SHUBHBANK.COM

You might have heard about secured and unsecured loan offerings on your phone and emails with attractive interest rates from a particular lending institution these days but there are only few of us who understands the fundamental differences between both of them. Therefore, knowing the difference between both the loans is a crucial step towards gaining financial literacy an can help you in tough times when you are facing a financial crunch and need to apply for a loan to escape out of your problems. Secured loans always ask for collateral as a security against the lent money which can be any of the assets that a borrower possess or in some cases it can be fixed deposits and provident funds. In case, if borrower fails to repay the loan money in fixed period, then ownership of collateral is taken by lender to recover their outstanding dues. Some of the relevant examples for secured loan are loans against property, gold loans and home loans whereas unsecured loans do not ask for any secur...

  Everybody wants to grow financially in their lives but some of our financial responsibilities and spending habits pull us back from achieving so. Though some financial awareness and money management skills can always lead to financial growth, therefore, to encourage those skills, we will be discussing some financial tips in this article that will change the way you spend your money and can lead to success and financial security in very short time. Layout a financial calendar: It is very normal to remember paying your bills and premium on exact dates in this fast growing era, so to perform well and to avoid any default, you should need to layout a financial calendar. Moreover, you can add reminders on bill dates in your phone’s calendar which will help you to remember all the important payments to be done timely and not to default with any of the payment. Check for interest rates on loans: However, taking out a loan is not a big deal anymore as the loans are easily available the...

Nowadays, it is very common to co-sign a loan with your spouse or dear one to fulfill their eligibility requirement but co-signing a loan agreement means promising a lender to pay off other’s debt if the borrower defaults on loan. Therefore, it reflects that borrower is a high risk candidate and lender demands to know that if he/she can’t repay the loan, you will step in and make the repayments. Thus co-signing a loan will not only help the applicant to secure a loan but also help them to enjoy the perk of lower interest rates and processing fees. You should always keep in mind to consider few things before co-signing a loan that how they can affect you in a long run. Impact on credit score: Suppose you have co-signed a loan and that loan is still outstanding and you need to " Apply For Loan " for yourself but you might find that your loan application get rejected as your credit score is low because the co-signing information gets updated on the credit reports of both candi...