Apoorv Chaudhary
by on April 8, 2021

Whenever a financial emergency occurs, the first thing a person thinks about is money. But, how to make sure there is no shortage of funds to tackle the situation. In these situations, one would contact friends and family to seek assistance. However, they may or may not be able to lend a hand. 

In case they are unable to help, the person has to think of other options. One of those options is taking an instant personal loan. But there are so many lenders, a borrower would quickly get confused in choosing a reliable lender. This is why we brought the two best lenders.   

The two lenders are Shubh Loans and EarlySalary loans.  We will begin with the Shubh loan.   

Shubh loans 

Shubh Loans, a financial platform created by experienced bankers, has become widely popular. The aim of the app is straightforward. They are providing borrowers with instant loans to tackle any financial situation with quick credit available. If you need the money to hurry, Shubh loans should be your go-to lender.   

The loan is available based purely on the borrower's credit score. There is no need for collateral to get the loan. It requires minimal documents and has transparent processing.   

  • Shubh Loans offers an instant personal loan from ₹25,000 to ₹5,00,000 
  • The interest rate begins from 26% to 44%, depending upon the borrower's credit score and the loan repayment tenure. 
  • The loan tenure is from 6 months to 4 years.  

The eligibility criteria for Shubh loans 

  • The borrower's age should be between 21 years to 60 years. 
  • The borrower's minimum salary should be at least ₹12,000 per month. 
  • The borrower should be working in the current organization for at least 3 months. 

Documents needed to apply  

  • Passport size photographs 
  • Aadhar card  
  • PAN Card 
  • Form 16 and salary slips 
  • Address proof document 
  • Bank statement for the last 6 months 

How to apply for a personal loan at Shubh loans?  

  • First, head to the google play store to download the Shubh loans app.  
  • Sign up on the app with your mobile number.  
  • Fill out the application form.  
  • Upload a photo of the PAN Card 
  • Upload the necessary documents.  
  • Once the details are verified, you will be able to apply for the loan.
  • After applying, it will take 1 to 2 working days to process the loan.  

The first part of Early Salary instant personal loan vs. Shubh loans is completed. Now, let's move on to the second part, checking out the Early Salary loan details.   

EarlySalary instant personal loan  

EarlySalary personal loan is focused on those people who are waiting for their salary. It is a smartphone-based lender offering the loan via the app.  Early Salary motto is to ensure that the borrower's life is uninterrupted, expressive, and happier with their personal loan.  For a ₹10,000 loan, the rate of interest would be ₹9 a day. 

  •  Earlysalary offers a personal loan from ₹8,000 to ₹2 lakhs.   
  • The rate of interest begins at 2% to 2.5% monthly.  
  • The loan repayment tenure is from 90 days to 1 year.  
  • The processing fee is from 0% to 4% of the loan amount.  
  • There is no pre-payment charge. The interest rate is only on the usage amount.  

The eligibility criteria for EarlySalary instant personal loan  

  • The borrower should be an Indian citizen.  
  • The borrower should be a salaried individual or self-employed professional. 
  • The minimum borrower age should be at least 23 years old. 
  • The borrower's minimum salary should be at least ₹25,000 per month. 

Documents required to apply?  

  • Passport size photographs 
  • Identity proof (Aadhar card, PAN Card)  
  • Address proof (Rent agreement, electricity bill)  
  • Bank statement and salary slips for the last 6 months

Why should you choose an EarlySalary personal loan? 

  •  Early salary does not restrict the usage of the loan. 
  • There is no need for collateral.  
  • The repayment terms are flexible.  
  • It requires minimal documentation.  

How to apply for an EarlySalary loan? 

  • First, download the official EarlySalary app. 
  • Sign up, fill up the required details.  
  • Once it is approved, upload the necessary documents.  
  • After verification, the loan amount is available. 

The Earlysalary is for those who are waiting for the payment to get credited. When the salary comes, they could repay the loan. Both parts of Earlysalary instant personal loan vs. Shubh loans are now completed. You have read about both of them. It is up to you, Which lender will you choose?  

Posted in: Finance, Loan
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