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Bangalore: As life is unpredictable, it's very difficult to stay intact with money matters. Many people opt for personal loan when they are in the urgent need of money. Most often, personal loans are the easiest option compared to other type of loans.
But with the bank's raging interest rates, it's quite difficult to get into the vicious cycle of debt, as banks look at your entire financial profile before accepting you for eligibility.
To help you choose a cheaper loan option, Bankbazaar.com has presented 6 alternatives to beat expensive personal loans.
1. Loan against Fixed Deposits
When you are in urgent need of cash, you can break your fixed deposit account that you have saved for your retirement. Loan against Fixed Deposits are the quickest loans that one can avail. Usually, banks would lend you up to 75 to 85 percent of your deposit amount as loan. And you would be charged 1 percent to 2 percent higher interest on loan than what you earn over your fixed deposit.
Loan Against fixed deposits comes with a huge advantage that is it requires minimal documentation and moreover, your fixed deposit also earns interest rate even during the tenure of the loan.
Also Read:
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7 Smart Financial Moves Before You Enter the Age of 30
