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WHAT ARE THE TERMS AND CONDITIONS OF PERSONAL LOAN?

Posted on Monday September 5th, 2022

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.


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HOW SHUBHBANK FULFILLS YOUR PERSONAL LOAN NEEDS?

Posted on Thursday August 4th, 2022

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.


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WHAT MYTHS TO BUST ABOUT ONLINE PERSONAL LOANS?

Posted on Wednesday July 6th, 2022

Whenever a situation arises where you need an emergency fund, a first thing strikes to your mind is Personal Loan. It is clear that an online personal loan is a popular way to support financial crunch. The best thing about this loan is that it is not restricted to a specific use. One can Apply For Personal Loan to support different financial urgencies.

Moreover, pledging an asset or demanding collateral is not applicable as it is an unsecured loan. The ease of availability with minimal documentation makes this instant loan a famous one. However, the online loan application process seems to be very convenient but many people consider some adjoining myths while applying a Personal Loan.

Let’s bust some perspectives that potential customers have of personal loans and clear the process for a successful application of this unsecured loan when it is needed instantly.

Personal Loan gets rejected if you have existing loan: If there are ongoing loans overhead and you are managing all the EMIs well, then you must have positive credit score and you can avail more than one loan at a time.

No loan to borrower with low credit score: CIBIL score is an important factor to consider as credit score is the only deciding aspect for approval on Personal Loan. Every lender verifies the income and repayment capacity of a borrower before approving his/her loan.

Interest rate is high: It is not true for every case as the interest rate varies from one lender to other. A loan seeker must compare different lenders for the lower interest rate and decide accordingly which lender holds best loan features along with a competitive rate of interest.

Faster approval to salaried borrowers: The basic eligibility criteria for the borrower seeking a personal loan is a stable income whether he/she is salaried individual or self-employed. Therefore, it is clearly a myth that salaries people get faster approval. Anyone with a regular source of income and timely repayment track record can go ahead to avail a personal loan.

Collateral is mandatory for loan: It is again a myth because being an unsecured loan; Personal Loan doesn’t demand any collateral or a guarantor. In fact, such loans are approved on the basis of borrower’s stable income as well as repayment capability.

Apart from this, there may be some other myths that form a barrier for loan seekers to reaching out for a Personal Loan. Hence, ignore the myths next time before you proceed with personal loan application. By going through above mentioned myths, borrowers are advised not to trust such myths and form opinion, just be some thoughtful enough to consider features of a Personal Loan and finalize accordingly.

ShubhBank brings the best Personal Loan features for online loan application. Better not to hold any myth and Apply For Personal Loan Online or offline and enjoy the benefits of this financial solution. Experience the application on your smart phone or laptop by clicking on our website ShubhBank.com and keep the false saying about personal loans at bay.


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HOW TO CHOOSE A RIGHT TENURE FOR PERSONAL LOAN?

Posted on Wednesday June 8th, 2022

Personal loan is referred to as all purpose loans which can be utilized to meet any financial need such as paying wedding expenses, starting up a new venture or other investment purposes etc. Nowadays, many banking and lending institutions offer personal loans in India without any kind of security. Therefore, personal loans are very popular as compared to other types of loans.

When you Apply For Personal Loan what affects more your budget is repayment tenure which involves EMI and payable interest. Choosing a longer or shorter tenure has its own pros and cons, so a right tenure on your loan is very important as it will help you to save a lot of bucks in future. Thus, we have listed some of the following factors to look upon while deciding loan tenure:

Loan quantum: The required money to be borrowed as a Personal Loan plays an effective role in finalizing loan tenure. If you are going for smaller amount, then there is no need to elongate your tenure but if you are planning for larger quantum, it is good to spread your repayment period for longer duration, so that there will be no burden on your financial health in long run.

Calculate rate of interest: Some of the factors are inter-related with each other such as interest rates, monthly installments and rate of interest. If you are securing a loan at higher interest rate, then you are charged with higher EMI and longer tenure. Hence, make sure to compare all the combinations of interest rates and loan tenors and choose one that is convenient for you.

Plan your monthly budget: Your monthly earnings and budget should be assessed to compare it with repayment terms by the lender. If you find that your monthly expenses take about 60-70% of your monthly salary, you can go easy on EMI amount of your loan. One can opt for shorter tenure on Personal Loan. If you can budget your monthly earnings in such a way that you can make high EMIs conveniently will be better option.

Clear current financial liabilities: A person who doesn’t have a good credit score then he/she has to pay higher rate of interest. Also, it will affect the duration of your repayment structure. If you are already paying off any existing loan then it can put a huge financial burden on your budget, making you extend the new loan tenure to pay off new EMIs. So, one must clear their existing financial liabilities to maintain a good credit history.

A Personal Loan is one of the most convenient loans in the lending market these days. Try to follow a stringent financial discipline so that your credit worthiness should not be affected and then Apply For Personal Loan Online. However, it is also advisable to study the offers well and compare the loan solutions offered by different lenders.

To avail comfortable loan tenure, visit ShubhBank and get the benefits like instant approval, less documentation and fast disbursal. Always remember, every penny counts so it is important to choose right loan tenure along with loan amount.


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HOW ONLINE PERSONAL LOAN HAS CHANGED THE LENDING PATTERN?

Posted on Friday May 6th, 2022

Personal Loans are small sized loans that are accessible at smart rates of interest and can be easily disbursed to your bank account. Many lending institutions are offering this form of credit to people for fulfilling their needs but for shorter repayment period. All these lending companies have their own digital platform where you can Apply For Personal Loan and easily access the required funds.

The advancement in technology has motivated so many potential borrowers to avail shorter cash credits. Before the evolution of digital platforms and web portals, getting such smaller loans for traditional banks was a tedious task. Nowadays, online loans have changed the entire lending pattern.

In this blog post, we have highlighted some of the benefits of availing an online personal loan which have mentioned below:

No need of financial collateral: Personal loans are the unsecured loans and don’t require pledging any of your assets as security or collateral against loan. If you are working professional and require funds before your next paycheck, you can easily get this loan and loan repayment period is shorter.

Faster paper processing: As the whole loan process is online, the required documents are uploaded within few minutes and you loan quantum will be disbursed in your bank account within 1-2 business days if you have strong credit score as well as meet the eligibility criteria. One doesn’t have to collect the piles of paper and visit to a branch to apply for a loan.

Paperless transactions: Most of the lending institution has an easy and basic documentation process which can easily be done with mobile and electronic gadgets. It means you don’t need to visit any lending branch physically as you can avail a personal loan at a one finger click by sitting at your home or office.

No hidden fee: When you Apply For Personal Loan Online ensure yourself by reading all the terms and conditions, rate of interest, monthly installments and any other charge if applicable as there is no hidden fee on it. All these factors are highlighted on the web portal of specific lending mobile app to get a hassle-free loan.

Real-time tracking: It is one of the greatest features of personal loan that one can track their loan application. After you apply for loan, you can track your application status on your mobile through SMS or emails. Moreover, one must receive the regular updates from lender regarding the processing of their loan application.

Competitive rates of interest: Those days are gone now when branch managers handled the interest rates of loan. There are number of lending institution present online who offer highly competitive rates and you can compare the different lender and rates before you decide on specific lender to fill out your loan application. The rate of interest is fixed based upon your creditworthiness and repayment capability.

Quick loan disbursal: One has to provide their banking details along with account number, IFSC code of branch etc. hence. Your loan amount is disbursed to your bank account within few hours after approval and you can use the cash for any required purpose.


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WHY TO PAY OFF YOUR PERSONAL LOAN QUICKLY?

Posted on Friday January 7th, 2022

In past times, loans were only taken in the dire need or for any financial emergency but loans have become the part of life these days. There are multiple banks and NBFCs in the market who provide various kinds of loan with lucrative rates of interest. Many individuals take an advantage of most flexible loan and Apply For Personal Loan for big and small reason such as buying an electrical appliance for home or purchasing a new expensive mobile handset.

However, we get amazed by the benefits of this loan but somehow debt keeps on piling up at the end which could not be good for your financial health. Therefore, one needs to carefully manage their debt and plan how to repay it faster. There are some reasons why it is good to pay off the Personal Loan quickly:

Stress-free Mindset: You might have heard from the financial experts or from your near and dear ones to repay the personal loan as quickly as possible. However, it keeps accumulating the debt but before paying off the loan, one needs to carefully plan their budget and pay off the quantum accordingly. Hence, following a systematic way helps you to improve your credit score and to get relieved of stress.

Good Financial Health: Your credit history is one of the most important factors in deciding the approval for any kind of loan whether it is a Home loan, Business Loan, Machinery Loan, Loan against property or even Used Car loan. It is necessary to pay your fixed EMIs on time which will reap you great benefits such as instant approval, quick processing, lowest interest rates and many more on getting the loan in upcoming times.

You can also improve your credit score by the use of your credit card. Using a credit card in limit and paying the bills on time will help you to increase your CIBIL and you will be able to bag the lowest possible interest rates on needed loans in the future.

New investments: Every individual needs an investment for better survival and as emergency fund. So, when you pay off your loan money quickly, you will be debt-free. It also means that the funds which you were using to pay the EMIs of Personal Loan can now be utilized to invest in other sectors such as SIPs or equity funds. It can help you to accumulate a wealth for you and also set up an emergency fund for any financial urgency in the future.

As we all know, a financial need always crops up when we least expect it and get you in trouble. A Personal Loan from ShubhBank is tailored as a quick solution to your immediate monetary requirements. One must Apply For Personal Loan Online or offline from our branch or website to get sought for multiple reasons, debt consolidation or financing your new business set-up and many more. Our organization doesn’t seek any security against loan and aids you in the times of financial crunch.