There
are so many different investment options in India that one is bound to get
distracted. But the most common one out of them all is a bank’s fixed deposit.
It allows you to lock-in your saving for a particular duration and let you earn
interest on the same.
Apart
from being the most common, it is also the simplest way of utilizing available
investment options in India. But a situation which is very common amongst
investors is the premature withdrawal of a fixed deposit. This decision can be
taken for many reasons, including personal and business.
However,
now with the help of an instant personal loan, investors can
stop losing money on premature FD withdrawals. In this article, you will read
about everything related to such case scenarios.
Situations that can
encourage you to break an FD
● When the
interest rates rise and your fixed deposit is in a lock-in period for three
years. It can make you miss out on investing in other great investment options
in India.
● When the
interest rates fall, and the fixed deposit is in lock-in for one year or less.
● When an
investor needs immediate funds, but their FD investment options in India are
nowhere near the maturity period.
Ways a personal loan help
investors
1. Quick funds
Due
to the simple personal loan eligibility criteria, a borrower can obtain funds
almost instantly. It is evident when you have all the relevant personal loan
documents handy.
2. Easy application
process
If
you are wondering how to apply for personal loan, then you are in for a
surprise! All the personal loan eligibility standards allow you to apply online
with convenience.
3. Usage and limitations
Using
a personal loan as available investment options in India will allow you to
enjoy flexibility. It is all because the funds generated by this source can be
utilized for any purpose.
4. Loan amount and tenor
If
you want to acquire a personal loan for an extended period, it is now possible.
Borrowers can easily apply for a personal loan for a tenor of up to 5 years.
Furthermore, the amount limitation for this investment option in India is also
substantial.
5. Interest rates and fee
Although
the interest rates on personal loans can be a little bit high, one can still shop for
a better quotation. To find low interest rates personal loans, borrowers can
easily use the online EMI and fee calculator.
Other available options
to avoid premature withdrawal
1. A laddering approach
One
way to save yourself from making a premature withdrawal on your fixed deposit
is by following the laddering approach. With such investment options in India,
you will be able to create an extensive portfolio of assets. You can opt for
schemes that offer best short term investments to create fixed deposits of
different maturity periods.
2. Sweep-in accounts
The
list of investment options in India also provides you with the facility of
sweep-in accounts. It is two in one account that allows you to enjoy interest
rates of a fixed deposit with liquidity factor. Moreover, this account is also
considered the best investment plan for 3 years by most people.
NBFCs is the ideal option to consider when you are looking to
borrow a personal loan, business loan, home loan or more.
To
facilitate the loan acquiring process, they have created numerous pre-approved
online deals. Going for these deals can make your loan process hassle-free and
fast.
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