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FAQs


Who can apply for a loan?

Any salaried person with salary of Rs.12,000 per month or above can apply for a personal loan with Shubh Loans.

Can Self Employed person take loan?

At present, we provide loans only to salaried employees. Self employed customers are a completely different segment, who we hope to serve in the future.

What is the interest rate?

Our interest rate starts from 14-18% flat rate which is equivalent to 22-30% on reducing balance basis. The exact interest rate applicable to the customer depends on the credit score and will be communicated after credit decisioning.

What are the documents required to apply for a loan?

You will be required to upload your Aadhaar, PAN and latest 3 months Bank Statement with 3 salary credits. After approval you need to upload your salary slip and residence proof - any valid government KYC document / rental agreement / postpaid mobile bill or utility bill. The document needs to be in your name.

How to upload bank statement?

You can upload your latest 3 months bank statement through Netbanking or PDF. You can also upload it by using a computer and logging onto www.shubhloans.com/apply or you can email us on support@shubhloans.com

How much money can I borrow from Shubh Loans?

Currently we provide personal loans from Rs.25,000 to Rs.5 lakhs, for a tenure of 1 to 4 years.

I want top up loan

You can apply for a top up loan after completing half of the tenure of your current loan. If you have repaid half of your current loan, please email your request to support@shubhloans.com and our team will enable you to apply for a top up loan.

When can I reapply?

You can re-apply after 6 months

Is there any foreclosure option?

Yes, we do offer pre-closure option. Customers can preclose loans after completing min 12 months of repayments.

What is the minimum and maximum age limit to apply for a Loan?

The minimum age should be 21 years at the time of applying for a loan and maximum age should be 60 years at the time of loan completion.

Which cities is Shubh Loans present in?

Shubh Loans is currently serving customers in Bangalore, Chennai, Hyderabad, Mumbai, Delhi NCR, Kolkata, Ahmedabad, Pune, Chandigarh, Jaipur, Nashik, Coimbatore and Mysore

Will I get a loan if my CIBIL score is low, or if I have defaulted in the past?

We provide loans on the basis of your Shubh Loans credit score. This includes your current capacity to repay a loan and your past financial stability. If a customer meets our policy, we provide a loan irrespective of their CIBIL score.

Why are my cheques required to process the loan disbursement?

We collect cheques for security purpose. In addition, it is a common practice to take 1 cheque with the EMI amount so that it can be presented for the first EMI. The cheque is presented in case the auto debit mandate does not get active.

How long will it take to disburse my loan?

Once we receive the documents, the loan disbursement gets processed within 2 working days.

Why is my loan application rejected?

We reject loan applications on the basis of 2 criteria (broadly) – current ability to repay a loan and past financial stability. Our credit score provides insights into how you can improve your credit worthiness. We will be happy to re-assess your application after 6 months.

When and where can I expect the documentation agent to collect my documents?

You can schedule an appointment with our agent who will call you after your loan is approved. Documents will be collected by our agent on the scheduled day at your residence or office.

Is it safe to enter my bank details in the app?

Your bank statement is an essential requirement to take a loan with any financial institution. We provide 2 options to upload your bank statement – via net banking and via e-statements (PDF files downloaded from your bank account). RBI provides a simple and secure way of sharing your bank statement via net banking with a lender. We do not store your credentials, and cannot use it for any other purpose except for a one time download of your 3 months bank statement.

How do I pay back my loan?

The EMI is debited from your salary account on the date communicated to you. To ensure a smooth experience please maintain the required amount in your account.

Where do I get the money after loan approval?

Once the loan is approved, you will get the amount in your salary account.

Do we provide business loans?

No, currently, we provide loans only to salaried employees. Self employed customers are a different segment but we hope to serve them in the near future.