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HOW TO FIX YOUR PERSONAL LOAN ELIGIBILITY?

Posted on Monday April 5th, 2021

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.


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HOW PERSONAL LOAN FAVORED OPTION DURING UNCERTAIN TIMES?

Posted on Monday March 8th, 2021

Few times, we all have encountered a situation where a sudden expense popped up when you didn’t expect it. We have all been caught to suffer from some uncertain expenses at some point in our lives. In such situation, the first thing that comes to our mind is a loan that could be secured at the lowest possible rate of interest.

Nowadays, personal loan is an unsecured type of loan which makes it more attractive to avail as you do not have to pledge any asset as a security against the loan. Therefore, any individual with good credit score can Apply For Personal Loan. Most of the lenders in the market offer personal loan at smart interest rates and borrower friendly terms. Likewise, ShubhBank provides a seamless experience to the potential borrowers of budget friendly personal loan keeping in mind the monthly cash flow.

In this article, we will spotlight some reasons why you must secure a personal loan to overcome the financial shortfalls of your life.

Minimal documentation: ShubhBank demands very small set of documents in order to process your loan application. Even you do not have to fall for manual submission of the documents as we offer you the online service to upload your documents. We just require basic KYC documents such as identity proof, last 6 months salary slip, bank statements as well as address proof.

Flexible repayments: When you are done with all the requirements that lender has asked you to process the loan application, then the sales executive customizes the loan scheme that best fit your profile. It will help you to fulfill your financial requirements without the load of heavy monthly installments as we offer flexible repayment options for you.

Online accessibility: You can also Apply For Personal Loan Online from the comfort of your space, these days. All you required to do is to visit our website ShubhBank.com and fill out the loan application form. Our loan executives will customize offers that will best suit your financial profile. One you get approved for loan, then the loan money will be disbursed directly to your bank account.

Quick approval: Once you complete the entire documentation along with application form, then the lending institution will carry out a basic verification process. After the verification, the lender will disburse the loan quantum to your account within few business days.

Multi-purpose usage: You can use this unsecured type of loan in case of an uncertain financial need or other long term requirements. You can fund either medical or wedding expenses, home improvement projects, travel expenses etc. with the disbursed loan amount.

Transparency: We have transparent loan processing right from the approval to the disbursal of loan. We work as per the loan agreement signed between us and the applicant. There are no hidden charges or loan terms that would arise out in later stages of your loan journey.

A personal loan from ShubhBank is pocket friendly and easily available and we also provide customer eccentric support to guide you through the whole loan process making a stress free experience for you.


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HOW TO ACHIEVE THE FINANCIAL GOALS IN NEW YEAR?

Posted on Wednesday December 30th, 2020

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.