Ever you thought how your colleague is so relaxed after having a debt on their burden or how your neighbor managed to send his kids abroad for higher studies? Well, the answer to all these is Personal Loan. It is a multitasking loan that can be utilized for any purpose and helps to end your financial worries.

A personal Loan is very popular because of its flexibility as well as doesn’t require any collateral and can be avail at click of your finger which makes the loan processing time lesser than other collateral-based loan. You can “Apply For Personal Loan“ to plan big ticket purchases, consolidate your debts, pay for urgent medical bills, fund your child’s education in abroad as well as plan much awaited vacations.

It is evident if you are availing some loan, you have to repay along with applicable interest and sometimes it can be burdensome for you. Therefore, one must take the note of some vitals before getting a Personal Loan which are mentioned below:

→ Borrow in limit: Prior to availing, decide the loan amount depending upon your need as it is critical to evaluate your requirement. Always remember excess borrowing can become burden later. Laying out the principal amount according to your necessity will help you to get maximum output at affordable EMI while maintain a good credit score. Your loan amount will also impact loan processing fees, foreclosure charges as well as monthly installments.

→ Processing time: Every loan applicant looks for quick loan approval and it becomes more significant when you are in urgent need. Hence, try to avail a loan from lender who does not delay your loan processing by unnecessary evaluation checks and lengthy documentation.

→ Opt a right repayment structure: Repayment structure is one of the key factors that impact your monthly installment outflow. The EMI of your loan depends upon the tenure in which you wish to repay the loan money along with interest. Longer will be the tenure, lower will be the EMI but you might end up paying more borrowing cost. Try to opt a suitable tenure with affordable EMI so you can repay the loan comfortable without paying any late fees.

→ Interest rate: The rate of interest is also one of the significant factors as it varies from lender to lender. Well, Personal Loans have lower rate of interest than credit card loans but some lenders also have some hidden charges. So, it is advisable to compare and finalize a suitable lender who provides best interest rate with no hidden charges.

→ Credit score: It is the most important criteria to evaluate your creditworthiness for the lender whether you “Apply For Personal Loan Online“ or offline. A good credit score helps you to grab lower interest rate on loan, quick approval as well as easy eligibility criteria. Keep an eye on your credit score and maintain it well to secure loans in future.

Hence, if you consider these entire essentials before applying for a Personal Loan, you can easily fulfill your financial needs without turning the loan into debt trap.

A Personal Loan is a great option for individuals who need monetary help to meet unforeseen expenses. This financial aid can be used for various purposes such as renovating a house, wedding expenses, paying a hospital bills and many more. Nowadays, it is a seamless process to “Apply For Personal Loan“ either from office or home and repay it through monthly installments. Most of the lenders offer flexible loan tenures which has made this loan convenient for the borrowers.

Every lender has their terms and conditions while offering you a personal loan. In this article, we will guide you through some of these terms which you must be aware of before availing a loan:

→ Easy eligibility criteria: These criteria evaluate that a borrower is worth of getting a loan. It has been put in place by lenders to ensure that the borrower can repay the loan on time. A loan seeker needs to be at least of 21 years of age and not more than 58 years at the time of loan maturity. One has to be employed for full time and needs to earn at least 25000 rupees per month. The eligibility criteria are so easy that anyone can meet this up.

→ Nominal documentation: Every lender asks for some documents to comply with RBI guidelines to ascertain the financial suitability of a customer for Personal Loan. A lending institution generally demands KYC documents like PAN card and Aadhar card. One also needs to submit their residence proof as in utility bills or passport and income proof through salary slip. A lender may ask for your latest bank statements or ITR slips.

→ No collateral: A Personal Loan can be availed without pledging any asset as security. It means you don’t need to provide any of your personal or professional assets to acquire loan money because loan terms are based on the income and credit worthiness of the borrower. A lender will ask your monthly income and credit rating to determine your eligibility for a personal loan. Therefore, one doesn’t have to risk their assets while getting such a loan.

→ Flexible repayment structure: The repayment tenure means the fixed time period in which you have to repay the entire loan amount including interest rate. It can range anywhere between six months to five years. One can choose the longer tenure where he/she has to pay a lower EMI every month whereas in shorter tenure, one has to pay large EMI resulting in lower loan cost.

→ Competitive rate of interest: One can also “Apply For Personal Loan Online“ or offline at very attractive interest rates without pledging any collateral. The interest rate depends upon the credit score and loan amount asked by the borrower. You should be aware of the fact that if you have a higher monthly income then you will be offered with lower interest rate.

Hence, after reading the above mentioned factors, you will find the terms and conditions of Personal Loan are quite relaxing. So, before you apply for a loan, make sure to read all the provided information to enjoy your loan journey.

If you are struggling with a financial issue then a personal loan from ShubhBank is a convenient option to fulfill all your personal and professional needs. One can access the funds to start a new venture, to travel abroad for vacations, to buy an expensive gadget or many more after applying for a personal loan. It gives you complete financial assistance to manage your expenses without exhausting your emergency fund.

Any salaried person or self-employed individual can “Apply For Personal Loan“ at ShubhBank to avail instant cash in your pocket at the time of sudden emergency. These loans are categorized in unsecured loans where you don’t need any asset to pledge for the approval on loan. The quantum of loan depends upon several factors such as your income, credit score, age and repayment history.

Here, In this blog post, we will discuss about the ways in which ShubhBank fulfills your loan requirements:

Instant Approval: Our institution understands the value of time and sometimes, a person has little or no funds to tackle the financial crisis. In case of emergency, one cannot wait longer to avail the immediate funds. If your documents are in hands, your loan approval will take just for minutes to be processed.

Affordable interest rates: There are numerous lenders present in the market who offer lucrative interest rates on personal loans which are cheaper than credit card loans. Moreover, processing of loan takes less time to credit the funds to the borrower’s bank account. One can avail instant Personal Loans at competitive rates. Everybody wants loans at lower rates as cost of living is very high these days.

Minimal paperwork: The online loan processing has made the credit funding paperless and one can get the loan without any physical verifications. A borrower can verify his/her credit score online and upload the other details in online loan application form instead of collecting piles of papers.

Flexible repayments: It is the main concern of every borrower to handle the monthly installments as it can add up an extra burden to your monthly budget. Therefore, ShubhBank brings a personal loan for you whom you can repay in flexible repayments. One can choose different tenures according to their budget as well as different modes of repayment to ease their pocket and to maintain their financial health in the future.

High loan quantum: Loan seekers can get the option to choose the loan amount between few thousands to several lacs depending upon their eligibility as well as credit history.

No collateral: A personal loan falls into the category of unsecured loans where you don’t require collateral to pledge against loan money. So, it is easier for borrowers to “Apply For Personal Loan Online“ or offline without pledging any personal asset.

ShubhBank offer their customers with a personal loan to meet their various needs such as for home renovation, electric goods, for wedding expenses, to fulfill any medical emergency and to fund the vacation etc. We offer fastest disbursals and pocket friendly loan solutions in need of funds. If you are in need of personal loan, call us or apply online for it.