Financial crunches are an everyday thing now. Either you take a loan or you pay from your own pocket, you can't just escape your cash needs. Talking of taking a loan, it is quite possible to take one every time there's a dearth of cash.
However, one should not expect the same to be available at a lower interest rate every time. If you do wish to avail a loan at a lower interest rate every time, here are some tips which can help you do that.
Cross check your eligibility: Before you set your ambitions high, it would be wise to cross-check your loan eligibility. You might be eligible for a loan against mutual funds based on your own understanding of the credit facility, banks/ NBFC might have the same opinion. So, once you’re done with choosing the right lender for yourself, find out the eligibility conditions on their website.
Generally, the eligibility conditions would be as following: (1) you must be above 21 years of age, (2) must be earning enough every month to qualify the minimum income condition, (3) your CIBIL score must be up to the mark.
Mutual funds maturity value: Any lender irrespective of how flexible they are, would only approve an application asking for a maximum of 60% to 70% of collateral’s maturity value as loan. So, make sure the maturity value of mutual funds you plan to mortgage is more than what you desire to borrow.
Bottom line: Arrange all the required documents in advance. You’ll need them while applying for a loan against mutual funds online.
To Know more about how to approve loan against mutual funds at a low rate, click here: Borrowing a Loan Against Mutual Funds at a Lower Rate Made Easy
However, one should not expect the same to be available at a lower interest rate every time. If you do wish to avail a loan at a lower interest rate every time, here are some tips which can help you do that.
Cross check your eligibility: Before you set your ambitions high, it would be wise to cross-check your loan eligibility. You might be eligible for a loan against mutual funds based on your own understanding of the credit facility, banks/ NBFC might have the same opinion. So, once you’re done with choosing the right lender for yourself, find out the eligibility conditions on their website.
Generally, the eligibility conditions would be as following: (1) you must be above 21 years of age, (2) must be earning enough every month to qualify the minimum income condition, (3) your CIBIL score must be up to the mark.
Mutual funds maturity value: Any lender irrespective of how flexible they are, would only approve an application asking for a maximum of 60% to 70% of collateral’s maturity value as loan. So, make sure the maturity value of mutual funds you plan to mortgage is more than what you desire to borrow.
Bottom line: Arrange all the required documents in advance. You’ll need them while applying for a loan against mutual funds online.
To Know more about how to approve loan against mutual funds at a low rate, click here: Borrowing a Loan Against Mutual Funds at a Lower Rate Made Easy
Alisha 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.
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