Shubh Loan is offered by Datasigns Technologies, which is a team of bankers, data scientists, and technologists. Through Shubh Loans, the company aims to democratise credit and make it accessible to unserved market segments that have been overlooked by mainstream lenders.
Features of Shubh Loans
- 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
- Interest rate ranging from 25% - 32%
- 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 Shubh Loans
- Salaried individuals with a minimum monthly income of Rs.12,000
- Minimum age of 21 and maximum age of 60
Documents Required for Shubh Loans
- 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 Shubh Loans
The application process for Shubh Loans is easy, quick, and hassle-free. Here are the simple steps you need to do:
- Download the Shubh Loans 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 Shubh Loans 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 Shubh loans offered in currently?
Currently, Shubh loans 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 a Shubh Loan credit score, 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 back the loan?
The loan is debited from your salary account on a predetermined date that will be communicated to you.