

√ Emergency Expenses: Sometimes in your life, you face unpredicted expenses which may require arranging the sudden funds either foe medical emergency or urgent travelling. A personal loan can be a perfect fit to meet such immediate expenses. You can get necessary funds at a flexible tenure with a personal loan that has negligible spending restriction. Knowing your tenure and rate of interest in advance will help you to plan your budget. Since these loans are disbursed in the form of cash transferred to your account which you can utilize to manage multiple expenses.

√ Higher Studies: Pursuing higher studies, especially in abroad, is a dream come true for most of the people. However, it is an expensive affair as you have to pay tuition fees along with accommodation and living expenses but you need not to give up on such an amazing opportunity due to shortage of cash. Hence, you can avail a Personal Loan from ShubhBank at competitive interest rates. The loan amount will help you to pursue higher education with the coverage of tuition fees as well as other expenses.

√ Home Improvement: The exterior and interior of your home play a crucial role in setting your mood for the rest of the day as well as ensure you to feel relieved when you are back home after an exhausting day. However, there are few times when you may want to add up a room or to renovate your home. It could be either from wear and tear your home has experienced in past years or you want a change. Instead of using your savings you can take a Personal Loan from ShubhBank for home improvement. So, if you are looking to build a modular kitchen or want to change the floor of your home, you can go ahead with this loan.

√ Wonderful Vacations: Both the children and adults lead hectic lives these days and most of them look forward to exotic destinations in holidays. This leisure time help us to spend quality time with our friends and family to enjoy new experiences, to increase productivity, witness different cultures and also to feel rejuvenated, so get a “Personal Loan“ for yourself, and travel to all exotic and gorgeous destinations. It would not only give you the chance to click wonderful pictures to be posted on social media platform but also develop cherish able moments.

To reiterate, there are number of other expenses such as working capital requirement for new venture or existing businesses that can be met by personal loans as the important thing to remember is that these loans are unsecured loans and are not restricted to any particular use.

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.

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.

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.