We are telling you those seven easy ways, with the help of which you can take a loan immediately.
In today’s era, everyone needs a loan. If you do not have money and want to buy something, taking a bank loan is a convenient option. Apart from this, even in a financial disaster, a bank loan makes our life very easy.
Have you ever noticed how the financial institution gives you the loan charges interest rate on your loan? Behind this, there is a role of loan urgency, loan repayment time and interest rate, etc.
We are telling you those seven easy ways, with the help of which you can take a loan immediately.
Before reading this story further, do not forget to ensure that the loan should be taken only when necessary. Always try to keep the loan amount as low as possible. If you cannot repay the loan amount on time, you may fall into the debt trap.
Take a loan from your employer.
Many companies give a part of the salary as an advance loan to the employee. This can be up to six times your monthly salary. You can pay this amount from your paycheck for the next 24 months.
Interest Rate: 5-8% (Sometimes, this interest rate can be zero.)
Benefits: You can get this amount in three days.
Disadvantage: This is a part of your salary, according to this you will have to pay tax on it. If you spend this amount on health facilities, which is less than Rs 20,000, then only you can get the benefit of tax exemption.
Home Loan Top Up
You can take a loan of up to Rs 50 lakh as a top-up home loan for a tenure of up to 20 years. If the term of your home loan is short, then the loan will be available accordingly.
The total value of the mortgage and top-up loan cannot exceed 75% of the house’s value.
Interest Rate: 9-13%
Benefits: You can get this loan in three days
Disadvantage: If you default in repaying the loan, you will have to pay a considerable cost.
personal loan
You can get this loan within 30 minutes to three days. It depends on your relationship with the Bank. If you have a pre-approved loan offer on your account, then the process becomes straightforward.
Interest Rate: 13-24%
Benefits: Instant payouts when you take a personal loan from your Bank
Disadvantage: 2-3% is charged as a processing fee. Apart from this, you have to pay GST in monthly installments. If the loan is repaid ahead of time, there is a separate charge of 2-3 percent.
loan against property
If you have a house and want to take a significant loan, you can take a loan from the Bank against that property. In this way, you can take a loan from 5 lakh to 10 crore rupees. The loan tenure in this can be from 2 to 15 years.
Interest Rate: 9.5-13%
Advantages: Low interest, getting a significant amount
Disadvantage: It may take 3-10 days to get the loan.
loan against shares
You can also take a loan against your shares, mutual funds, fixed deposits, or insurance policies. In the case of mutual funds and shares, banks give you a loan of up to 50% of the investment amount. In the case of fixed deposits, you can get interested up to 75% of the investment amount.
Interest Rate: 9-15%
Advantages: Quick payouts, low-interest rates
Disadvantage: If the portfolio’s value falls, you will have to keep more funds with the lending institution.
loan against gold
You can also take a loan against gold or gold ornaments kept with you. Banks can give you a loan of Rs 10,000 to Rs 25 lakh against the value of gold. Usually, the repayment tenure of the loan ranges from 6-to 12 months.
When you repay the loan amount, you get back the gold pledged.
Interest Rate: 10-17% from Bank, 14-26% from Non-Banking Finance Company
Benefits: The loan is available in a few hours.
Disadvantage: Up to Rs 250-2500 may have to be paid as appraisal charge of gold. If you fail to repay the loan, your gold can be confiscated.
credit card cash withdrawal
You can withdraw up to 40-80% of your credit card limit. Sometimes credit card companies also fix limits according to the daily cash withdrawal. In this, you may have to pay an over-limit fee.
Interest Rate : 2-3.5% per month
Benefits: Cash is available within minutes.
Disadvantage: 2.5-3 percent charge has to be paid as a transaction fee. The interest starts from the day you have withdrawn the amount…