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HOW TO AVOID HIDDEN CHARGES WHILE GETTING A LOAN?

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WHEN YOU SHOULD SWITCH TO ANOTHER LENDER FOR LOAN SERVICE?

  Are you feeling a debt burden or facing an issue of money getting deducting from your loan account for hidden charges and want to change your lender? However, you have an option to change a lender but it is good to assess all the reasons that have put you in situation then make the right move if you are really convinced that it will be fruitful for you. Therefore, prior to  " Apply For Loan "  you must be of following parameters that will assist you that what will be the right time to shift your loyalties. Here we have listed those parameters to assist you in your loan journey: Service by lender:  If the quality of your lending institution is not up to your mark then it will be a right time to shift to other lender whose services you admire. Always remember that superior services do come with superior prices. Some lending institution ask you for specific amount where as private banks can ask you 3-4 times bigger balance. So, think wisley before making the switch. Lender’s p

WHAT ARE THE PITFALLS OF IGNORING THE CREDIT SCORE?

Nowadays, our daily lives are increasingly dependent on credit solutions which are used for wide variety of personal and business need as many banks and NBFCs offer numerous loan schemes to entice their customers. There is an army of people who " Apply For Loan " to fund their needs and to get rid of financial crunch. A good credit score is the key thing to avail any kind of loan and score between 750-900 can help you in numerous ways. Therefore, ignoring the most significant component of this lending process can leave you high and dry. In this blog post, we will discuss about the pitfalls of ignoring the credit score and how badly it stings you. Let’s find out these setbacks: Limited choice of lenders: Most of the lenders prefer to sanction loans only to those who have a credit rating of above 750 as it considered being a good score in the lending sector. Any individual whose credit rating is poor would be considered as someone who is not disciplines with his repayments an

HOW SELF-EMPLOYED CAN GRAB HASSLE-FREE BUSINESS LOAN?

Nowadays, after suffering a pandemic, the scope of self-employment has widened in the country. It offers numerous perks such as time flexibility, entire ownership and exposure therefore; self-employment is accelerating on high rate. However, the entrepreneurial skills demands initial investment otherwise unstable cash flow can impact your business adversely. No matter, in what business you are but expenses like rent, working capital, office functions and productions can add up to huge burden on you. So, to tackle these financial obstacles, business loans have become greatest tool for self-employed individuals. You can " Apply For Business Loan " that will allow you to run your business smoothly in a shortage of funds. ShubhBank offers a business loan made for your hectic schedule and provides needed funds for your business. We ensure our customers to avail the loan disbursal process as easy as possible but the borrower should also be aware of some factors which would help th

WHAT TO DO AFTER MISSING YOUR LOAN EMI?

It is universal truth that life is full of certainties and nobody can predict when unplanned expenses will strike them. However, such expenses might ruin your monthly budget bit it also makes you to default on your loan EMIs. Whether you don’t have enough funds to pay your installments but sooner you act on, it would be better for your financial health. Therefore, defaulting on your monthly installments will have repercussions on your credit profile. When you " Apply For Loan " with specific lending institution, they will keep you updated about the EMIs whether it’s paid or missed. If you don’t have sufficient funds in your bank account and EMI can’t be deducted from your account, then you could receive an email or call from lender about the failed EMI payment or you would be given with additional time to pay the installment. Now, if you are in an uncomfortable situation of defaulting on monthly installments, then here are some steps that you can follow to avoid the negative

HOW TO RECTIFY MISTAKES IN YOUR CREDIT REPORT?

Every lender and credit card provider reports your repayment details to the CIBIL. Basically, they update your credit profile on monthly basis or every three months in a year. The bureau tabulates this information in your credit report and formulates a credit score after every three months. The scoring process is totally transparent and in many cases your credit report may have some errors which may result in low credit score and impact your chances of borrowing. These mistakes may occur in your credit profile due to many reasons such as misprint, incorrect information provided by the lender to credit bureau, fake entries or errors pertaining to your KYC details. Before you " Apply For Loan " it is good to rectify those mistakes so it is necessary to know the whole process behind a credit report correction. To do so, let’s have a look on these steps: Retrieve the credit report: Prior to rectify your mistakes in CIBIL report, you have to check the real issue at its root. Sta

HOW TO MANAGE YOUR MULTIPLE LOANS EFFECTIVELY?

Nowadays, it’s common for people to borrow multiple loans to fulfill their different needs. An army of people acquires home loan with car loan as well as personal loan as borrowers have a wide range of loan options with number of lenders present in the market who offer competitive interest rates allowing the customers to avail loans easily and quickly. Sometimes, multiple loans can be stressful but that doesn’t mean that you will end up in debt trap when you " Apply For Loan " . You can keep your loan burden from spinning out of your control and gradually repay the all with good financial management. In this article, we will take a dig at some methods that you can use to manage the multiple loans. Manage it properly: First of all, ensure yourself that all your monthly installments are on level that will not mess up with your other financial obligations. Be wise and never allot more than 40% of your earnings to your loan EMIs. One can make a use of online EMI calculators to p