Every one needs funds in an emergency but people are confused where they get money instantly. people are trying to get money from friend's relatives but then are not responding as well. if you have any property or FD then you can get funds instantly, you can get loan on it. let discuss about both loans ( LAP and loan against FD).
What is a loan against property?
Loan against property (LAP) is a kind of loan you can get loan on your property. you should contact some lender who offers this service. you have to fill a form and your lown will be processed.
Advantage:
the range of LAP is 11%-15% which is low than personal loans.
both property residential or leased out you can opt loan on both types of property.
no penalty charged required
can be avail one-time fund or can avail overdraft facility
What is Loan against FD?
Fixed Deposit (FD) is a one of the best investment options in Indian. in an emergency you need funds you can avail of a loan on it this is the best option to get money instantly. loan against FD interest rate is very low so you can avail money without disturbing your savings.
Advantage:
lenders charge only on a utilized amount, not on the full amount
faster loan approval
minimal documentation required
have flex repayment option
