|Loan amount||Rs. 3,000 - Rs. 5 Lakhs|
|Rate of interest||16% - 44%|
|Tenure||3 months - 3 years|
|Lowest EMI possible||Rs. Per Lakh|
|Processing fee||0% to 3% of the loan amount|
|Prepayment facility||Available after completing 12 months|
|Disbursal TAT||Up to 2 working days|
|Monthly income||Minimum Rs. 10,000|
|Age required||21 - 60 years|
|Top up loan facility||Available after completing half tenure|
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:
The key features of Shubh Loans are as follows:
Shubh Loans are loaded with several benefits that make it one of the best personal loan options available:
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:
|Year||Opening balance||Amount paid by customer (EMI*12)||Interest paid during the year||Principal paid during the year||Closing balance|
|1||Rs. 3,00,000||Rs. 31,641||Rs. 11,737||Rs. 19,904||Rs. 2,80,096|
|2||Rs. 2,80,096||Rs. 1,26,565||Rs. 38,546||Rs. 88,020||Rs. 1,92,076|
|3||Rs. 1,92,076||Rs. 1,26,565||Rs. 23,382||Rs. 1,03,183||Rs. 88,893|
|4||Rs. 88,893||Rs. 94,924||Rs. 6,031||Rs. 88,893||Rs. 0|
|Name of Lender||Rate of Interest (per annum)||Processing Fee||Maximum Loan Limit|
|Shubh Loan||16% - 44%||0% - 3%||Rs. 5 Lakhs|
|AnyTimeLoan||18.25% - 54.75%||Up to 2%||Rs. 10 Lakhs|
|EarlySalary||24% - 30%||Rs. 199 onwards||Rs. 5 Lakhs|
|CASHe||27% - 33%||Up to 3%||Rs. 4 Lakhs|
|PaySense||16% - 36%||Up to 2.5% + GST||Rs. 5 Lakhs|
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.
The personal loan eligibility criteria for Shubh Loans are as follows:
For salaried individuals:
There are three options available for users to apply for a Shubh Loan:
Through the App
Through the Website
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.
You have the following options to contact Shubh Loans:
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To be eligible for Shubh Loans, you must be earninga minimum monthly take-home salary of Rs. 10,000 or above.
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 email@example.com. You will then be assisted by their team to get a top-up.
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.
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.
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.
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.
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.
Once the lender receives your documents, the loan disbursement is processed within 2 working days
No, currently, they provide Personal Loans only for salaried employees.