The
person avails personal loan to meet their personal requirements, but there are
many better sources available
in the market to meet the personal requirements. This is because; the personal loan
attracts high interest rate; therefore, person can go for other option that person can
easily avail at low interest rate with better
terms and conditions. These options are;
1. Borrow from Relatives or Friends
Whenever the person is in financial crises, first the person should try to arrange funds from relatives or friends. This is the best way of arranging funds, as the person does not have to pay any rate of interest on it and the person can pay the amount according to their financial position. It does not impact on the customer’s creditability. Though, customer should be serious towards their debt.
Whenever the person is in financial crises, first the person should try to arrange funds from relatives or friends. This is the best way of arranging funds, as the person does not have to pay any rate of interest on it and the person can pay the amount according to their financial position. It does not impact on the customer’s creditability. Though, customer should be serious towards their debt.
2. Loan against property
The person can take funds from the bank or financial institution by pledging their property to them. The bank also happily provides this loan, as it is a secured loan. The bank provides this loan only up to 60-65% of the market rate of the house or flat. The person can avail more loan amount and that too for longer tenure. The bank provides this loan for more than 10 years and charges interest rate around 12-14% that entirely depends on the loan amount.
The person can take funds from the bank or financial institution by pledging their property to them. The bank also happily provides this loan, as it is a secured loan. The bank provides this loan only up to 60-65% of the market rate of the house or flat. The person can avail more loan amount and that too for longer tenure. The bank provides this loan for more than 10 years and charges interest rate around 12-14% that entirely depends on the loan amount.
3. Loan against investment
The person can avail loan against their investments, i.e. gold, shares or mutual funds. The customer can even liquidate their investments, if the person is holding these investments from long time. The person can avail loan on following investments that are;
The person can avail loan against their investments, i.e. gold, shares or mutual funds. The customer can even liquidate their investments, if the person is holding these investments from long time. The person can avail loan on following investments that are;
(a)
Gold Loan
In gold loan, the person has to pledge the gold to the bank. The person can avail loan easily and quickly. The person can avail this loan within 2 hours of applying. The bank provides the loan amount up to 60% of the market rate of the gold. The bank normally charges the interest rate around 11-14% on the gold loan. This loan can even be availed by the unemployed person, i.e. the person who is not earning.
In gold loan, the person has to pledge the gold to the bank. The person can avail loan easily and quickly. The person can avail this loan within 2 hours of applying. The bank provides the loan amount up to 60% of the market rate of the gold. The bank normally charges the interest rate around 11-14% on the gold loan. This loan can even be availed by the unemployed person, i.e. the person who is not earning.
(b) Loan against fixed deposits
This is another way for fulfilling the urgent requirement. The person can take a loan against their fixed deposits. The bank provides the loan amount up to 80-85% of the fixed deposit amount.
This is another way for fulfilling the urgent requirement. The person can take a loan against their fixed deposits. The bank provides the loan amount up to 80-85% of the fixed deposit amount.
(c) Loan against securities
The person can take a loan against their shares or debenture. The person has to pledge their shares and debentures to the bank. The bank charges around 13-16% of interest rate.
The person can take a loan against their shares or debenture. The person has to pledge their shares and debentures to the bank. The bank charges around 13-16% of interest rate.
