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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 portfolio: If the portfolio of lender and your requirements are not in sync, then it’s time to move on to some other lending institution. Your lender might be offering the services that you don’t require but you are paying for all those useless services. In such situation, try to pick a lender who can fulfill all your needs and its portfolio work in tandem.
  • Big ticket: In lending market, there are numerous financial institutions that offer cheap but poor services whereas other lenders offer expensive but efficient service. It means the ball is entirely in your court. Therefore, switch to a lender who would give you a mix of both things- affordable and efficient services.
  • High rate of interest: Most of the lenders woo borrowers with higher interest but do you think that the reason is enough strong to make a switch? A higher interest can prove to be a crucial factor in financial downfall as it will lead to a debt burden and stressful loan journey. Hence, it is really fine to transfer your loan balance to another lending institution who is offering you an affordable rate of interest.

  • Financial strength: It would be a wise decision to stay with a lender who has a strong balance sheet. Some of the lending institutions score on this front but some of the lenders sound like a nut in that case. There are few times when obscure names also betray the trust of their clients. Be aware and read the signs and if you find you lender is going to fall then it is best option to switch before anything inevitable happens.

At the end, you would be relieved to know that with ShubhBank, one need not worry about switching to another lending institution after they "Apply For Loan Online" or offline. We have a wide range of prominent and reputed lending institution in the market that would solve all your monetary hassles on great terms as well as provide great benefits to make your loan experience easy and convenient.


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