AuthorAlisha Antil is your best financial helper for insurance. She has a vast experience in finance and insurance and provide to you the expert advise in insuring your property and health. Archives
March 2020
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Whether they come clean about it or not, the biggest concern of every investor irrespective of their kind of investment portfolio, is what would they do when they come across an urgent cash need? Will they have to liquidate their investment, or they will be able to manage without taking the extreme step? Like it or not, there’s always an uncertainty regarding investments that continues to meddle with the investor’s subconscious mind. In the same context, the banking and finance sector has a loan against securities which is a fitting solution for people who fail to make apt decisions owing to their dilemma. The credit scheme allows prospective subscribers meet their urgent cash needs without dissolving their investment. Having said that, taking a loan against security isn’t that easy to avail, but it’s definitely not impossible. You can easily obtain a loan against your securities by following the guidelines. Secure a fitting collateral
The first tip is to secure a fitting collateral i.e a collateral whose current market value is at least twice the amount you’re planning to borrow. Bank or NBFC, they will allow you to borrow only up to 50% of the collateral value. Keep your spirit and your CIBIL score high A good CIBIL score can go long miles in helping you get your loan application approved, especially when it comes to loan against shares. So, maintain a good credit score and leverage the benefit. Keep your loan to value ratio low Loan to value ratio is how much you are eligible to borrow and how much you actually borrow. If you ask for less in comparison to your eligibility, your loan application has higher chances of approval. Draft a repayment plan in advance Lastly, having a well-planned repayment strategy always helps in convincing the lender, and sending one with your loan application can ensure maximum chances of approval. Read More :- Easy Way to Avail a Loan Against Securities at Lower Interest Rates
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A loan against security has emerged as a new favourite for existing and potential credit seekers. Even the top-notch financial advisors are proactively suggesting the product to their client. From a collective perspective, the facility has become quite popular in a relatively lesser time - and the prime reason being the unique features which aren’t available in other schemes: (a) a loan against security allows you to regulate your borrowing capacity by using an equivalent collateral (you can borrow higher funds up to the specified limit using a security with higher value), (b) you don’t have to liquidate your investment to obtain a loan against it. This means you can breakthrough your urgent cash needs while simultaneously preserving your investment. Nope! These two aren’t the only reasons why loan against property is so popular, there are a few more reasons which are mentioned below. Higher borrowing limit: As said above, you can increase or decrease your borrowing capacity as per your need by submitting a collateral of equivalent worth. Thus, if you want to, you can avail a bigger amount by using a fitting collateral.
Wider repayment tenor: Most secured loans come with a longer repayment tenor, so does a loan against security. You can evaluate your needs and decide the repayment tenor in accordance to your needs. Exclusive customer support: The lenders offering the discussed services also offer exclusive customer support for the subscribers. You can dial their number whenever you have genuine query or a question related to your loan. In the end, even the online account management facility available with LAS is an influencing reason adding to its popularity. Also Read :- 6 Benefits of Loan Against Securities at a Glance! |