If you are running a business, you are aware that scarcity of funds can seriously hamper your growth prospects. This is why there will be times when a business will require immediate funding of money, and you will have to look for a loan. Similarly, if there is an emergency either or the personal or professional front, you will need money immediately.
A loan against property is considered the best option for such situations compared to a personal loan. A personal loan is unsecured and charges you a higher interest rate, which can inflate your monthly expenditure. While loan against property is comparatively easy to get, credit score plays an important role in sanctioning personal loans. Sanctioning a loan against property is easy because collateral is involved, and the loan is secure for the lender.
While the loan against the property interest rate is the biggest charm of the property loan, there are other factors to consider. The repayment period of the loan against property is also comparatively longer than the other types of loan products available in the market. You will get more time to repay the loan; hence there is less burden on you, and you can plan your monthly EMI's accordingly.
Due to its shorter verification process and involvement of less paperwork, it could certainly be one of the best options in the time of financial crisis or emergency.
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