New Delhi, Business Desk. Due to the uncertainty in jobs and income in recent times due to coronavirus, banks may be a little hesitant to give loans. Because it has been seen that job layoffs and pay cuts are taking place in lockdown. However, even after this, if you are thinking of taking a loan, then you can consider some options.
Loan Against Property (LAP)
It is a loan against commercial residential and industrial property. The interest rate starts at around 8.95% and it depends on the lender, loan amount and credit profile of the applicant. The tenure of the loan can go up to 20 years. The loan amount will mainly depend on the valuation of the property and repaying capacity of the borrower.
Gold loan
Gold loan allows borrowers to meet their money needs by monetizing their gold jewelery. Most lenders disbursed gold loans within a few hours of the loan application. The loan can go up to 75% of the value of gold set by the lender and the interest rate starts at around 9.10%.
Digital Top-Up Home Loan
People with existing home loans can opt for digital top-up home loans. Interest rates are generally lower than other loan options available to the current home loan borrower.
Loan against credit card
Credit card issuers give pre-approved loans to their existing card holders based on their card type, expense and repayment. Once a cardholder avails this loan, his credit limit will be reduced by that amount. However, some lenders give more than the sanctioned credit limit and loan against the credit card.
COVID-19 Personal Loan
Some banks have started offering COVID-personal loans to help their select group of existing customers. Many banks in the country have launched Kovid-19 personal loans. These banks include Bank of Baroda, Punjab National Bank, Indian Bank, Union Bank of India, Maharashtra Bank and Bank of India. Kovid-19 personal loan has many features including zero processing fees and low interest rate. If your bank is offering Kovid-19 personal loan, then you can go for it.
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