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Question: I am faced with a severe short term financial crunch. Should I opt for a personal loan or take a loan against my fixed deposit?

Answer: Of course loan against fixed deposits is a better option in your case. Banks offer loans as high as 80 to 90% of the deposit amount of the fixed deposit. The interest rate is also nominal, usually 1 to2% higher than what is offered by the banks for the fixed deposit. On the downside if you are a salaried person you don?t get any tax benefits on the interest paid on loans against fixed deposits. While personal loans can be easily availed with some within one working day, since they are highly unsecured loans, they come with a high rate of interest ranging from 18 to 24% or even higher.



Category Loan against Securities Interview Questions & Answers - Exam Mode / Learning Mode
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Question: I am faced with a severe short term financial crunch. Should I opt for a personal loan or take a loan against my fixed deposit?
Answer:

Of course loan against fixed deposits is a better option in your case. Banks offer loans as high as 80 to 90% of the deposit amount of the fixed deposit. The interest rate is also nominal, usually 1 to2% higher than what is offered by the banks for the fixed deposit. On the downside if you are a salaried person you don?t get any tax benefits on the interest paid on loans against fixed deposits. While personal loans can be easily availed with some within one working day, since they are highly unsecured loans, they come with a high rate of interest ranging from 18 to 24% or even higher. Source: CoolInterview.com



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