Loans are the credit tools that are capable of helping you in your tough financial times. It might be a personal loan that can be availed for multipurpose usage or a home loan that funds your home purchase but these helping tools have to be repaid, that’s too with accumulated interest rates, nowadays, availing a loan has become quite easy with the online availability, you just need to fill the “Online Loan Application Form“ submit the required documents and have to fulfill the set of eligibility criteria of the particular lender and its approved. Once the loan money gets disbursed into your account, the repayment process starts including paying off the EMIs. If you have availed a loan by evaluating your income then you can be relaxed but if it is not analyzed properly then it can cause a serious trouble to you later.

Life is uncertain and throws up surprises sometimes at you which may hit your finances. Therefore, here are the smart ways to reduce the loan burden to make you feel stress-free.

→ Be in your budget: Whenever you think about managing your finances well, you have to start with a monthly budget. It gives you an idea of how much your expenditures are and teach you to live within your pocket. To make a budget, start with making a list of money you spend in previous month and after analyzing it, create a budget for the next month. Cut all the unnecessary expenses which will make you to save much more at the month end.

→ Grab the tax benefits: It is not necessary that all loans will bring you the tax benefits but the home loans do so. If you have decided to repay a housing loan which gives tax benefits, one must do a cost benefit post-tax evaluation. Instead of clearing such loans, you should focus on those loans which have higher rate of interest and do not offer tax benefits. Few times, it may be good to retain a loan which offers tax benefits.

→ Go for an affordable EMI: Securing a loan can be an easy game for many as they get quick access to the needed funds but it can be tough to repay it as you need to pay much more than the principal amount along with interest. So, to keep the loan journey easy, always “Apply For Loan“ amount that can be affordable without hitting your monthly budget. Take the help of online EMI calculators to know your monthly installments in advance. A shorter tenure of loan can increase your EMI burden. Hence, try to calculate your repayment capacity and affordability before choosing your loan EMI amount.

→ Increase repayment with hike in income: To bump up the EMI with rising income is one of the easiest ways to reduce the loan burden. It will not only help to repay your loan faster but will also make you stress free. Increasing the EMI will end your loan sooner making you enable to focus on the other financial goals.

These are the some ways which should be followed by everyone and will help you to get rid of your loan burden faster.

Financial goals are the savings, investment or expenditure targets you plan to achieve over a set period of time. The phase of life or the age you’re in usually determines what type of financial goals you wish to achieve. For example, if you’re a teenager, it may be an easy short-term goal like saving for a new pair of branded jeans or something more challenging like saving for a bike. On the flip side, an individual with a growing family would have a long-term goal of going from renting a house to owning his/her own home by taking “Home Loan“. Moreover, saving for a child’s higher education and saving for your own retirement are the other popular financial goals.

How a one can set the financial goals?
Setting the financial goals is not an easy steps, one has to be determined about his/her decision. So, we are there to help you by suggesting some steps to set the financial goals.

• Figure out what matters to you at first. Put everything, from the practical and crucial to the unusual and distant, on the table for inspection and evaluation.

• Examine out what’s within reach, what will take a little time, and what must be part of a long-term strategy.

• Apply a SMART goal strategy on yourself. Make certain that your ambitions are Specific, Measurable, Achievable, Relevant, and Timely.

• Create a realistic monthly budget. Get a strong hold on what’s you saving and what’s you spending, and then work on it to address your goals. Use your budget to plug leaks in your financial boat.

• Your realistic and practical layout and water-tight budget will show at least a handful of leftover money. How much that money is, get it automatically directed into a separate account designed to complete the first couple of things on your list of priorities.

• Monitor your progress with passing time. Ensure yourself that you are hitting the set benchmarks. If not, take some time in that case to re-evaluate what is wrong.

How to achieve the financial goals?
The best way to achieve your financial goals is by making a layout that prioritizes your savings and investments. When you evaluate your own expenses and savings, you’ll discover that some are wide and distant-reaching goals, while others are narrow in aspect. Your goals can be separated into three categories according to time period:

• Short-term financial goals take a couple of months to achieve. For instance, it may include taking a holiday trip, buying a new gadget or paying off a particular debt by taking “Personal Loan“.

• Mid-term financial goals can’t be achieved in a short time and can take too many years to get accomplished. To illustrate, it may include purchasing a dream car, finishing a degree course or certification, or paying off your existing debts.

• Long-term financial goals (more than five years) may take long years to get accomplished and, as a result, they require longer commitments, true determination and often more money. To exemplify, it might include buying own home, saving for a child’s higher education, or for a comfortable retirement.

Loans can be a savior during an emergency and they don’t have to trap you in debt over a period of time, if you manage your finances well. Even, you can get tax benefits from certain kind of loans. It is true that you could get some great tax deals on your loans. As per the income tax, 1961, government has levied some tax benefits that have been provided been provided to the borrowers to reduce the burden of tax repayment. Let’s have a look on some common loan options that offer tax benefits.

Home Loan: It is one of the biggest loan liabilities that a borrower can avail. The loan quantum and tenure can be high on “Home Loan“ but the tax benefits that a customer reaps on it are pretty good too. It can benefit an individual in two ways. Firstly, the amount paid towards the principal qualifies a tax deduction under Section 80C of the Income Tax Act while another benefit comes from a deduction in the amount paid as interest on the loan. If one has his/her spouse as co-borrower, the deduction can be claimed by each of you. The tax benefits on home loan can only be availed after the construction is completed.If you are planning to sell your home within five years from the date of taking loan then say goodbye to tax benefits.

Study Loan: The government has put various measures to promote higher education in youth and people have become aware to venture out of the country to study. Nowadays, the cost of professional courses such as medical and engineering is still sky-rocketing in India as well as abroad. This is when study loans come in handy as they pave the way to your future. To enjoy the perks of tax benefits on your Study Loan, the loan should be borrowed from scheduled financial institution. The tax benefits to the borrower availing an education loan for pursuing the higher studies come under the Section 80E of the Income Tax Act. This advantage can be availed for maximum of eight years or on the tenure, whichever is applicable.

Personal Loan: It is a type of unsecured loan that offers a plethora of requirements. This loan is a lot easier to obtain without stating the purpose of borrowing it. The most common reason behind applying a “Personal Loan“ is medical emergency, debt consolidation, travelling, higher education and many more. Most of the people tend to miss out the tax advantages on it as not many know this benefit of loan. Generally, the principal amount and charges of interest paid towards loan cannot be deducted for tax exemptions but you can claim the benefits if you are using the borrowed amount for home renovation.

Now you have a guide that if the loans are handled responsibly, they can help you plan your finances in a better way. The tax benefits are the fantastic offers provided on Home Loan, Study Loan and Personal Loan. If you are looking for a loan from above mentioned categories, just give them a shot.

Every person has different notion of borrowing, some might consider it ok to borrow money for short term as well as long term goals whereas some might be strictly against any sort of borrowing. However, in certain situations of life, we have no other option than to avail a loan. The misconception about taking a loan is not good for your finances couldn’t be ignored. The loans can help you in number of ways such a growing your business, get your child higher education; help you to buy your dream home or to invest in attractive business opportunity. However, if loan is not used correctly, it could trap you in vicious debt cycle. So here are some points listed in what circumstances you need to borrow money and there is no harm in it.

→ Medical Emergencies: An emergency can arise uncertainly, therefore, it is tough to be prepared if you are caught off-guard. If you don’t have any medical insurance to cover your emergency, then borrowing money is inevitable. Several lending institutions offer personal loans to help you take care of medical emergencies without worrying about huge bills of the hospital. However, do check the terms and conditions of the loan before borrowing it.

→ Higher Education: If you are worried about child’s future education, a loan against education could be an excellent option if you don’t have adequate savings. Most of the banks and NBFCs in India provide education loan to help the children fulfill their dreams. The financial institutions not only offer the lower interest rate when you “Apply For Loan“ but also have longer repayment period.

→ Expanding Your Business: If someone wishes to grow their existing business, borrowing money might be a best option, if you are short of funds in account to fuel your expansion. With the easy cash flow in operational units, you can grow your business by leaps and bounds which can lead to increased sales and higher profits. Therefore, have a robust business plan to reflect the lender that how you want to use the loan money to expand your business with minimal risk.

→ Consolidating existing loan: You have taken multiple loans in past years and unable to manage them, then gold loan might be a good idea to avail a loan with high amount to pay the existing loan. The gold loans are offered on lowest possible interest rate that can save you money if you are paying higher interest rates. It not only helps to consolidate the loans but also helps to manage your debts better.

Now we have touched upon few circumstances why people might borrow money. Before you “Apply For Loan Online“ do your homework by comparing the different lenders on internet and keeping in mind the different aspects of loan that how much money you really need and how much money can you comfortable repay in a decided tenure. A loan can turn into messy financial challenge if you mismanage it, so beware of your deeds.

Nowadays, there is one of the best financing tool in market is a personal loan. Be it for starting-up small venture, your child’s wedding or higher education or to fund the purchase of any electronic appliance, you can avail a personal loan for various purposes. There are many lending institutions offering best deals on these loans but getting low rate of interest is not an easy task. Every lender takes into consideration multiple factors before deciding to lend money to anyone. So take a look on some important factors that determine your interest and the ways to get a better rate of interest on personal loan and how to improve them.

Good Credit Score: A personal loan is an unsecured loan and doesn’t require any collateral. Therefore, in such circumstances, a strong credit score is essential. It represents the creditworthiness of the borrower and lenders will ask for your credit reports before approving your loan. Having a good credit score, increases your chances to get easy personal loan as the lender have idea that you will be able to repay the borrowed money on time. Moreover, a strong credit history puts you in position to negotiate the interest rates.

Avail Seasonal Offers: Always pay attention to seasonal offers during the festive season in order to get low interest before you “Apply For Personal Loan“. You can great deals offering zero processing fees, customized pre-approved deals and discounts on interest rates.

Compare the Loan Deals: Before availing a personal loan, keep in mind the interest rates offered by different lending institutions. All the information is available online, these days, so visit the websites of various financial institutions, and compare all the factors then zero in on a personal loan. You can also check with existing creditors for borrowing as they may offer lower interest rates as well as longer payback period than other conventional lenders.

Good Repayment History: Either it is current loan or pre-existing one, follow the habit of repaying your EMIs and credit card bills on time. This timely repayment will not only improve your CIBIL score but you will also be in better position to negotiate for better interest rates on any type of loan.

Calculation of Interest: It is advisable to understand the interest calculation methods before taking an offline or “Online Personal Loan“. Some lenders may offer flat interest rates on loan where the interest is calculated on entire loan amount whereas some may offer loan at reducing rate of interest which is calculated on remaining principal amount. Having a better understanding of calculation method will save you a lot of time and efforts by avoiding paying a higher interest rate on personal loan.

If you are still unable to decide how to get a personal loan at competitive interest rates, you can avail it on ShubhBank.com. Our loan processing is hassle free with minimal documentation, collateral free and flexible repayment options as well as with the approval in just few business days after applying a loan.

Personal Loans from ShubhBank are available in customized forms and have steadily developed the capability of fulfilling both the short and long term goals of their borrowers. These are basically unsecured loans that come collateral free and are pocket friendly growing at a rate of 20% every year. Nowadays, personal loans are being disbursed across a wide spectrum of financial institutions but the reason for growing popularity of Personal Loans at ShubhBank is that we have evolved into a variety of unique and demand specific financial product. You can either use it to renovate your home, purchase a gadget, organize a wedding or take a dream vacation. The availability of requirement oriented product has made this loan completely revolutionary as online personal loans are more inclusive and accessible. Here, we help you to understand that how Personal Loan from ShubhBank helps you to meet your financial needs and can prove to be a best fit for you.

1) Debt Consolidation: This loan can help you to consolidate all your debts under single umbrella. You can simply apply for Personal Loan from ShubhBank and need not to worry about paying multiple loans with fluctuating interest rates. You can club all your outstanding payments into one monthly installment and it will help you to shoot your financial troubles leaving you stress-free.

2) Wedding Expenses: Marriages in our country generally encompasses a big fat fanfare. A venue, the decor, outfits or the food, turning your wedding into a cherishable moment requires a healthy dose of finances and that’s what for we sponsor our personal loan. Our lending institution not just helps you to cover your all wedding expenses but also prevent you from breaking into your saved or emergency funds. At ShubhBank, you can avail “Online Personal Loan“ to get funds with low monthly installments to deal with wedding expenditures without any hindrance.

3) Big Purchases: Sometimes, need of making large purchases can be sudden affair. A refrigerator or an AC might abruptly break down or your car need to be serviced after accident, so withdrawing cash from saving would dent them largely. Therefore, it would be wise choice to take a small personal loan rather than digging a hole into your pocket and helps you to make a big purchase.

4) Vacation: At the end, you can avail this loan to take your ideal dream vacation. A personal loan crafted at ShubhBank takes care of all your travelling expenses whether it is air tickets, accommodation fares or meal charges. You loan application would be processed within a time span of 2-3 business days giving you the chance to enjoy your awaited dream without taking the burden of expenses.

A personal loan from ShubhBank is increasingly customer-centric, goal-oriented and tailor made financial product which harbor the potential to help individuals fulfill their long-cherished dreams and responsibilities. So if you need to shed your financial worries, you can “Apply For Personal Loan“ with low money cash outflow at ShubhBank.