A personal loan can be your savior in the times of financial crunch as it is quite handy and helps to manage both current and unplanned expenses. The introduction of technology in lending sector has speeded up the entire loan processing and you can “Apply For Personal Loan“ easily and get approved in less than 24 hours. The factors like instant approval and fast disbursal have made the personal loans quite popular these days.

However, benefits of this unsecured loan are countless but there are few things that remained untold about it. Wait, don’t worry because we are here to tell you about some factors to acknowledge while availing a Personal Loan which is listed below:

Access loan when it’s urgent: There is no doubt that interest charges on Personal Loan are higher than any other loan product. Hence, it is good to keep in mind that always avail this loan when it’s necessary. The other important thing to remember is that loan money will help you to fund your short term needs but you have to repay it for next few years without any default. Thus, it is important to analyze your repayment capacity before taking a loan.

Know about additional costs: Before you decide a particular lender, it is good to know about the additional costs that you have to pay for processing a loan. These costs may include processing fees, verification charges, GST, penalty for late payment or foreclosure of loan and many more. One needs to make sure that he/she takes into consideration other factors than interest rate only.

Opt a short tenure: Some of the lenders in the market offer Personal Loan at long tenure with lower EMI which might be quite tempting to save some bucks on EMI but one needs to understand that paying for a longer tenure, one may end up paying more on interest rate component.

Good CIBIL score can save you a lot: It should not be surprising to know that a good credit score can help you to grab good deals and offering on Personal loan. Having a score above 700 gives you an edge to negotiate about the lower interest rate as well as asking to waive off the processing charges from the lender.

Research carefully: Nowadays, there is an enormous count of loan providers in the lending sector and most of them offer the same product at different rates of interest. It is every individual’s sole responsibility to research thoroughly about the best offers either you “Apply For Personal Loan Online“ or offline. It is good to know prior about the rate of interest, monthly installments, processing fees etc. before you finalize a particular lender.

Therefore, if you are planning to apply for Personal Loan in no time soon, it is important to consider these above mentioned factors as they will help you to get best offering on Personal Loan and will keep you protected from the financial burden and other future troubles leading you to cross the loan journey successfully.

As per saying, “Life is unpredictable”, so uncertainties never come with prior warnings. Whether you are prepared for them or not, they can knock your door anytime in form of medical emergency, unforeseen home renovation, need of any home appliance and many more. These are some of the endless possibilities where one needs funds in a short time.

Some of the options which can help you to tackle these uncertainties is to dip into your emergency funds which may disrupt your long term financial goals or you can arrange funds from selling off your assets such as used car, expensive mobile handset, gold ornaments etc. However, if you “Apply For Personal Loan“ then it can best source to avail the required funds at short notice.

It could be best remedy for those individuals who do not want to deplete their savings to handle the financial emergencies; therefore, it is good to take personal loan to get access to instant funds. Here, we have listed some of the unique features of personal which makes it best financial solution in these days.

Access to immediate funds: An emergency can be in any form, sometimes you may require less funds where some emergencies demand constant flow of cash which can increase your stress or can be source of anxiety. Getting a personal loan in such emergencies give you immediate access to funds to mitigate your expenses.

A personal loan is collateral free where you don’t have to pledge any personal asset to the lender. The loan amount is disbursed shortly after getting approval on your loan application. However, quantum is based upon your repaying capacity as well as eligibility. The major benefit of this loan is that it can be utilize for any type of need.

Quick approval: When an emergency strikes you, you count on every second and you don’t want to waste any of it. ShubhBank offers you hassle-free and quick disbursal saving your lot of time. One just have to fulfill the eligibility criteria and needs good credit score to make a loan application along with basic documentation such as KYC details, income proof and credit report.

You can also check your monthly installment by using EMI calculator to have an idea of your monthly budget to avoid any debt-trap.

Fast Disbursal: After the successful verification of your documents, you will be provided with an agreement where all the terms and conditions regarding loan is listed and you have to sign it after reading it carefully. The loan amount is transferred to your bank account shortly within 2-3 working days on approval.

Flexible tenure: One can “Apply For Personal Loan Online“ or offline at ShubhBank as it offers you competitive rates of interest and flexible tenure of 6 month to 60 months to repay the entire loan amount. One can also opt out EMI amount that suits to their budget without leading you in debt burden.

A personal loan from ShubhBank in an emergency is one of the best solutions to meet any of the uncertainties with convenient processing, minimal documentation as well as easy eligibility.

However, professional and vocational degrees do not come cheap but attaining a higher education is important these days. Parents have to set aside a huge part of their earnings for the higher studies of their children and sometimes it can make them feel financially overburdened. They have to arrange funds from different sources such as FD withdrawals or retirement funds to pay the higher fee structure in a prestigious college.

Therefore, to avoid such situations, one should look for other ways to fund their child’s dream of higher studies that do not stress your finances. In case, you don’t need a huge amount of funds then you can “Apply For Personal Loan“ to fund the education. Nowadays, lending sector has multiple options of Personal Loan that comes under pocket friendly interest rates as well as minimal eligibility criteria.

An education loan can also be an option but getting approved for it is not that simple as it requires an admission to good college with good ranks. There is an advantage of tax benefits as per section 80C of the income tax act on the personal loan that you going to use for educational purposes. Moreover, you don’t have to utilize your savings or emergency funds to pay the fees of the college.

Difference between Personal Loan and Education Loan:
√ If you need large amount of loan money to pay the tuition fees you may not get approved for a Personal Loan but one has great chances of approval on education loan for the same.

√ Study loan come with some in built features which means if you have any trouble in making the repayments once you graduate them you will be offered with some relief through forbearance programs of deferment by the specific lender which is not possible in the case of Personal Loan.

√ In the aspects of Personal Loan, one has to make the repayments towards the loan quantum soon after the disbursal of funds whereas study loans come with earning based repayment options where the installments can be adjusted to fit your pocket. Once your child completes his/her degree courses, you generally have a grace period of six to twelve months before starting any repayments.

√ There are no end usage restrictions on funds when you “Apply For Personal Loan Online“ but qualifying for an education loan is not that simple as it demands good college as well as good marks.

√ The disbursal time for Personal Loan is so quick that you can get the loan money within 1-2 business days while it takes little more time to get the disbursal on study loan.

There are so many options to fund your higher studies in India or abroad such as using the parent’s savings to their retirement funds or taking a personal loan or education loan, it all depends upon your budget, earnings and requirements that which financial solution suits you the best to fulfill the dream of your child to be successful in life as well as easy on your pocket.