Instant Loans: We can need money anytime. Those who have gone through the fear of Corona in the last two years have definitely given us this lesson. In this suddenly tough time, the safest way that you see in front is to take a personal loan from the bank. Here comes the second lesson of Corona, that is, whether it is a government bank like SBI or a private bank, all banks have become very cautious in the matter of personal loans. Bank promotions describe the process of personal loans as instant, but it is not that convenient. There are internet lending choices available, but borrowing money from a stranger while being charged exorbitant interest rates by credit card companies is risky. On the other hand, banks also ask you for all the documents and take the same amount of time to get bored.
HIGHLIGHTS
- You have some such investments, on the strength of which you can take a loan fast
- You can get a loan of up to 60-70% of the value of your house against house papers.
- Loan against shares can be availed up to 50% of their value
If you want to take a loan from any bank including SBI, then you have 5 easy solutions, in fact, although there are some investments in the wardrobe of your house, on the basis of which you can easily take a fast loan. By accepting these documents as a guarantee, banks offer speedy and affordable loans. Let us know about 5 such options.
Loan against the insurance policy
An insurance policy does not give you any future protection. But it can also help you cultivate your current self. When necessary, you can use a loan against insurance coverage. You can easily obtain a loan on this for up to 85–90% of the surrender value. You can be required to pay this with an interest of 9% to 10%.
Loan against gold
This method of taking loans is quite prevalent at present. From banks to companies like Muthoot and Mannapuram, such gold loans are being given. But still, people are shying away from extracting gold from the house. However, you are still permitted to borrow money from the bank despite having gold in your home. The good thing is that this method offers quick loans, while the interest rates are also lower than a personal loan or credit card. As per RBI guidelines, you can avail loan up to a maximum of 75 percent of the value. The tenure of this type of loan is usually 12 months, but it can be taken for a longer tenure as well.
Loan against your home
If you are the owner of the house then there is no need to panic when there is a sudden need for money. Your house will arrange money for you. No, we are not discussing the sale of the property. By pledging your documents, you can obtain a loan. Let us inform you that you can obtain a loan for up to 60–70% of the value of your home instead of house papers. By speaking with your bank, you can apply for a loan with a duration of two to twenty years. On a loan against a home, different banks charge between 11 and 15 percent in interest.
Loan Against FD
Many people still invest in FD in the country. This FD designed for future needs can be useful for your current needs as well. You are not being urged to violate your FD by us. Because with this you not only get interested but also have to pay a charge. You have the choice to take out a loan against an FD in this circumstance. Banks often offer loans up to 90 percent of FDs, although you may have to pay higher interest on it. But it will save you from breaking your FD.
Loan against shares
You do not have to sell your shares at a loss if you invest in the stock market and suddenly there is a need for money. You can use these shares as collateral for a loan from the bank. You can get a loan against the share up to 50% of its value. Banks also offer loans secured by shares, typically with interest rates ranging from 11% to 22%. Here the decision of the tenure of the loan completely depends on the bank.
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