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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 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.

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Posted on Monday October 25th, 2021

A business loan helps the business owners to turn their dream of business ownership into a reality. Most of the lenders in the market offer the business loan to provide necessary funds to the businessmen. However, when you finalize your decision to Apply For Business Loan which helps you to get business off the ground but it has certain drawbacks which we have mentioned below:

Weary Application Process: A business loan has a tedious application process with lots of complexities as compared to other loans. Every lender checks and validates each and every required document that business person puts in application. The lender judges your loan eligibility whether you are eligible or not for business loan which could be an extensive process.

Chances of Rejection: Every lender imposes strict rules and conditions on the business loan approval. Not all the businesses will meet the eligibility criteria fixed by the lending institution. It is always good to know how lender analyze your application before sanctioning you a loan.

Don’t waste your time in application if there are no chances of it being accepted d dealing with rejection can be difficult and left you wondering, where you should go ahead to get funds for your business needs.

Collateral: Every lending institution requires some form of asset as a security before lending you the loan money. Hence, you have to put any of your personal assets at risk if your purpose doesn’t get fulfilled. You may face the possibility of losing not only your business but also the asset you pledged for loan.

High Interest rate: The rate of interest on business loan can be very high which can defer your business development and growth as your business needs to gain profit from the loan money and manage the cost of high interest rate. Moreover, this extra cost makes it difficult to plan other sound financial strategies.

Credit Score: Some of the lending institutions will let you peek at the loan money depending upon the rate of your credit report. Whether you Apply For Business Loan Online or offline, you have to permit the lender to access your credit report and it will always drop your score by few points.

Applying the loan with multiple lenders put your creditworthiness in a worse place than you applied it for first time. If you want to secure a bigger loan quantum, you have to maintain a good credit score by being regular in your repayments and shedding off the debt load.

Loan Approval: Above mentioned factors wouldn’t be an accurate list of setbacks but it’s hard to get a business loan in some instances. Few lenders offer shorter and streamlined ways to get required finances but renowned lenders still ask the business owner to submit a lot of financial paperwork, tax returns as well as marketing plan to get into the door.

It can be almost impossible for new venture to get a business loan as lenders ask for the profit records of last two or three years. Therefore, start ups choose to look for other methods of funding.

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Posted on Wednesday August 11th, 2021

With COVID-19 restrictions changing daily, every business person is under great deal of stress by disruptions in supply, lower cash flows and increasing overhead costs. Nowadays, many lenders are offering secured and unsecured business loans to keep your business healthy as well as help you to provide the customers, a quality services and products. Being a new business person, when you don’t have much of assets to pledge for loan, you can also Apply For Business Loan without collateral.

Yes, such loans are called unsecured business loans especially for those who don’t have any assets to offer as collateral. It could be great if your firm is growing and you require funding to cover new costs. Collateral is a main difference between secured and unsecured business loan which have a great impact on loan terms which we will discuss in detail.

→ Loan Amount: As there is no requirement of security, the loan amounts sanctioned by lenders are small for unsecured business loans as there is more risk involved to default on payments where as secured loans will generate you a desired loan quantum.

→ Loan Tenure: Unsecured loans are always offered for a short tenure as compared to secured business loans. As there is more risk involved for lender to recover the loan money but if your repay the loan as per predetermined EMI schedule, you can secure other loan for longer tenure easily because of your trustworthy business.

→ Interest rate: Most of the lenders charge higher interest rate for an unsecured business loan than a secured one. Providing a lender with no security makes you more vulnerable to loss in case of default, for which they charge high rates to compensate for that.

There are some advantages linked to unsecured business loans which are mentioned below:

→ No collateral: A secured business loan always demands for some form of collateral but in unsecured loan, one does not require collateral. It means even if you default in case of such loan, one does not risk losing any security to the lender.

→ A chance to grow: If you don’t have any asset to provide a lender, it should prove as a barrier for your business. Therefore, unsecured business loans are great way to build a good credit score as well as these loans have shorter tenure, one can borrow small quantum, repay them quick and can secure another business loan qualifying you with larger loan amounts.

→ Quick processing: The loan processing and disbursal time for unsecured business loan is less as lender does not have to spend time in verifying the value and legitimacy of the asset you offer them. These business loans generally require minimal documentation which reduces its processing time. If you have a good credit history, strong business plan and business documents in hands, you can easily process a business loan within few days.

If you want to Apply For Business Loan Online or offline, start your unsecured business loan application with ShubhBank today. You will experience a zero hassle and zero hidden charges on our business loans.