How to get loan: Money will not be a problem, these five types of loans will work for you

Coronavirus has created a crisis regarding jobs and earnings. Many companies are retrenchment or taking salary cuts. In such a situation, banks may be a little hesitant to give loans. However, even after this, if you want to take a loan, then you can consider some options. In this news, we are giving five such loan options 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 current home loan borrower.

Loan against Credit Card : Bullets of credit card can be availed. Existing card holders get a loan based on their card type, expense and repayment. Once the cardholder avails this loan, his credit limit will be reduced from that amount. However, some lenders give more than the sanctioned credit limit and loan against the credit card.

COVID-19 Personal Loans: Some banks are offering COVID-Personal Loans to help select group of their existing customers. Many banks in the country have launched Kovid-19 personal loans. 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. The lending banks include Punjab National Bank, Indian Bank, Union Bank of India, Bank of Baroda, Maharashtra Bank and Bank of India.

Loan against property: Commercial residential and industrial property loan can be taken. The interest rate starts at around 8.95% and it depends on the lender, loan amount and credit profile of the applicant. The loan amount will mainly depend on the valuation of the property and repaying capacity of the borrower. The tenure of the loan can go up to 20 years.

Gold loan: Gold loan allows borrowers to meet their money requirements by monetizing their gold jewelery. 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%.