A personal loan is not the last hope, particularly if you have assets and other investment options to guarantee as collateral are not enough. We have some of the backup sources of lending, in case you are not qualified for a personal loan.
Shares & Stocks are utilized to avail loans in case of an emergency. The loan amount would be half of the market value of the shares you own. Usually, the amount will vary between Rs. 50 thousand to Rs. 30 lakhs, but some banks also offer loans up to crores of rupees.
If you own gold, then the gold loan is a very crucial loan option that you can consider to fulfill your urgent cash requirements. Gold assets in the form of ornaments and coins are accepted as collateral by banks and NBFCs.
PPF Account Loans
Taking a loan against your Public Provident Fund Account is an easy and comfortable option. The maximum loan value would be 25% of the balance available in your account. You can take this loan only after a minimum of years of having an account.
Fixed Deposits Loans
The fixed deposit is a frequently used financial instrument, especially among risk-averse investors. Availing a loan against it can help you get out of your financial crisis at a low-interest rate, which usually differs from 1% to 2%. The loan option requires minimum documentation and less than a day to process. Banks commonly provide loan facilities of up to 90% of your FD amount.
Loans against movable and immovable assets
you can use it to secure a loan against the car. As measured by other lending possibilities listed in this article, a loan against the car is relatively new. Many car owners are not even aware of the fact that they can take a loan against their cars.
Your securities such as Demat shares, term deposits, bonds, insurance policies, and mutual fund units help you compound your money with time. These loans include an overdraft facility that is not permissible on a current account with a borrowing limit set based on the collateral value. You can switch money from this account and also repay the loan by depositing the amount back.
This loan opportunity is proper for investors who require money but do not want to exchange their investments. Yet if you take a loan on one of your securities, you will proceed to get the appropriate returns on it.
Loanzzones offers you low interest personal Loan, home Loan, mortgage Loan and business loan, we take care of your documentation processing and our service is hassle free with very minimum documentation and fast track loan approvals.