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Nowadays people consider a personal loan to be a great solution whenever there is an emergency financial need and ones savings are insufficient to meet the immediate cash crunch. This financial situation could involve  to organise funds to meet a sudden unexpected expense, wedding expenditures, paying off existing debts or medical expenses, arranging home renovation/improvement expenses. Irrespective of the reason,here are some essential considerations to bear in mind before Applying a Personal Loan:

  • Do you really need it – A personal loan being an unsecured loan usually comes with a higher rate of interest as compared to other loan products. The rate of interest varies as per the borrower’s profile including income, creditworthiness and repayment capability as judged by the lending bank through the applicant’s credit report. Always ensure yourself to avail a personal loan in actual need.Every festive season, banks offer attractive loan interest rates and/or offer certain waivers. Before applying a personal loan, check with your lender to know about such special festive offers.

  • Will you get it - Many of banks approve personal loans for applicants who have been employed for at least two years, when applying for the loan. The applicant also needs to be earning a minimum monthly salary as per the bank’s eligibility criteria for a personal loan. Your credit history is a record of how you have managed your previous loans and credit cards. Like any other loan, your credit history and score is a key parameter used by banks and NBFCs to decide whether you should be provided with loan or not.The interest rate depends on your credit score, a high credit score achieved through a consistently good repayment track record ensures that the bank may offer you a lower rate of interest.

  • How much will you get – The personal loan amount would be affected by multiple factors such as your salary, existing liabilities as well as your current credit score. The usual personal loan quantum for a borrower ranges between 50% and 60% of the person’s annual income.  

  • Can you afford the interest rate - Most of the banks offer loans at the interest rates that start at 11.49% per annum. In some cases, the interest rate charged can be as high as 22% if the borrower has a weak credit score or features other circumstances.The best way to check out if the applicable interest rate suits your specific requirement is to use an EMI calculator at, that is easy to use and can help you calculate your EMIs..

  • Do you have the Necessary documentation - A set of basic documents required by banks to process your personal loan application includeIdentity and address proof, Last six month bank’s statement,Latest salary slip/latest form 16 for salariedFor self-employed, latestIT return along with Profit & Loss statement, etc.

The above mentioned points will help you to make most of your decision regarding personal loan. So if you are in dire need of cash, just switch to a personal loan from ShubhBank.


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