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.

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.

A personal loan is one of the best options for any short-term financial crunch or immediate emergency. This unsecured loan is quite handy and can easily manage the planned as well as unplanned expenses. The advancement in the technology and the digitalization in lending sector have speeded up the entire loan process, therefore one can “Apply For Personal Loan“ instantly and get the approval for it in less than an hour.

Everything sounds so good about this loan such as quick approval, fast disbursal and many more factors like these which make personal loans, one of the widely accepted financial products among the majority of people. However, there are several benefits associated with this loan but there are certain things about the loan which remain untold. In this article, we will mention some tips about personal loan that nobody going to tell you.

Secure in need: Being an unsecured loan, the rate of interest rate is comparatively higher than other secured loans. So, keep all this in your mind, always apply for a personal loan when you are not left with any other option. It is good to understand that as this loan helps to cover your short-term crisis, you will be paying back it for coming years with interest. Hence, make yourself sure about your repayment capacity within your income.

Additional charges: Before you decide to go with a specific lending institution for taking a personal loan, you need to know about all the terms and additional charges along with interest rates charged by that lender. These additional charges may include processing fees, penalty charges for prepayment or late payment of EMIs, verification charges etc. Make sure that you take these things into consideration as these factors can club together to form bigger amount.

Pick a short tenure: Most of the lenders provide personal loans for longer tenure with lower EMI. It may be quite tempting but you end up paying more on the component, so always try to pick up a short tenure.
Good CIBIL score: A good credit score always helps you to grab the best deals on a personal loan. It will give you the power to negotiate the lower interest rate with the lender to reduce your loan burden.

Research thoroughly: Nowadays, there are innumerable personal loan providers in the lending market offering the same product at different rates of interest. To grab a best deal on your personal loan, it is important to do thorough research before choosing a lender for you. Select a loan provider after comparing every feature such as interest rate, terms and condition, loan tenure etc. and then “Apply For Personal Loan Online“ or offline according to your requirement.

Hence, if you are looking to sign for a personal loan application, it is important to consider above mentioned tips as they will not only help you to catch the best deals on personal loan but it will also keep you stress free from the debt trap as well as avoid the future troubles.

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.

Have you ever suffered a loan rejection? Do you know the reasons behind this rejection, if yes, and then do you want to improve your odds of your loan application approval? Before heading to the reasons, you must know how the loan processing works, steps involved in loan application that will make you eligible for re-application with better chances of approval. Generally, personal loans are unsecured type of loans that doesn’t require any security against them. You can “Apply For Personal Loan“ from various lending institutions.

There is no standard set of documents that each lender asks for as it varies from lender to lender. Typically, you will need to submit these documents such as PAN card, address proof, last three months salary slips, latest bank statement etc. However, personal loans are the convenient form of debt but getting an approval could be challenging sometimes. There is a set of criteria that lender will ask for while considering your loan application. Let us have a look on some ways to fix your loan eligibility.

→ Review the reasons of loan rejection: To fix any problem, you must know the reasons behind it. There could be number of reasons for your loan rejection. Some of them may be low monthly income, bad credit score, inaccurate information, unstable profession, existing loans, number of loan enquiries etc. the lender will not take such things positively and may reject your loan application.

→ Improve on credit score: A credit score helps the lender to determine your creditworthiness. If you have a high score of 750 or more, you have greater chances to get your loan approved and you may also get an opportunity to secure a loan on low rate of interest. So it is crucial to build a strong credit history. To do so, it is important to make timely payments on your dues, credit card bills and existing loan repayments.

→ Maintain your debt-to-income ratio: This is the ratio that determines your debts with respect to your income. A higher ratio will reflect that you have too many debts and unable to repay your loan. Therefore, to maintain your ratio low, you must repay the existing debts before applying for new loan. In result, lender will be risk free to provide you personal loan at competitive interest rates.

→ Compare and borrow: Every loan enquiry adds up to your credit report and affects your score adversely. So, do a proper research about lender and compare the loan products online. Every lender has different set of eligibility criteria and rate of interest. You must choose the lender that caters your needs and provides you quick and convenient personal loan.

→ Check your documents before applying: Before you “Apply For Personal Loan Online“ or offline, check your all documents in place. Do not provide any inaccurate information to comply with lender’s terms to face any rejection. Never make a rush before re-applying any loan.

At the end, do not get disheartened, if you get your personal loan rejected. Just follow the above mentioned steps to improve your chances of loan approval.