Shubh Loans: Everything You Need To Know | 2021

If you are confronting a financial crunch, you might have considered taking a personal loan and would have come across a number of moneylenders including Banks, NBFCs, and instant loan apps. Among many moneylenders in India, one is Shubh Loans which is emerging rapidly in the space of personal loans in India.

Shubh Loans is now known as MyShubhLife. It is a financial app which not only extends personal loans but also aids in investing in mutual funds, buying insurance, gold, and filing income tax.

The app can stand out for you like your instant financial companion in times of your financial crisis. You can apply for a loan amount ranging from Rs. 75,000 to Rs. 5 lakhs at your convenience. The instant personal loan app extends personal loans for a period of up to 4 years.

Shubh Loans can be availed on an interest rate starting from 1.25% p.a. If you wish to prepay the loan, you can do so after 12 successful EMIs, you will have to pay a foreclosure charge which can range from 3% to 5% on the outstanding principal amount. Let’s plunge into the post ahead to perceive the product in a better way:

Features of Shubh Loans

Following are the features that you can relish on availing a personal loan from Shubh Loans:

• Simple loan application process via a mobile app.

• A loan can be availed anywhere between Rs.75,000 and Rs.5 lakhs.

• A loan can be paid off throughout 4 years.

• The rate of interest starts from 1.25% p.m.

• The top-up facility can be availed after repayment of 50% of the ongoing loan.

• The loan can be foreclosed after 12 successful EMIs.

• Documents are picked up by the loan company’s agent on a pre-scheduled day and time from your location.

Shubh Loans - Eligibility criteria

Shubh Loans eligibility comes with minimal requirements to extend a personal loan which can easily be met:

• The borrower should have a minimum income of Rs.12,000/month

• The borrower’s age should range between 21 years and 60 years.

Shubh Loans - Documents requirement

Following are the documents that the lender asks against extending a personal loan:

• Proof of Identity (Aadhaar card and PAN card)

• Proof of address (Utility bill, post-paid mobile bill, rent agreement, etc.)

• Proof of income (Last 3 months bank statement with salary transactions and salary slips)

• Recent photo

Shubh Loans – Application process

You can apply for a personal loan from Shubh Loans easily, instantly, and without any hassle. Following are the simple steps you are required to follow:

• Download the app from Google Play Store.

• Sign up with your phone number

• After your mobile number gets verified, fill in the required personal information.

• Upload your PAN Card details and its photo.

• Fill in other details (residential address, work experience, current employment, education, and salary)

• Upload your bank statement (Either by linking your bank account with your Shubh Loans account or by uploading the PDF file of your bank statements.)

• After your bank statements get verified (happens instantly), proceed to apply for the loan.

• Opt for the EMIs you can afford to pay, the loan amount that you need, the repayment term, and the purpose for which you are availing the loan.

• Take a selfie and upload.

• Upload the PDF file of your recent payslip and residential address proof.

• Give 2 references (1 family and 1 friend).

The loan application process ends here; it will take around 2 days to get the loan amount into your bank account once the loan gets approved.

The Upshot

Shubh Loans holds its position among the most popular and best instant personal loan apps in India. If you are seeking immediate fund assistance, the instant personal loan app will facilitate you in meeting your needs.

Nevertheless, it is stringently advised that you perform comprehensive research before directly going to apply after reading this post. Read More: 1. A Quick Guide To Indiabulls Dhani Personal Loan 2. What are the Do’s and Don'ts for Instant Personal Loan