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Posted on Monday June 18th, 2018

If you are planning to Apply For a Loan, you first need to compare among all the financial institutions that are offering a loan. This will help you to find a good lender with the lowest interest rate. Interest rate should be the prime factor to choose a lender because even a slight difference in the percentage will bring a huge impact on your interest amount.

There are two type of finance for Individual Borrowers and for Businesses. Both have different Eligibility criteria.

There are list of Document for Loan Eligibility :

For Individual Borrowers

• Monthly salary atleast Rs. 20,000. NO CASH SALARY.
• You should be an Indian national, 18 to 60 years of old.
• You should have a PAN Card.
• You should have an active bank account.
• You should have an identity proof and a residence proof.
• You should have a valid income proof .
• You are needed to submit necessary documents as required

For Businesses

• Minimum Bank Credit of Rs. 5 Lac in the last 12 months.
• Public Company/Partnership/Proprietorship/Private company or OPC.
• Company PAN Card required.
• Company should have an active bank account.
• Certification of Incorporation and a valid registered office proof.
• You should have a valid income proof.
• You are needed to submit necessary documents as required

Factors affecting loan approval and loan amount

Employment Stability

This is a very crucial aspect of the financing application process. You need to be salaried and employed for at least 2 years in the current position. If you are self-employed, you need to show a minimum of 5 years of total earnings, before your sanction can be processed.

Age Factor

The younger you are, more the probability of getting a loan. Most banks offer loans to salaried employees between the ages of 20 to 60 years. For self-employed applicants, the age criteria are between 24 to 65 years.

Credit Rating

Your personal credit rating has a lot of importance. A good rating increases the chances of getting a loan with favourable EMIs, tenures and interest rates. A credit rating is a score that is assigned by credit bureaus like CIBIL in India. Hence it is also known as your CIBIL score.

A CIBIL score is a number that indicates your credit worthiness and repayment capacity. It plays a major role when banks decide whether a personal loan application has to be approved or not. CIBIL receives a whole lot of information from banks and other financial institutions about your financial behaviour and aggregates all this information to produce a score that indicates your dependability.


Your credibility as a borrower automatically increases if your employer has a high reputation and an impressive turnover. Being a part of a well-known company works as an asset and in your favour while seeking a loan.

Financial Stability

Not only is the applicant’s current employable status taken into consideration, past records are most definitely looked into. Previous loans taken, how have they been paid off, credit card maintenance, credit reports, CIBIL scores, etc. are some of the areas that will bear scrutiny. Even if you have a low or a bad CIBIL score, you could pass muster with the following factors.

• Prove that you have a good income and can easily repay your outstanding.
• Show the banks or financial institutions that you are a regular tax payer. You might have to show proof
that you have paid your taxes regularly for the past 3 years.
• To show proof of your gainful employment, show your salary statements of the last 6 months.
• You might also have to show your bank statements and other documents of the last 6 months to a year, such
as your identity proof, address proof, PAN Card and Aadhaar Card.
• Maintain a good relationship with your bank manager, who might have discretionary rights to alter lending

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Posted on Thursday May 17th, 2018

A personal loan to pay off credit cards is often called as consolidation loan (CL). The idea is to get a credit card CL with a lower interest rate than what you’re paying on your card as well as a set repayment period. This way, you get a defined and fixed repayment plan.


Advantages of using a PL to pay off cards

PL will carry the biggest benefit if you’re currently paying high interest rates on multiple card accounts. Here’s why.


  1. Potentially lower interest rate

A small change in your interest rate can make a big difference, that too if you have a lot of card outstanding. Keep in mind that there’s no guarantee your “Interest Rate will be lower on a Personal Loan“. It will depend on your creditworthiness.


  1. A single payment

Various card outstanding payment through one consolidated finance can easy your repayment capacity and allows you to get rid of balance on card in defined time frame.For example, you won’t have to worry about various payment dates and amounts. Also it helps in being organized with single payment pattern as a constant EMI.

  1. Quicker oystanding payoff

Constant repayment and monthly EMI may enable you to save more from income and interest part and thus repay in lesser time frame .

Since credit card often don’t have fixed repayment period the outstanding amount keeps on piling up. When the debt is high then you can not just get away with repayment just by paying minimum amount due .


Disadvantages of using a personal loan to pay off on cards

Despite multiple benefits for opting CL there exists certain demerits as well which cant be overlooked.


  1. Potentially higher interest rates

Not all PL companies offer low interest rates. It all depends on your credit history and lender comfort .


  1. You might not be able to afford it

Repayment on defined time for fixed EMI might break your budget amid your fixed spending and disturb your saving pattern for a short while .


  1. You might have to pay a fee

Some PL companies charge a processing fees. This fee typically ranges from 1 percent to 6 percent of the loan amount. If you borrowed Rs15,000, for example, you’d pay between Rs150 and Rs900 upfront.

So, It depends on situation that using a personal loan to pay off credit cards could be more expensive although if the loan has a lower interest rate and offers fixed EMI .


Is a credit card consolidation loan the best move for you?

If you have a good repayment history and high-interest card debt, a combined loan could help you save money on interest and repay your debt sooner.

At the end of the day, make sure you’re taking the time to consider all your credit card debt consolidation options. Even if you don’t qualify for the best deals out there, you’ll have the knowledge you need to create your next action plan for paying off your credit cards effectively.

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Posted on Tuesday May 8th, 2018

Individual engaged in using professional skill for commercial gain and profess any working activity is considered a self-employed professional. This term applies most readily to doctors, chartered accountants, lawyers , retail merchants and architects. Other profiles such as management consultants from other domain such as finance, supply chain, manufacturing, marketing, etc. as well as professionals from other activity and commercial areas such as HR consultants, teachers/tutors, fashion designers, commission sales agents for a variety of sectors, etc. are usually treated as self-employed individuals.

Banks has listed various specific professions that can be considered for funding on their individual financial merits . For example, doctors looking for loans to set up their own clinics are treated favorably by most lenders due to their steady income and relatively low risk profile.

For a self-employed professional, the risk profile as a borrower is more than that of a salaried person. Therefore, the lenders determine the eligibility of the borrower on the basis of past earnings. Generally, two years Income Tax returns, balance sheet and Profit & Loss statements are required to establish to ascertain borrowing ability, along with bank statements of the last 3-6 months to show creditworthiness of the individual and net portfolio assessment.

Lenders such as banks and other financial institutions offer two kinds of unsecured lending to self employed professionals .

  1. Business LoansSelf employed can avail this loan If  practice continues for a period of three years or more, unsecured business loans can be availed of, on the basis of your previous years’ work performance and IT returns. These are effectively a form of personal loan to the business.
  2. Personal loans: This is the most frequent form of unsecured loan availed of by self-employed professionals availed for quick money purpose, and is usually available for a tenure of 1-5 years. Amount of the loan, tenure and interest are at the discretion of the lender as per customer profile .

With the increase in numbers of self employed professionals and advent of mushrooming business opportunities , lending has become blessings for all those who need money for specific purpose in no time . Emerging India has witnessed tremendous growth in working opportunities and has enamored high class individuals opting for such professional to use their dynamic skills to earn manifold . Thus “Unsecured Loans” in the capacity of borrowers has turned to be a hot cake selling product for their immediate working capital needs . Shubhbank.com specializes in such products for the purpose of immediate lending from reputed banks and financial institutions .

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Posted on Friday May 4th, 2018

Personal loans are arguably the most commonly used loan options to raise funds for any personal needs various public and private sector banks offer personal loan to its customers after checking their credit rating and income documents. Personal loans are quick to be administered because they do not require elaborative .Paperwork and are sometimes passed in as early as one working day. Funds from personal loans can be used as per the wishes of the customer making them serve a wide range of purpose. The growing competition among financiers to tap the financial affluence in the country by providing more and more personal loans has been a boon to the customer who now enjoys a lots of additional benefits that are being offered by the banks and financing institutions.  There are several wonderful schemes on offer which makes the experience of availing a personal loan from ShubhBank all the more pleasant. The wide range of innovative of features that are attached to a simple personal loan to make it appear irresistible is a direct product of the competitiveness that exists in the market today among financiers of all categories. “Personal Loan From ShubhBank” comes as a boon and helps us fulfill all our last minute desires.

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Posted on Thursday April 5th, 2018

In every household and family, there are certain financial requirements and wishes of lifestyle improvement that often get ignored due to other priorities. It is designed to help you meet financially demanding situations in life. From a new furniture set, to purchasing gold jewellery for the women of the house, medical expenses to marriage expenses. “Personal loan can be availed to meet authentic personal expenses“. The loan scheme is meant to aid all its users to a convenient ways to make their smaller dreams come true. It is armed to add people in their quick and smaller financial requirements which at the moment cannot be afforded in full. With flexibility of loan amount and tenure, our loan has more to offer its customer than meets the eye. Our efficient team will help you to let know your repayment capabilities and your credit worthiness that how much loan quantum you can secure and at how much interest rates.