- Gold Loan:
A gold loan is available through banks or other Non Banking Financial Companies. To avail a gold loan, all you have to do is pledge your gold (either in the form of ornaments, bars or coins) to avail a loan. You will not need to show any documents for your income as the loan is allowed against the security of your gold.
The amount of the loan available will be subject to the value of the gold as assessed by the lender. The borrower can borrow up to 75% of gold value.
- Loan Against Fixed Deposit:
A fixed deposit held in your name can also be used to get you a loan. The best thing about using a fixed deposit to avail a personal loan is that your deposit will continue to earn interest while you can borrow a loan against the safety of the FD. But, keep in mind that you will not be able to close the FD before paying back the loan.
- Loan Against a Property
If your requirement for a personal loan is for bigger amounts, you could avail a loan against any property held in your name. The loan approved depends on the market value of the property, clear title, the condition of the property, etc. The property will remain pledged to the lender till the loan is cleared.
Loans against various assets like gold, FD, or property are available from leading banks and Non-Banking Financial Companies. But you will need to keep in mind that if the loan is not repaid on time, you may end up losing your asset.
Are you looking for a personal loan for meeting any of your financial needs? You could go in for an easy, online loan from Money View without any collateral. Download our loan app or apply online on our website today.