Many people take a personal loan when money is needed. But getting a personal loan is not easy and you also have to pay more interest in it. If you too are thinking of taking a personal loan but are having trouble getting a loan or are getting a higher rate of interest, then you can arrange for money in other ways. You can get a loan on gold loan or fixed deposit (FD) easily and at low interest. Today we are telling you about 5 such methods.
Gold loan is being provided at 7.50% interest
Most banks in the country, including the country’s largest bank State Bank of India (SBI), have introduced the facility of personal gold loans. Under this, the customer can take a loan by keeping gold. SBI is offering a loan of up to 20 lakh rupees at an annual interest rate of 7.50. Apart from SBI, banks including Bank of India, Punjab National Bank and Bank Baroda are also offering gold loans.
Weakening credit score
Many times when a home loan, the bank refuses to give a loan due to poor credit score (Cibil score) or lack of regular income. Apart from this, it is also seen that due to these reasons you are not able to get as much loan as you need. In such a situation, we are telling you about some such things today, by adopting which you will be able to get a loan easily.
Do not apply for more loan
A high loan-to-value (LTV) ratio can make it difficult for you to take a loan. This means that in order to buy a house you have to keep your contribution high. Suppose your house price increases by choosing a lower LTV ratio, increasing the buyer’s contribution to the property. This reduces the risk of the bank. At the same time, low EMI increases loan affordability. This will increase your chances of getting a loan.
Fix Obligations to Income Ratio Excess
When we apply for a loan in the bank, the bank also looks at the Fix Obligation to Income Ratio (FOIR). This shows how much amount of loan you can pay each month. The FOIR shows what percentage of your already going EMI, house rent, insurance policy and other payments is the current income. If the loan donor incurs all these expenses up to 50% of your salary