Skip to main content


The main factors for personal loan eligibility are:

  • Income level 
  • CIBIL Score
  • Credit history
  • Repayment capacity
  • Employment history
  • Age
Because personal loan is an unsecured loan; hence the individual is not asked to put up collateral/or any valuable asset to avail this loan. Since the personal loan has a greater risk at the lender's side, the interest rate of personal loans are usually high when compared to other loans.

Maximum Personal Loan Amount Gets Disbursed?

Important factor determining your loan amount

  • Your Income
  • Your Credit Score
  • Repayment capability
  • Age
It will also help if you can boost your credit score before applying. Credit Score have a huge impact not only on your "Personal Loan Approvals" but also on the interest rates lenders charge

Documents Required For Personal Loans?

Though the documentation requirements of personal loans vary from one financial institution  to another, some of the key documents that you would need to provide with your personal loan application include:

  • Income proof - Salary slip or ITR copy
  • Address proof documents
  • Photo identity proof documents
How many Personal Loans Can You Have at Once?

Lenders as well as banks of India have their own set of rules when it comes to lending unsecured loans to the individuals. There are banks as well as private fintech companies which approves 2nd personal loan even if the earlier one is still going on. Qualifying for the 2nd loan with one existing completely depends on your credibility, repayment capacity and income. 

For example, a private bank may not qualify your personal loan application since; you have one already have more than one loan going on. But a bank like SBI is offering the same to its bank holders . The example was just for an easy understanding hence purely coincidental.

When Is The Right Time To Borrow A Personal Loan?

Some situations lend themselves in borrowing the loans. Also, you can use this loan to pay for anything you want, unlike student, auto or mortgage loans. Here are some effective ways to use the loan for personal reasons: 
  • Pay off high-interest credit card debt: When you have a lot of high-interest credit card debt, it might be a good choice to take advantage of unsecured loan to pay it off.
  • Consolidate debts: Consolidating your debts is a bit different from paying off your high-interest debt. Regardless of your other loan interest, you could use a personal loan to pay them all off. That would likely make it easier for you to manage your bills, and you'd have lower monthly payments.
  • Pay for something you need: For instance, you need to take a professional course and you don't have enough cash to pay the fees or you need money to pay for medical expenses, wedding expenses, education fees etc.



Popular posts from this blog


In India, being a developing country every year many start-ups are launched and operated successfully. There are really a great number of young people who come up with an excellent business ideas every year. But most of businesses fail and the main reason behind it is the lack of funding. Nowadays, banks and other financial institutions become more stringent in the eligibility criteria to sanction a business loan. And to "Make Your Business Loan Successfulyou need to provide a stack of documents to the lender. Then the lender verifies your documents and takes 30 to 40 days to disburse the loan. So the parallel way of business funding is ShubhBank. Our aim is at funding your dying business but our way of functioning is different from other traditional lenders. We provide easy business loans for small and medium-scale enterprises with progressive vision.
ShubhBank have different process of gauging the loan eligibility than traditional banks and financing companies. Lenders d…


Credit Cards epitomize modern lifestyle in terms of convenience a d have emerged as one of the fastest ways of carrying out transactions. Those days are gone when having a magic plastic card and flaunting it among your relatives and friends was a symbol status. With a view to increased acceptance, many banks and NBFCs have been offering various additional rewards and benefits with credit cards. As the cashless transaction becoming more and more common, everyone has a credit card, either a middle class man or a high net worth individual. There are host of card options available in the market having variety of features linked to them. The most popular and reliable ones are entertainment credit cards, shopping cards, fuel cards, cash-back cards, premium cards and business credit cards. They provide rapid access to money anytime and anywhere, so are the handiest asset you can have. They has emerged as viable alternative to currency notes providing access to covering expenses on the go and…


Nowadays, the coronavirus outbreak has affected our lives in countless ways. The deadly virus has made its presence felt in everyone’s personal and professional way such as from shopping groceries, socializing with people or commuting to workplace. It has also a negative impact on the country’s economy leading to widespread layoffs and pay cuts that have taken a toll on salaried individuals. If you are also a salaried employee and facing a loss of income then ShubhBank have stepped in with few options to guide you that how to overcome a money crisis amid "Covid-19 Lockdown". We are happy to help you over this financial crunch by offering Loan against Insurance Policy and online Personal Loan to raise funds.

Online Personal Loan:
many banks and NBFCs have rolled out many personal loan offers for existing customers and who hold salary as well as pension accounts in their financial institutions in this lockdown period. You could also take the advantage of "Online Perso…