Top 10 Solutions - What to do when Your personal loan is not sufficient enough?

by Amrita Agarwal Digital Marketing Manager

People sometime say when person who doesn’t have handful money at any instance he might lose right to dream big? cannot make a plan for big accomplishments. Because he cannot fulfil his own dream so, should he stop dreaming? Actually No, in this current world the finance, bank – customer friendly policies are provided to solve this scenario.

Which helps the people who are willing to borrow money for their need. one major solution for these queries is Loans. Yes, most of them know this, one can define loan in terms of finance as “a loan is the advancing of currency from one individual to his needs and repay with interest”.

Also, somethings evident through promissory declaration which specifies, with other things like the principal amount, the rate of interest which financier is going to charge and also repayment date. There are numerous kinds of loans like, personal, home, student loans, business loan etc. You can take loan of different type as you need. When one faces problems in using loans for his need, one must contact online or offline services for information.

For each and every need, loans are available but one can also get queries like “What to do When Your Personal Loan is not Enough? “

We have various solution to this problem, some of them are listed below

1.PPF [public provident fund]: Individuals can avail a loan against the balance in their Public Provident Fund. Still, this facility is only acceptable in the third and sixth year. The amount is limited to 25% of the balance at the end of the second year prior to the year in which the loan is applied. So, if the interest rate is 8.8%, then the interest on the loan amount is 10.8%. The loan has to be paid within 36 months. If the account holder cannot pay back within time, the interest increases instantly from 2% to 6% above and below the earned value.

2.Fixed deposits [FD’S]: There are certain criteria for a fixed deposit holders, and that is that the money cannot be withdrawn from the Fixed deposit as compared to a recurring deposit or a demand deposit before maturity. But there are Some banks who provide extra services to FD holders such as loans against Certificates at competitive interest rates. This is one way to solve above problem.

3.Commonly known Gold loans: It’s evident that you rarely use daily basis, gold/gold coin is lying idle in locker. This gold can be utilized to get your money to sustain your needs at much subordinate rates than personal loans. Gold loans are accessible by banks and financial organizations and they are sanctioned faster rate. Typically, it takes 24 hours to get the gold loan authorized and can had the value around 85 to 90% of the gold you’re going to deposit on your loan. The rate of interest is usually around 12-13%.

4.Home Equity loans: A home equity loan is a type of loaning which the mortgagor uses the equity of his or her home as collateral. The loan amount is calculated by the worth of your property, and the charge of your assets is found by an evaluator from the lending organization. A equity loan makes a policy against the mortgagor's home and lessens actual equity. Home equity loans are often used to finance major expenditures such as home upkeeps, medical bills and educational needs.

5.Get benefited from Online Lenders: Now a days online borrowing is the best option you have for borrowing. when you are going for online borrowing then more options open up for you. As know you can compare among different lenders for the interest rates and different charge. you can go with anyone which seems to you more attractive and best suited for you. in this kind of lending the process will be totally stress free and smooth as whole process will be completed online.

6.Even your favorite insurance policies you use: One more option compared to personal loans that you have is receiving a loan by promising your insurance strategy. The interest rates in this kind of policy are around 9 to 13%. Moreover, smallest of three premium paying years should might be crossed for you, when going to initiate your policy for a loan. However, you’re possessing an insurance policy, then surely insurance benefactor can help you a loan about 80 to 90% of the current submission of the policy.

7.Mutual investments and securities: In similar way like Fixed deposits, your savings in every mutual funds and shares. This can similarly use to take loans from leading monetary institutions, banks. Anyways, organizations and bank departments have a list of accepted mutual funds. whose shares can be hand-me-down as collateral to avail the loans. The quantity of loan certified will be lower than the entire value of your securities to watch them in contrast to marketplace fluctuations. The interest rates will vary accordingly. But somehow can help to get good loan at this problem of getting enough loan.

8.Your Property can help you: It is most famous and great way of loan against property. This can be gained at a rate about 11 to 16% which is close to the ROI on personal loans. However, it is suggested only if your cash necessity is enormous and you do not have any other source for getting loans. Banks and financial institution may give loan up to only 60% of the actual value of property.

9.Your best friend or Co-worker can help to solve: If you have familiar individuals who can help you a loan, this may result in rate of interest that can be lower rate. Sometimes best friends or those whom we call best partners for business startups avail this. Also, try to get it from your employer if one can avail this facility in your corporation/company. The loan money will be subtracted from the salary in your company, also over a period of time you can get an advance against your remuneration.

10.Most effective one, borrow from Finance buddha: Last but effective one, try this time with Finance Buddha when you are in an need of urgent cash . Yes, we can find here group of people working in chain link to help customers in problems above stated. The finance Buddha is DSA for Different banks. which has now come up with Instant lending facility. here for getting immediate cash, you can apply through their insta loan page. fill the required information. upload some required documents online on their portal itself and here the process is completed. if everything went correctly you will be with the credit in your account within 24 hours. the Instant loan which helps getting info about loan, home loans, business loan.

many times in life things doesn't go how we think or how we have planned. similarly when we take a personal loan then also we plan and apply for a particular amount according to our requirements. but sometimes our plans fail the amount which we took as loan also shorts and our work is not completed in shortage of money. At that time all the above mentioned points will definitely help you whenever your personal loan is not sufficient for you opt for any point among these. this will surely help you.