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Posted on Thursday April 9th, 2020

Those days are gone when you have to visit t into a bank branch, sitting down with a loan officer and filling out a loan application then waiting for the approval of loan. Sometimes loan procedure could take days, weeks or longer to get sanctioned. Nowadays, lenders rely upon your credit report, either your credit score fits in with lender’s guidelines, if yes, you’re your loan get easily approved. As per advancement in financial sector, every traditional lender and NBFCs now have their own websites which offers online loans, mobile banking and apps to make applying for a loan in easy and quick way. So Apply For Loan at ShubhBank at tricity and you can get your loan approved in short time and transfer the funds to your bank account.

Therefore, times have changed now because with the power of internet networking, online banking and lending apps, loan process has become very easy. There are times when lender may require more information from you and may ask for documentation to support your figures you asked in the loan application. You must acknowledge these requirements as lender want to insure him that how much you are capable of repaying the taken loan amount. For some loans, the lender will ask about the guarantor and about their finances as well. The majority of lending institutions may ask the following questions.

* Your personal details such as your name and DOB (date of birth).
* Your residential address and for how long you have lived there.
* Additional contact details, email address, mobile phone number or any work numbers you may have.
* Questions related to the type of profession you are in, your wages and how frequently are you paid.
* An income and expenditure statement showing your income, your utility bills and monthly obligations.

Once a lender has this information, they can evaluate your worth of repaying the loan back and if your credit rating is satisfactory, the loan can be granted. Your affordability and CIBIL score are key factors in being approved for loan and depending upon the loan quantum you require, the loans can be approved quickly without further documentation. However, in times of some risk or for larger loan money, lender may require some additional documents to support the information you have given about yourself. To Get Online Loan From ShubhBank you have to provide following documents:

* Wage statements and multiple statements to show consistency of your income.
* Papers of your tax credits and benefits, or any other income source you have.
* Audited bank statements showing you have a bank account in your name.
* Proof of identity such as driver’s license, passport, or unique identification card.
* Proof of residence such as a utility bill or tenancy agreement to verify your identity and address.

As you can see what may be asked from you, you have to provide the lender with such papers that makes sense and in case, you have sufficient credit score, you may not be asked for piles of papers to support your loan application.