Coronavirus has led to a crisis of jobs and earnings. Many companies are retrenching or deciding to cut salaries. Banks can hesitate to give loans. However, even after that, if you want to take a loan, you can consider some options. We are giving five similar loan options in this news that you can try.
Digital top-up home loan: There is also a digital top-up home loan for people with existing home loans. Interest rates are generally lower than other loan options available to the existing home loan borrower.
Loan against credit card: You can avail loans against credit cards. Existing cardholders get loans based on their card type, expenditure, and repayment. Once the cardholder avails of this loan, his credit limit will be reduced by that amount. However, some lenders give loans in lieu of more than the sanctioned credit limit and credit cards.
COVID-19 Personal Loan: Some banks are offering COVID-personal loans to help select groups of their existing customers. Several banks in the country have launched the COVID-19 personal loan. The Kovid-19 personal loan has a number of features, including zero processing fees and low-interest rates. If your bank is offering a COVID-19 personal loan, you can go for it. The loan lending banks also include Punjab National Bank, Indian Bank, Union Bank of India, Bank of Baroda, Maharashtra Bank and Bank of India.
Loan in lieu of property: A loan can be taken in lieu of commercial residential and industrial property. The interest rate starts at around 8.95% and depends on the lender, the loan amount, and the applicant's credit profile. The loan amount will depend mainly on the valuation of the property and the borrower's repayment capacity. The loan tenure can go up to 20 years.
Gold Loan: With a gold loan, borrowers can meet their money needs by monetizing their gold jewelry. The loan can go up to 75% of the value of gold fixed by the lender, and the interest rate starts at around 9.10%.
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