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.

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.