We are telling you those 7 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 you want to buy something, then taking a bank loan is a convenient option for this. Apart from this, bank loan makes our life very easy even in the event of a financial disaster.
Have you ever noticed how the financial institution lending to you charges interest rate on your loan. Behind this is the role of loan emergency, loan repayment and interest rate etc.
We are telling you those 7 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 it is absolutely necessary. Always try to keep the loan amount to a minimum. If you are unable to repay the loan amount in time, then you can get caught in the debt trap.
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Take a loan from your employer
Many companies give a loan to the employee as an advance for a salary. This can be up to six times your monthly salary. You can repay this amount from your salary for the next 24 months.
Interest rate: 5-8% (Sometimes this interest rate can also be zero.)
Advantage: You can get this amount in three days.
Disadvantage: This is only a part of your salary, according to this you will have to pay tax on it. If you spend this amount on health facilities, and it is less than Rs 20,000 only then you can get the benefit of tax rebate.
Top up of home loan
You can take a loan of up to 50 lakh rupees as the top up of home loan for a period of up to 20 years. If your home loan period is short, then the loan will be available accordingly.
The total value of mortgage and top up loan cannot exceed 75% of the value of the house.
Interest Rate: 9-13%
Advantage : You can get this loan in three days.
Loss : If you defaulted in repaying the loan, then it will have to pay a big price.
Personal loan
You can get this loan within 30 minutes to three days. It depends on your relationship with the bank. If there is a pre-approved (pre-approved) loan offer on your account, then the process becomes very easy.
Interest rate: 13-24%
Advantages : Disbursements immediately after taking a personal loan from your bank
: Processing fees are charged 2-3%. Apart from this, you have to pay GST on monthly installment. If the loan is repaid ahead of time, then a charge of 2-3 per cent is levied for it separately.
Loan against property
If you have a house and you want to take a big loan, then you can take a loan from the bank in exchange for that property. In this way, you can take a loan ranging from five lakh to 10 crore rupees. In this loan period can be from 2 to 15 years.
Banks lend you up to 65% of the value of the property. For this, the house is insured. In this, the processing fee is 1.5-2% while the loan for repaying the loan is 2-3%.
Interest Rate: 9.5-13%
Advantages: Low interest, large amount of money
Disadvantages: It may take up to 3-10 days to take a loan.
Loans against shares:
You can also take loans 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 case of fixed deposits, you can get interest up to 75% of the investment amount.
Interest Rate: 9-15%
Advantages: Instant Payment, Low Interest Rate
Loss: If the value of the portfolio falls, you will have to keep more funds with the lending institution.
Loans
against gold: You can also take a loan in lieu of gold or gold ornaments kept with you. Banks can give you a loan ranging from Rs 10,000 to Rs 25 lakh against the value of gold. The repayment period is usually 6-12 months.
When you repay the loan, you get back the gold kept as a mortgage.
Interest rates : Bank of 10-17%, 14-26% of non-banking finance company
advantages : gets loan a few hours.
Disadvantages : Gold may have to be paid up to 250-2500 rupees as an appraisal charge. If you are unable to repay the loan, then your gold can be confiscated.
Cash withdrawal with
credit card You can withdraw up to 40-80% of your credit card limit. Many times credit card companies also fix the limit according to the daily cash withdrawal. In this, you may have to pay an over limit fee.
Rate of interest: 2-3.5% per month
Benefits : Cash is available in minutes.
Disadvantages : 2.5–3 per cent charge has to be paid as transaction fees. From the day you withdraw money, the interest starts from the same day.
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