REJECTED OF GETTING PERSONAL LOAN? TRY THE OTHER LOAN ALTERNATIVES 

Had an unexpected emergency or sudden need of finances? And have applied for personal loan, but your application got rejected due to cibil issues? Don’t worry as apart from personal loan (unsecured loan) you have many alternative options, or many other ways through which you can finance yourself for whatever requirement you have. Let’s discuss the other alternatives.

GOLD LOAN-
Gold loan is a secured form of loan, and it might help you with sudden requirement of loan.  In this loan, you are required to mortgage your gold in the form of ornaments and coins etc as a security to the lender. In the gold loan the interest’s rates are lower somewhere around 9.25%, and the loan amount is usually depended upon the gold’s value, and not on the borrower’s repayment capacity. Gold loan sustains minimum documentation and very lenient eligibility criteria, and provides speedy disbursals. And the benefit which it has is no processing fee is taken.

LOAN AGAINST PROPERTY
Loan Against property comes under the category of secured loan, which means that by being secured, you need to mortgage your own residential property or commercial property, to the bank in order to take loan. These loans are advantageous for those people who have a requirement of big ticket cases, as these carry high amount. The rate of interest is lower and the tenure is also longer up to 15-20 years, in order to comfort you with lower EMI’s. Since your property is under bank’s possession, if you make any default payment and you might lose your property. The processing time for it is around 10-15 days as your property is involved, so documentation and verification is done very carefully.

LOAN AGAINST CAR
Why looking for loan everywhere when you have the answer for it in your home only? Yes you heard it right, own a car? Go for loan against car. Loan against car is a secured loan, by mortgaging your car to the bank you can easily avail loan. As it is new in the market, the rate of interest might go high to up to 18%. They carefully determine your car’s condition, considering its age, its popularity etc. In general banks don’t accept cars below 5 years of purchase. Various banks provide you with up to 75-85% of the value of your car in the market. Loan against car contains less documentation and verification and also disbursal process is quite fast.