Shubh Loans Details

Loan amountRs. 3,000 - Rs. 5 Lakhs
Rate of interest16% - 44%
Tenure3 months - 3 years
Lowest EMI possibleRs.  Per Lakh
Processing fee0% to 3% of the loan amount 
Prepayment facilityAvailable after completing 12 months
Disbursal TATUp to 2 working days
Monthly incomeMinimum Rs. 10,000 
Age required21 - 60 years
Top up loan facilityAvailable after completing half tenure

Types of Shubh Loans

You can get different Shubh Loan types to meet your different financial needs. The types of personal loans at MyShubhLife depends on the requirement of the borrower. Below are some of the personal loan types you can borrow based on your need:

  • Medical: Loan for medical emergencies like checkup, treatment, medicines, etc.
  • Marriage: Loan for bearing wedding related expenses, such as venue booking, catering, shopping, gold purchase, etc.
  • Repay old loans: A consolidated loan to repay your multiple old loans through single EMIs.
  • Education: Loan for educational expenses, such as books purchase, entrance exam fee, tuition fee, and so on.
  • Rent deposit: Loan to pay off your monthly rent.

Features of Shubh Loans

The key features of Shubh Loans are as follows:

  • Loan amount: With Shubh Loans, you can get a loan amount of as low as Rs. 3,000 and maximum up to Rs. 5 Lakhs
  • Repayment tenure: Shubh Loans offers flexible repayment tenure of 3 months to 3 years.
  • Interest rates: These loans are available at low interest rates of 16% to 44% p.a., based on the borrower's credit score and repayment capacity.
  • Nominal processing charges: The processing fee ranges from 0% to 3% of the sanctioned loan amount. 
  • Prepayment: Shubh Loans offer the loan pre-closure option after completing minimum 12 months of repayment.
  • Top Up: You can apply for a top up loan on completing half of the tenure of the current loan. 

Why Apply for Shubh Loans?

Shubh Loans are loaded with several benefits that make it one of the best personal loan options available:

  • Get loans for different purposes: The disbursed loan amount can be used for several personal requirements such as a medical emergency, for functions like weddings, education, to repay old loans, for deposits on your rent, and a lot more.
  • Loans are designed as per your credit score: You can generate your current credit score by providing necessary details on the app. Based on your current credit score, you will also get a loan plan and quotation that can suit your repayment capacity so that the loan is affordable for you.
  • Quick disbursement of loan: Once you have submitted all the necessary documents, the loan is disbursed within 2 working days. 
  • It is a lightweight app: You do not have to worry about the app occupying too much space on your mobile phone because it is extremely lightweight. It is even optimised for a 2G network, making it more accessible.
  • The application process is very transparent: The terms and conditions laid out by Shubh Loans are very simple and clear to help you understand what works best for you.
  • Available in regional languages: The advantage of Shubh Loans is that you can get access to your credit score in your own regional language. You have access to six language options, including English, Hindi, Tamil, Telugu, Kannada, and Marathi. That way, this loan is accessible to a lot more people.
  • You also get tips to improve your credit score: In order to help you receive credit easily in the future, the app also provides you with necessary tips to improve your current credit score so that it is accepted by more banking institutions and lenders across India.

Shubh Loans EMI Calculation

When you apply for a loan, make sure that you calculate your equated monthly instalment (EMI) beforehand. That way, you will be able to understand if a certain loan plan is suitable for you or not.

EMI calculators are easy online tools that apply the formula above to calculate the EMI accurately. You can use the free Personal Loan EMI Calculator available online on MyMoneyMantra for this purpose.

All you need to do is enter the details of the loan, such as the interest rate, tenure of the loan, and the amount borrowed. The EMI is calculated instantly. This is a more feasible and convenient option and also eliminates the chances of any errors with respect to calculating the EMI.

The tool also displays the amortization schedule for loan repayment.

Here’s an example:

Personal loan amount required: Rs. 3 Lakhs

Applicable rate of interest: 16% p.a.

Tenure: 3 years

EMI to be paid each month till the tenure ends: Rs. 10,547

Total interest to be paid: Rs. 79,696

Total amount to be paid to the lender: Rs. 3,79,696

Amortization schedule of the above example:

YearOpening balanceAmount paid by customer (EMI*12)Interest paid during the yearPrincipal paid during the yearClosing balance
1Rs. 3,00,000Rs. 31,641Rs. 11,737Rs. 19,904Rs. 2,80,096
2Rs. 2,80,096Rs. 1,26,565Rs. 38,546Rs. 88,020Rs. 1,92,076
3Rs. 1,92,076Rs. 1,26,565Rs. 23,382Rs. 1,03,183Rs. 88,893
4Rs. 88,893Rs. 94,924Rs. 6,031Rs. 88,893Rs. 0

Comparison of Shubh Loan with Other Personal Loan Lenders

Name of LenderRate of Interest (per annum)Processing FeeMaximum Loan Limit
Shubh Loan16% - 44%0% - 3%Rs. 5 Lakhs
AnyTimeLoan 18.25% - 54.75% Up to 2% Rs. 10 Lakhs
EarlySalary24% - 30%Rs. 199 onwardsRs. 5 Lakhs
CASHe27% - 33%Up to 3%Rs. 4 Lakhs
PaySense16% - 36%Up to 2.5% + GSTRs. 5 Lakhs

Documents Required for Shubh Loans

The user must provide all the necessary documents, as mentioned below, in order to facilitate the evaluation of the loan application and process the same.

  • Aadhaar card
  • PAN card
  • Latest bank statements for the last 3 months showing 3 salary credits
  • Salary slip
  • You will have to submit 1 cheque with the EMI amount for the security purpose. The cheque is needed if the auto-debit mandate doesn't get active.
  • Residence proof: Any valid KYC document which is government approved/ postpaid mobile bill/ rental agreement/ utility bill.
  • All the documents provided must be in the name of the applicant. 
  • The documents required can be uploaded on the app. 
  • The user can also upload necessary documents on the website www.shubhloans.com. 
  • If the above two options are not feasible, the user may also email the documents to support@shubhloans.com.

Shubh Loans Eligibility Criteria

The eligibility criteria for Shubh Loans are as follows:

For salaried individuals:

  • They must be a resident of India
  • The minimum age should be 21 years at the time of loan application and maximum up to 60 years at loan maturity.
  • They must also warrant or represent that he or she is capable of entering the terms and conditions provided and also performing the obligations as per the terms and conditions.
  • They must be a salaried employee with a minimum salary of Rs. 10,000 per month.

For non-individuals:

  • They must be duly authorized to agree to all the terms and conditions in the loan agreement.
  • They must warrant or represent that they are capable of entering the terms and conditions and performing all the obligations under them.

How to Apply for Shubh Loans?

There are three options available for users to apply for a Shubh Loan:

Through the App

  • Download the app on an Android device through the Google Play Store.
  • Register by providing a few personal details as prompted by the application.
  • Your credit report is generated for free as per the information that you provide.
  • Select the loan amount and the tenure of the loan that you need.
  • Upload the documents required.
  • Once the loan application is assessed, the loan will be disbursed into your salary account within 2 days.

Through the Website

  • Log on to www.shubhloans.com.
  • Click on the Apply Now button on the homepage.
  • Sign in using your Google account.
  • Provide certain details such as your name, employment status, income, etc.
  • Select the loan amount that you need and the tenure of the loan.
  • Upload the necessary documents.
  • The loan application is assessed as per the information provided.
  • Once it is approved, it will be disbursed to your salary account in 2 days.

Through MyMoneyMantra

You can also get all the details that you need in order to apply for these loans through MyMoneyMantra. All you have to do is call or send an email to our customer service team. You will then be able to get all the information that you need in order to apply for these loans through MyMoneyMantra. 

Shubh Loans Customer Care

You have the following options to contact Shubh Loans:

  • Phone number: +91-8880752752
  • Email: support@shubhloans.com

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Shubh Loans FAQs

What should be the minimum income to apply for Shubh Loans?

To be eligible for Shubh Loans, you must be earninga minimum monthly take-home salary of Rs. 10,000 or above.

Is it possible to get a top-up loan?

Yes. Shubh Loans provide a top-up loan facility as well. Once the user has made regular repayments for at least half the tenure of the current loan, they may request for a top-up on loan. The request can be sent to support@shubhloans.com. You will then be assisted by their team to get a top-up.

Is it possible to reapply for a loan if the application gets rejected once?

Users have the option of reapplying for another loan even after one gets rejected. However, they will have to wait for six months after the rejection of the first loan application to reapply.

Do we have the option to foreclose a loan?

Yes. Users can foreclose the loan without any added charges. However, foreclosures are allowed only after the borrower has made a minimum of 12 repayments towards the loan. There are no additional charges applied for foreclosure of a loan.

Is it necessary to provide cheques to get a disbursement?

Yes. Cheques of the user are collected before disbursement a security measure. Normally, one filled cheque with the EMI amount is taken. This is done to present the cheque for the first EMI in case the auto-debit option does not get activated before the due date.

Is it safe to provide bank details through the app?

Shubh Loans are a completely secure platform and collect all information as per the privacy policy. Bank statements and details are mandatory to obtain loans from any financial institutions. The user can upload the bank statement using current net banking services or in the form of an E-statement in the PDF Format.

How to make repayments on loan?

Repayments towards the loan are made through an auto-debit facility. The loan is debited from the salary account of the individual automatically on the stipulated due date.

When and where is the money disbursed after approval?

The loan amount is usually disbursed within 2 days of submitting all documents. This is sent to the salary account details provided by the user at the time of registering.

How long does it take to disburse my loan?

Once the lender receives your documents, the loan disbursement is processed within 2 working days

Does MyShubhLife also provide business loans?

No, currently, they provide Personal Loans only for salaried employees.