This loan will be cheaper than credit card! These 3 great options will be useful in times of trouble, interest will also be very low

Cheapest Loan Options in India: In case of need of money in any emergency, credit card can prove to be a good option. Be it a medical emergency or any personal work, in this situation you can use the credit card and easily pay it along with interest within the stipulated time limit. But, what do you do when you have no credit?

If you have a credit card, it is good. If you do not use any credit card, then today we will tell you about some such best options, through which you can take a loan quickly and at a cheap interest rate even without any credit card.

Where will you get the cheapest loan?

Gold Loan: In any emergency and need, you can take the help of gold loan. It is very cheap and easily available. If you have some gold kept with you or in your house, then you can take a gold loan against it. The interest rate for gold loan starts from 8 to 10 percent. Where you can take a loan by submitting some documents like bank account details, Aadhar card.

Loan against PPF or LIC: Be it a government scheme or an insurance policy, both can prove to be good options for a loan in times of need. In this, you can get a loan at a very low interest rate on the surrender value.

Loan against FD: Banks give you loan up to 90 percent on your fixed deposit (FD). In this, one has to pay only one or two percent more interest than the interest rate available on FD. For more information you can contact your nearest bank.

Some more options for taking loan

If you do not have any collateral option like gold or FD, in that case you still have many other loan options. Nowadays many companies ‘Buy Now-Pay Later’ (BNPL) is providing such facilities. Apps like Amazon, Paytm or Flipkart give interest on credit limit up to a few thousand if needed. If repaid at the right time, no interest has to be paid.

Apart from this, there are some apps like KreditBee, Moneytrap and NAVI, which give loans up to a few thousand only on PAN or Aadhar card. There are some apps which give you small loan instantly based on your salary.

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Disclaimer: Often in such emergencies one does not understand where to get the money from. Due to this pressure, many people take loans from loan apps at expensive interest rates. But when it comes to paying EMI every month or making loan settlement, then they realize that they have made a big mistake. Therefore, you are advised to read all the terms and conditions before taking any kind of loan.