Are you in immediate need of funds and
wondering what all options you have? There are a lot of options
available, one can consider personal loans or loans against national
savings certificate, loans against insurance policy or loans against fixed deposits.
The loan against FD being a secured
loan is offered at less interest rate viz-a-viz a personal loan.
Banks offer as much as 90% of loans of the value of the fixed
deposit. The interest charged is at around 2-2.5% above base rate
against 3-3.5% and above for personal loans.
Therefore in case of urgency it is
advised to pledge your fixed deposits for taking a loan. Another
benefit of taking such a loan is that in case of default, the bank
would recover the amount from the fixed deposit and the borrower and
his family would not be under the pressure of repayment.
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