Why To Choose Loan Against Security Over Personal Loan?
A long list of loans is at your disposal to pick from when in need of cash liquidity to meet any urgent financial needs. Loans against security and personal loan have the quickest approval and disbursement, and hence, you must know some basic features of both to make your selection from the two. Here is a short overview of both Loan against security and personal loan. So choose carefully according to your needs.
Difference Between Loan Against Security & Personal Loan:
Loan against securities: This is a secured loan where you pledge your assets like Demat shares, mutual funds, insurance policies, property, gold, etc., as security to avail the loan amount. The bright features of this loan are:
- Lower interest rates
- Long repayment tenure
- No upper limit for the loan amount as it depends upon the value of the security and your income
- No prepayment or foreclosure charges
- LAS from NBFC come at competitive term and conditions.
Personal loan: It is an unsecured loan that takes into account your credit score and income. Its features are:
- Higher interest rates
- A Credit score of 700+
- Repayment tenure of 5 to 7 years
- The loan amount depends on your credibility.
Loan against security seems to be a preferred choice, especially if your credit score is poor or you need long repayment tenure.
Must Read: Reasons Why You Should Go For A Loan Against Securities?
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