In today’s time, in case of an emergency, you can easily raise funds through a loan. If your credit score is good then you will get a personal loan at a low interest rate also.
Every person needs money in an emergency. In such a situation, it is often seen that people borrow money at very high interest, due to which they get trapped in the loan trap. But in today’s time, there are many such options available to get funds in an emergency, from which you can easily borrow money at low interest.
1. Personal Loan:-
Personal loans are an easy option to get funds in an emergency. If your credit profile is good then any bank can easily give you a personal loan. Here the interest rate is determined according to your credit score, the higher your credit score. The interest rate on a personal loan will be equally low.
2. Loan against mutual funds and shares:-
Loan can be easily taken by pledging mutual funds and shares. Most banks give loans up to 50 percent of the current value of your shares against the pledge of shares and mutual funds. A loan taken against a pledge of shares and mutual funds is secured and hence the interest has to be paid less.
3. Loan against property:-
If you need a lot of money then it is better to take a loan by mortgaging the property. In this, you can easily get a loan of up to 60 to 70 percent of the value of your property. Its interest rate is also quite low.
4. Gold Loan:-
Gold loan is a very good option. Its advantage is that the loan is available quickly at a very low-interest rate. If you require very little money then the gold loan is a good option. In this, the loan is available up to 80 percent of the value of your gold.
Loan against FD is a type of overdraft facility. This is the cheapest loan option of all. The cost of a loan through FD ranges between 0.50- 2.00 percent. In this, the loan is available up to 70 to 95 percent of FD value.