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BASIC RULES TO KEEP IN MIND BEFORE APPLYING A LOAN

Posted on Friday February 7th, 2020

Nowadays loans are the survival tool for many individuals as they get you the money at a time of emergency in a hassle free manner. It gives you the benefit of borrowing money with pocket friendly and Affordable Rate Of Interest rather than asking family or friends for monetary help. Another advantage is repayment options where you are in favor of repaying the loan quantum as long as per choice in easy monthly installments known as EMI. One should know about the basic rules to keep in mind before applying a loan to make the loan journey more comfortable.

Affordable EMI of loan: A smart borrower never bites off more than he/she can chew comfortably. So one should take care that loan EMI should never burn a hole in your pocket. Our loan EMI should not exceed from 30% of your total monthly income. If loan to income ratio is in limit, it is always acceptable to lender. If you are unable to maintain the EMIs then it will surely give you a financial burden and mental stress and you will not be enable to focus on other financial goals.

Compare each and everything: Either it is a basic product or any other financial products, we all get active in terms of bargaining and finding the best deal available in market. There are number of banks and NBFCs offering different kind of financial services at different interest rates. The rate of financial product varies from one lender to other. Hence, it is important to compare the lenders and what benefits they are offering.

Do the calculation: The thought of borrowing more money than you need is tempting itself. It might seem to be a smart option but it will generate a burden for rest of the life. Though many of lenders offer money up to higher limits but we should not jump at this thought. It is always advisable to Apply For a Loan and borrow the money equivalent to your requirement and can be easily repaid. Therefore, calculate your finances and then borrow accordingly.

Short tenure: The EMI is lower in the case if borrower goes for a long term loan and can enjoy the tax breaks but the longer tenure ends up in paying more on interest, however, tax benefits brings the effective cost of loan down. Availing a short term loan may not always be possible for everyone because in this EMI is always high. But having sufficient income and benefits from bonuses and incentives, it is the best option to repay your loan in short tenure with increasing EMI.

Check terms and conditions carefully: When you avail a loan, you have to sign a loan agreement consists of terms and conditions regarding the loan and many legal clauses about that particular financial tool. In case you default on loan, lenders have the full authority to take any appropriate action against the borrower but under those terms and conditions.


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RULES TO KEEP IN MIND FOR INSTANT PERSONAL LOAN APPROVALS

Posted on Monday April 30th, 2018

Online Personal Loans” can be life saver if used for appropriate reasons as per their attractive interest rates. So before proceeding for personal loan, here are some rules you need to keep in mind to avoid any debt trap. One of the important rules to follow while taking a loan is not to exceed your EMI from your monthly income because defaulting on payments can create a dent in your credit report. Keep your loan tenure short because if you go for longer tenure, the bigger the interest burden is. Banks charge lower rates to new customers so switching a lender is more beneficial to avoid any unpleasant experience. Do not ignore other goals of life as it puts down your future financial security in jeopardy. It’s advisable to first look around for the best deals of interest rates before settling for loan that comes your way. It’s important to do your homework keeping these points in mind for the perfect loan.


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LOAN IS THE WAY TO AID YOUR FINANCIAL CRISIS

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.


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SET OF LOAN PRODUCTS BY SHUBHBANK IN TRICITY

Posted on Thursday March 15th, 2018

There are number of banks in India and each of them has their own set of loans- be it a home loan, personal loan, car loan, loan against property or any other loan. In this case study, Shubhbank have tried to document some of the best loan products currently available in country. We have disbursed loans to more than thousands of customer over the couple of years and keep on expanding our network. You can borrow from us by availing your furnished copies of ID proof, pan card, aadhaar card and bank statements. It is important to thoroughly read through the loan schemes before you decide to “Apply For a Loan“. Repayments are done in flexible manner and EMI’s are planned at handsome rates of interest. ShubhBank in Chandigarh provides a transparent platform to connect borrowers and lenders.


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MAKE A WISH AND SHUBHBANK WILL GRANT IT

Posted on Tuesday March 13th, 2018

ShubhBank loans are tailor made to suit the specific preferences of various individuals to meet their diverse financial needs. We are sensitive to the different income ranges of its customers and hence has devised custom made schedules of restitution. ShubhBank offers personal loan to individuals in order to fulfil their personal financial needs. This needs could range from the purchasing of consumer durables to genuine credit requirements. We provide personal loan to make the milestones in your life more monumental by raising need of their monetary aspects. Whether its your child’s higher education or wedding. ShubhBank’s “Personal Loan at an Affordable Interest Rates” allow you to enjoy the important moments of your life without any concerns. Our loan is generally more flexible, money is available faster including hassle free loan processing.


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HOW A PERSONAL LOAN SAVES YOU DURING HARD TIMES

Posted on Thursday March 8th, 2018

Life is full of uncertainties and tough times can knock your door anytime. It can come in many ways such as medical emergency, urgent house repair, car breakdown, paying an education fees or so on. Everyone use to save his/her earnings to cope up with these tough times but in this real world it is too  tough to bring it in practical. When you don’t have adequate amount of fund to face the problem the only reliable option that can save you is “Personal Loan“. It is the best credit product that is available in the lending market as it don’t ask for the collateral. There is no such fixed use of this loan, borrower can use it to satisfy any financial needs. Even the processing of this loan has become faster due to the advent of online lending. Gone are the days when the person have to submit the piles of the papers to apply for loan. With the nature of being unsecured and quicker in processing, personal loans have become saviour for many in urgency of life. One can get the loan amount in their account within 24 hours of application which makes it best tool for fighting emergencies.