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WHAT DO’S AND DON’TS TO FOLLOW WHILE APPLYING A LOAN?

A loan is a financial tool that can ensure you funds when you need them the most. There is wide range of loans categorized under secured and unsecured loans depending upon pledging your any personal asset to get the funds. Any salaried person or self-employed individual can "Apply For Loan" according to their needs.

A loan procedure comprises so many steps such as filing an application, submitting the documents, background checks and many more. One has to repay the entire loan amount in fixed period and any default can lead you in a big trouble and debt trap. So, you must be aware of some do’s and don’ts when they apply for a loan. Here we have compiled a list of few things which you should go through for easy access.

  • Go for best loan value and interest rate: It is one of the important things while availing a loan so, you should compare different deals offered by different lenders online to understand which offer suits best to your pocket in aspects of loan value and rate of interest as low rates can save you lots of bucks in the long run. Always choose a reputable lender to avoid any risks.
  • Maintain a good credit score: Some people believe that a good credit score is only required to get the loans and once they get the loan, they can let their CIBIL fall which is entirely a wrong approach. Your score connects all your credit services, so if you think that you will make timely repayment and neglect other credit card payments then you have to suffer high interest rates on those payments.
  • Give your KYC in safe hands: It is necessary to understand that your identity is the most critical aspect these days. There are some people who become a victim of identity theft and pay for the actions they didn’t commit. Therefore, do not give your original KYC documents to anyone or allow taking photocopy of your documents. Make yourself sure about the lender whether he/she is trustworthy or not.
  • Don’t skip your repayments: If you have taken a loan and must repay in EMIs but sometimes, you will be tempted to skip an installment. Never succumb to this kind a temptation because missing a single EMI will result in penalty and impact your credit score adversely. One should stick to their fixed schedule while repaying the loan money.
  • Never go out of budget: Planning your monthly budget is great way to maintain your financial health to avoid any stress. So, when you "Apply For Loan Online" or offline, check your repayment capacity beforehand to avoid any debt trap in future. Therefore, create a budget and know your EMI expenses before you take a loan.

Hence, it is easy to get a loan these days but it’s in your hands to make your loan journey easy by taking an account of above mentioned things to be cautious and meet your financial needs. Apply for a loan at ShubhBank right away to meet your financial requirements.

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