If you are in need of immediate funds, you can avail personal loans with MyShubhLife. You can avail a loan in the range of Rs.75,000 to Rs.5 lakh without much hassle. Repayment of the loan can be done in 1 to 4 years. The interest charged on the loan is between 1.25% and 2% (flat monthly rate). You can foreclose the loan after the successful payment of 12 EMIs.
Features of MyShubhLife
- Easy application process through mobile app
- Loan amount ranging from Rs.75,000 to Rs.5 lakh
- Loan repayment tenure ranging up to 4 years
- Flat monthly interest rate ranging from 1.25% to 2.00%
- Top-up loan available after repayment of 50% of the current loan
- Loan pre-closure available after 12 months of repayment
- Ease of document collection with agent pickup at pre-scheduled day and time at your office or residential address
Eligibility Criteria for MyShubhLife
- Salaried individuals with a minimum monthly income of Rs.12,000
- Minimum age of 21 and maximum age of 60
Documents Required for MyShubhLife
- Identity proof: Aadhaar Card and PAN Card
- Address proof: Rental agreement/utility bill/postpaid mobile bill/valid government KYC documents in the name of the loan applicant
- Income proof: Latest bank statements with salary credits of the previous 3 months and salary slips
- Photograph: Selfie
How to Avail MyShubhLife
The application process for MyShubhLife is easy, quick, and hassle-free. Here are the simple steps you need to do:
- Download the MyShubhLife mobile application and register your account.
- Once your mobile number is verified, fill in your personal details.
- Upload a photograph of your PAN and enter the details.
- Add details of your residential address, education, work experience, current employment and salary.
- Upload your bank statement either by linking your MyShubhLife account to your netbanking account or by uploading the bank statement documents in the PDF format.
- Once your bank statements have been instantly verified, you can apply for the loan.
- Choose the EMI amount you can afford to pay, the quantum of loan you require, your desired repayment tenure, and your loan purpose.
- Upload your selfie.
- Upload your latest payslip and proof of residential address in PDF format.
- Share the contact details of two references (one family and one friend).
- Your loan application is now complete and will be processed within 2 working days once approved.
- Which cities is MyShubhLife offered in currently?
Currently, MyShubhLife is offered in the following cities: Ahmedabad, Bangalore, Chandigarh, Chennai, Coimbatore, Delhi NCR, Hyderabad, Jaipur, Kolkata, Mumbai, Mysore, Nashik, and Pune.
- Is a high CIBIL score necessary to get approved?
Loans are offered on the basis of the MyShubhLife credit model, not a CIBIL score. This is decided based on factors such as financial stability and repayment ability.
- How soon does the loan get processed once approved?
Once approved, loans are processed within 2 working days.
- If my loan gets rejected, can I apply again?
Yes, you can apply again after 6 months. The credit score given to you if your loan is rejected will also provide suggestions on how to improve your credit score.
- How do I pay repay the loan?
The loan is debited from your salary account on a predetermined date that will be communicated to you.