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HOW LOANS CAN MAKE YOUR LIFE BETTER?

Loans are those credit solutions that have capacity to deal with any eventuality. So, whether your need a financial aid to pay your medical bills, fees for higher education in abroad, to purchase a home or working capital to run your business smoothly, you can "Apply For Loan" to arrange the required funds.

Nowadays, there is a wide range of loan solutions for a specific need. In this blog post, we will guide you about the various loan schemes that are offered to the potential loan seekers and the situations in which they can be easily secured. Let’s have a look on all the options:

Personal Loan: It is a short to medium term unsecured financial tool that is really convenient and comes in handy in crisis like medical urgencies, debt consolidation and to cover wedding expenses etc. A personal loan is popular amongst borrowers because of least documentation, flexibility of usage as well as quick disbursal.

If we compare it with other loans, it comes with shorter repayment tenure which normally ranges from 6 months to 5 years. The loan quantum basically depends upon borrower’s credit profile and repayment capacity.

Home Loan: This loan helps you in arranging the funds required to buy your dream house. One must remember the fact that in case of home loan, the lender asks you to pledge your home as security against loan money. Therefore, loan against home is a secured loan and offers minimal risk to the lending institution in case of default because lender can dispose of the home to recover outstanding dues.

A home loan comes with lower rates of interest as compare to unsecured loans. The loan is approved on the basis of your credit score, income as well as repayment capacity. It has longer repayment tenure that can extend up to 15-20 years. One can also apply home loan with spouse or relative as co-applicant. Depending upon the lender, prepayment of home loan is also possible.

Business Loan: A business loan is every business owner’s favorite which provides them much needed funds to enhance your business growth and helps in running the business operations smoothly. The repayment period of business loan ranges from1-3 years where the interest rate can vary from lender to lender depending upon your credit worthiness and loan eligibility.

Machinery Loan: This loan can be a boon for many business persons as it helps in arranging funds to purchase new equipment and advanced machinery that would bolster productivity and results in seamless growth of business. Whether you want to replace the old machinery or upgrade a better version, you can avail a machinery loan to get the funds for you.

Gold Loan: It is also a type of secured loan where a borrower can pledge his/her gold ornaments as collateral to get the required finances. The loan amount is based upon the market value of the gold and the interest rates upon loan against gold are lower than other types of secured loans.

Hence, any working professional or common man can "Apply For Loan Online" or offline to fulfill their requirements. ShubhBank can help you to avail various kinds of loan schemes at the most competitive rates.


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