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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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Posted on Monday February 7th, 2022

In past times, when you had been tried for a loan, you would be aware of the time consumed in it as well as remember the amount of paperwork you submitted to get a loan. Nowadays, with the evolution of digitalization in the fintech sector has completely changed the lending scenario. With an access to smart phones, you can get anything you need whether it is groceries, medicines or loans and investments.

Before the online portal has been introduced, the NBFCs and banks were only limited to metro cities leaving the majority of potential borrowers undiscovered. Moreover, the cost of loans were very high and time consuming due to the involvement of physical office, lots of documentation, verification and evaluation of loan applicant. Now the technology has revolutionized the way of lending sector and you can Apply For Loan at your fingertips.

The processing time of a particular loan has been reduced to 1-2 business days from 15 days as earlier. Now the whole loan process has become paperless, you only have to upload the documents on online portal of specific lending institution. The physical process of verification has overtaken by API which has decreased the turnaround time to minutes from days. Online lending has penetrated the whole country and has an access to every person who owns a smart phone.

In recent times, online loans are the most convenient financing options available in the market. Here, we have mentioned some of the features of e-loans on which you will agree that they are customer friendly financial solutions. Let’s explore some of these:

Simple eligibility criteria: The eligibility criteria for online loans have become relatively simple and easy to meet. If a borrower is a resident of India and above the age of 21 years and earning enough as his/her monthly income, you are eligible to apply for any kind of loan according to your needs.

Minimal documentation: A decade ago, lenders ask for lot of paperwork and documentation to disburse a loan but online loans are quiet popular these days as they are quick and paperless. To exemplify, ShubhBank provides you a digital platform to Apply For Loan Online with uploading some of the basic documents such as PAN card, residence proof, salary slip of last six months etc.

Fast processing: In past, the processing time was measured in days and moths but today you can process your loan application with 1-2 business days on approval. The disbursal of loan has become much faster when it comes to any financial emergency.

Customized loan solutions: The digitalization in fintech industry has ensured that lenders could come up with customized credit solutions to meet the unique requirements of their customers. One can find tailored solution for their needs whether it is for wedding expense, home renovations, business needs or medical emergency. The competition between lenders has increased to create unique solutions that appeal the potential loan seekers.

Hence, whatever be you need, you can be sure that you will get a tailored solution at ShubhBank.

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Posted on Friday February 4th, 2022

However, professional and vocational degrees do not come cheap but attaining a higher education is important these days. Parents have to set aside a huge part of their earnings for the higher studies of their children and sometimes it can make them feel financially overburdened. They have to arrange funds from different sources such as FD withdrawals or retirement funds to pay the higher fee structure in a prestigious college.

Therefore, to avoid such situations, one should look for other ways to fund their child’s dream of higher studies that do not stress your finances. In case, you don’t need a huge amount of funds then you can Apply For Personal Loan to fund the education. Nowadays, lending sector has multiple options of Personal Loan that comes under pocket friendly interest rates as well as minimal eligibility criteria.

An education loan can also be an option but getting approved for it is not that simple as it requires an admission to good college with good ranks. There is an advantage of tax benefits as per section 80C of the income tax act on the personal loan that you going to use for educational purposes. Moreover, you don’t have to utilize your savings or emergency funds to pay the fees of the college.

Difference between Personal Loan and Education Loan:
If you need large amount of loan money to pay the tuition fees you may not get approved for a Personal Loan but one has great chances of approval on education loan for the same.

Study loan come with some in built features which means if you have any trouble in making the repayments once you graduate them you will be offered with some relief through forbearance programs of deferment by the specific lender which is not possible in the case of Personal Loan.

In the aspects of Personal Loan, one has to make the repayments towards the loan quantum soon after the disbursal of funds whereas study loans come with earning based repayment options where the installments can be adjusted to fit your pocket. Once your child completes his/her degree courses, you generally have a grace period of six to twelve months before starting any repayments.

There are no end usage restrictions on funds when you Apply For Personal Loan Online but qualifying for an education loan is not that simple as it demands good college as well as good marks.

The disbursal time for Personal Loan is so quick that you can get the loan money within 1-2 business days while it takes little more time to get the disbursal on study loan.

There are so many options to fund your higher studies in India or abroad such as using the parent’s savings to their retirement funds or taking a personal loan or education loan, it all depends upon your budget, earnings and requirements that which financial solution suits you the best to fulfill the dream of your child to be successful in life as well as easy on your pocket.

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Posted on Monday December 6th, 2021

In recent times, our basic needs have started seeking faster gratification too such as the needs for funds. Therefore, personal loans give an easy remedy which is always within the reach of an individual and is the remedy to today’s financial needs. You can Apply For Personal Loan for any of your need such as buying a new gadget, wedding, setting up a new business, creating an art studio and many more.

Well, in previous times, getting a personal loan was a daunting task. The time taken to get the approval on loan, submitting the piles of papers and hidden charges deterred loan seekers as they wanted their needs to be fulfilled as soon as possible. Nowadays, the process of applying a loan has been simplified. The digitalization has made the life easier and enhanced the popularity of Personal loans.

There are number of aspects related to the processing of loans such as application process, documentation, approval etc. Here, we have mentioned few steps that one needs to follow to get a Personal Loan.

Eligibility Criteria: There are some of the criteria which one needs to fulfill to get eligible for loan which requires you to be an Indian resident above the age over 21 years and his/her net monthly income to be over INR 25,000. If you fulfill all these criteria, you can move to the further step of application.

Application Procedure: At this step, one has to fill the application form on our website ShubhBank.com or you can visit out branch in tricity. In this form, you have to fill in the details such as name, type of loan, your address, the details of your employment and other required fields.

Documentation: You can say goodbye to humongous paperwork these days. All you need to do is to submit your documents at branch or you can upload all the documents on our website following Aadhar card, PAN card, last six months salary slip as well as bank statement, ITR returns.

Verification: The lending institution will evaluate your application, check the credit score and go through the documents. If you fulfill all the considerations regarding Personal Loan, you chances of getting an approval on loan are very high. Once the loan gets approved, the loan quantum is disbursed to your mandated account.

Disbursal: It takes 2-3 business days for the loan amount to get credited directly to your bank account if you Apply For Personal Loan Online. With minimum documentation that is needed to be submitted for loan approval, the loan procedure gets as easy as pie.

Personal loans from ShubhBank are the best financial solutions that will come to your rescue in any emergency. These loans are fast, easy to process and require less documentation. We at ShubhBank, understands your requirements and create tailor made solutions to address them. Therefore, if you need a Personal Loan for any need, do visit our branch or get in touch with us through our website. We will gladly assist you in securing the Personal Loan.

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Posted on Thursday November 25th, 2021

A business needs a lot of cash for following the changing market trends. These funds are not only required for the survival of the business but also to handle other expenses which are required to maintain the smooth business operations. Therefore, every business must maintain a high level of working capital as it ensures the effective and efficient running of the firm without any obstacles.

In some cases, when you find the working capital is low or shortage of funds, a business owner can Apply For Business Loan and use that loan money to cover the different expenses of the unit. In this post, we have discussed some expenses which you can fulfill with the help of a business loan:

Cost of location: Every business set-up requires a location that is beneficial for both the supplier and the market. Besides that, it depends upon if you buy or rent the place too. Once you set up your firm then your expenses can be related to the maintenance and expansion of the business required as per needs. These things require a lot of money where a business loan can help you with all these.

Cost of assets: When you run some business unit, you need some assets that will help you to achieve success in production and manufacturing as well as increase efficiency. To upkeep these assets and to purchase the upgraded ones, you can secure a business loan. The loan quantum from this loan solution will help you take care of all expenses related to purchasing machinery or equipment.

Costs of employees: Your office staff is very important to mark your business operations. So, you need to take good care of them and offer those bonuses and other benefits. These benefits can range from high remunerations to health schemes, to gifts and provident funds or sometimes with vacation etc. If your business unit has more labor, then you may require a higher amount and hence a business loan will make you sure to take care of employees related expenses.

Costs of security: It is very important for a good survival of your business by keeping your location, machinery/equipment, your production unit and your employees up to the mark. However, it is also very significant to ensure your firm is safe from any theft or malpractices. To get a high level of security, it needs a higher cost where again a business loan can help you to cover such expenses.

Having an eye for all such things while running a production unit is very important. It enables you to identify any flaws and needs to take corrective steps. In case, your profits or working capital is not enough then you need to worry about it. All you need to do is Apply For Business Loan Online or offline via ShubhBank and by securing a good loan quantum; one can clear all these expenses. First, check your loan eligibility for getting an approval on loan and then compare the interest rates on it to secure a best deal ever.

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Posted on Monday November 8th, 2021

Personal Loan is the most popular financial product offered by financial institutions and most preferred loan solutions by the borrowers. A personal loan has amazing benefits and great feature for which it is considered to be a financial hero. Most of the people who are seeking funds for their professional and personal needs usually Apply For Personal Loan and it is not less than a hero for them.

We have listed some of the basic reasons why personal loan is believed to be a financial hero in the given article:

No collateral: It is an unsecured type of loan which means it does not require providing any personal asset as a security to the lending institution. It is granted on the basis of borrower’s credit history, repayment capability, current loan obligations and most importantly the credit score. However, it does not require any collateral being an unsecured loan but lender may charge you high interest rate on it.

Savior in financial emergency: The personal loan is the instant form of loans in country. You can get an approval within 2 working days after submitting all the required documents and loan money can get disbursed in 24 hours to your bank account. As the funds are granted immediately so you are enable to use the money for any personal emergency or business requirements such as for working capital needs or expanding the business.

Moreover, one can use it to pay any medical bills, utility bills or to fund their studies, wedding as well as for travelling purpose. Hence, it is called out to be savior in emergency situations.

Less documentation: This loan does not require any mortgage so the documents required to process the loans are very less in number. The borrower just has to submit his/her KYC details, professional details and current loan obligations. You don’t have to waste your valuable time in gathering the piles of paper. Thus the loan process requires very less time and gets approved in shortest possible time.

Boost your credit score: Securing a personal loan and repaying it on time can boost your credit score to great extent in a positive manner. Be it a small or huge amount, but timely payments of EMIs strongly impacts your credit report. It will directly help you in future to secure the newer and bigger amount of loans at smart rate of interest.

Use it for multiple purposes: Either you Apply For Personal Loan Online or offline, one does not require disclosing the reason behind securing it. The lending institutions do not ask the borrowers as to why they are taking the personal loan. She/he can apply a personal loan to fulfill the various personal and professional purposes which may include Medical emergency, business requirements, debt consolidation etc.

Hence, if you are in need of funds to fulfill any of your financial emergency, get in touch with ShubhBank to avail a personal loan which is offered with amazing features, great benefits as well as competitive interest rates with hassle free loan procedure.