Are there bills piling up that you are unable to pay off right now? Are you going through a financial crunch that’s preventing you from purchasing a few important things? Well, that’s quite understandable as most people need financial support from time to time. One method that most people resort to is swipe their credit cards and make purchases. However, this is not the smartest option. Credit card interest rates can range anywhere between 35%-44% per annum, and can prove to be extremely heavy on your pocket. It would be tempting to swipe your credit card as it might seem to be the most convenient and quick option. But, this couldn’t be far from the truth as there are many other alternatives available in the market that could greatly benefit you.
One option that you have is to apply for a personal loan from a trustworthy Non-Banking Financial Company (NBFC) like Finserv MARKETS. You will be guaranteed excellent service, attractive interest rates (much lower than credit cards) and 24×7 assistance. However, in this era where more people are opting for personal loans, many end up ignoring other options like secured loans. According to financial experts, this is the best alternative for satisfying your short-term financial needs. Secured loans are generally credits obtained against securities including National Savings Certificate (NSC), fixed deposits (FDs) or gold.
Secured loans come with an attractive interest rate of 9-10 % as opposed to unsecured ones that usually vary between 12-25 %. Note that every single penny counts and can result in significant savings. This is why, it’s essential that you select the best mode of credit, which will not only take care of your needs, but also help you save money.
Before choosing any type of loan, the key factors that need to be taken into consideration are rate of interest, repayment period, and credit disbursal speed.
If you want a loan with a small tenure, then a secured loan is your best option as they are designed to provide immediate financial relief.
Soliciting a loan against gold jewellery is another feasible option that can effectively service your short-term monetary needs. It’s without an iota of a doubt, one of the quickest financing options available in the market. The documentation required for such a loan is minimal and the same can be said about the application processing time.
The maximum amount that individuals can borrow through this loan is Rs.10 lakhs. You don’t need to inform your lender about the purpose for which you need financing, thus making it a hassle-free option. About 80% of the jewellery value will be provided as a loan by your financial provider. Your secure loan repayment period can vary between 3 to 12 months with some financial institutions allowing customers to repay the credit amount through EMIs or at maturity. Also know what are the tax benefit of personal loan only at Finserv MARKETS
If you don’t want to pledge your property as collateral for obtaining credit, then an unsecured loan is your best option. This is because the verification process is short thereby, facilitating lightning fast disbursal. Additionally, all other types of loans have a higher interest rate, thus rendering them expensive in the long-run. Please note that your creditor will consider your credit history to determine your eligibility. A good previous debt repayment record will make it easier for you to obtain your secured loan.
Now that you are familiar with the concept of secured loan, choose Finserv MARKETS as your partner and let us help you fulfil your short-term financial needs. Apply now for a Bajaj Finserv Personal Loan at Finserv MARKETS now!
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