Is your cash flow sinking? need help? personal loans are available, but with give comes take, as the interest rates are surging and the economic prices are flooding, you are finally only adding interest on interests and all that seems to do is dent your account irreparably which is a bad place for anyone to be. A personal loan calculator is available on most banks and NBFCs official websites to give you a crystal clear idea of what you are dealing]g with. Personal loans are beneficiary with cross lines and limits that if crossed might do you a great job of hindering your future possibilities of availing a loan. But, it can’t be the only way to lend you resources right, without maxing out your account? And that’s is why you have more than one option to fend for in a highly legit way. Here are a few other options to swell your account.
Loan against property:
(LAP) Property loans are available in all banks and Non-Banking Financial Institutes(NBFC) where you can place your property as collateral and receive about 80% of the property’s value, as the rate increases the value of your property floods. The property can be land or home.
Loan against Public:
Provident Funds(PPF): With very minimum documents and without wreaking your PPF agreement an applicant can avail a loan on this for a maximum tenure of 2 years and can avail another if they are in the period between 3years-5years if and only if the loan pays the first loan on full.
Loan against Fixed deposit:
Customers who have fixed deposits in the bank avail this loan where the bank allows the customer to take 90% of the maturity amount as principal amount, however, to avail this loan the customer must visit the bank in person.
Loan against Gold:
Gold loan or loan against gold is a type of loan where the gold articles act as collateral to the principal amount. Few banks and NBFCs don’t accept gold coins or bars but other than that all kinds of ornaments are permitted and considerably has a lower interest rate. The bank or the NBFC has the right to auction the gold article if the consumer refuses to pay the monthly instalments on time or doesn’t pay the principal.
Loan against insurance policies:
Insurance amount can be used as collateral to avail this loan. Banks and financial institutes provide up to 90% of the insurance amount and have low-interest rates. This loan can b paid off at any time during the insurance time and if not paid the banks and NBFCs automatically detect the due money.
Loan against Employee Provident Fund:
The maximum loan tenure is 24 months and you must’ve had the Employee Provident Fund(EPF) for a minimum of 3 years. You can avail up to 90% of the fund.
Loan against mutual funds:
A loan on mutual funds can be availed after making an agreement with the lender meaning you should mortgage your unit. A margin is the principal a bank sanctions on the mutual funds which are always less than the market value of the mutual fund.
Loan on shares:
Loans can be availed on the shares you invest in a business or a trust or society etc.., only if the company has approved securities and each bank has its own list of the eligible securities. The principal amount depends on the security and the value of the share. But, in general, the granted amount is much less than many other loans.
Conclusion:
Indian overseas bank personal loan is a profitable loan that has affordable interest rates and flexible tenure in addition to all the above-mentioned loans. However, any loan availed should be used wisely and paid shrewdly without dues on the given date.
Also read this: Personal Loan for Marriage