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WHAT LOAN HACKS TO KNOW BEFORE GETTING A LOAN?


It is the talk of past when one had to stand in long queues and had to perform a heavy legwork to get a loan. With the advanced technology and digitalization, one can get a quick loan from the digital lending platforms such as ShubhBank. The loan products are a great way to meet up all your financial needs whether they are personal or professional.

You can "Apply For Loan" to cover up the unexpected expenses without exhausting your emergency funds. Availing a loan online is very easy these days as one no longer needs to pursue any agent or visit the bank to verify their loan application. However, prior to the selection of right lender, one must know these loan hacks to make the lending easy.

Let’s read out such hacks in detail:

Evaluate your needs: It is the very first thing to evaluate your financial needs and purpose of getting a loan. So make a list and ask yourself for what exactly you need a financial help? It will help you to decide the loan amount, EMIs and repayment tenure as per your repaying capacity.

Moreover, one should make sure that as if they are financially healthy to manage the extra burden with other monthly spending. Therefore to avail a loan, one must assess his/her existing budget, debt burden as well as other financial obligations.

Conduct a thorough research: With technology, many lenders are present in the financial market who offers online loans. Most of the NBFC such as ShubhBank offer several kinds of loan with unique benefits. So, one should research what kind of loan can fulfill their needs. Afterwards, check the rates of interest, repayment structure, processing fees as well as other loan terms before making a final decision.

It is really important to evaluate your financial health. One can measure it in various ways mentioned below:

  • Income: It is good to review your earning sources to know your financial situation. One needs to have a regular income source to get any instant loan. To exemplify, you require having a minimum net monthly income of INR 40,000.
  • Credit rating: A credit score indicates your capacity to repay a loan. Every lender prefers lending to those borrowers who have a decent credit rating to avoid the risk of losing money.
  • Maintain balance in your account: Every lending institution needs valuable insights into your expenses and saving patterns to know how financially stabilize you are to repay the borrowed money as it will increase your chances of loan approval.

Use an EMI calculator: Nowadays, there is free tool available on every lending website which let you calculate the EMI amount of your loan. It will give you the idea that how much you have to pay in monthly installments, making your decision determined.

ShubhBank believes in a hassle free and speedy loan disbursal. Our transparent process and efficient services help the borrower to "Apply For Loan Online" in a hassle free manner. Get in touch with ShubhBank and get any loan at attractive rates of interest.


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