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On your way to reach new heights, it is extremely important to have a support system in case you need some monetary help. Well, at this point in life, your assets can do wonders for you, for instance, if you have a property of your own, then you can get a loan against property. So, if this is the case with you as well, then it would be just perfect to take a loan against property. No matter the property you have is self-occupied or vacant; you can easily get a loan through any bank or NBFC.

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Loanadda Wishes You a #Merry #Christmas.

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Secured loan or unsecured loan?

Confused between secured and unsecured loans? No worries, we will make it easy for you to decide. The battle between secured and unsecured loans (personal loan) is a matter of great discourse. Many people consider unsecured loan, not safe as by its name it says ‘unsecured’. But that’s the exact opposite with what it says. Let’s clear your scepticism between them:-

Unsecured loan like personal loan are easy to access as it doesn’t involve any collateral while for secured loans like car loans or mortgage loans, collateral is a must. Not taking a collateral is risky in an unsecured loan for the lender and a benefit for the borrower, but in the case for secured loans risk is greater for the borrower as collateral is under the possession of the lender,

• The rate of interest which you pay starts in unsecured loan from 10.75% to as high till 30% for payday loans, whereas in secured loans it differs with the loan type like for home loan it generally starts from 8.6%.

• In the matter of interest rates surely secured loans would be win-win recourse, but in the matter of speed (documentation or paperwork and easy approvals), it’s not. The unsecured loan requires minimum documentation like KYC documents, salary proof and bank statements, which is hassle free while for secured loans you could create bile of it and then also they’ll require documents.

• Instant approvals are the amenity which is provided by unsecured loans, Need of urgent money? No troubles as you have an option of instant approvals of personal or unsecured loans. Whereas in secured loans take a much longer time.

• Unsecured loans are for a shorter duration which institutes from 24-60 months, whereas secured loans are there for longer terms/years which means paying a much greater cost and it also involves heavy penalties in missing just one EMI, as collateral is involved.

Retrieving secured loans is fine, but retrieving unsecured loan is convalescents as you can now compare the benefits it provides and is much better to access instant funding with minimum and much more unruffled way.

Apply Personal Loan Online

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Loan against Property

Planning a grand lavish wedding for your son? Or thinking about buying that new branded car? Or planning to expand business? So many plans you have but when it comes to financing these dreams, these dreams just remain your dreams only. But dreams are meant to be fulfilled and so we provide you with the facility of loan against property, through which you can get your dream car. Feeling mesmerizing? Well, let’s take you one step closer for it. Loan against property is a secured form of loan, which means it involves a collateral or security. It requires you to mortgage your property either your residential or your commercial one which you own as security to the specific bank or NBFC, wherever you are applying. Your property value is assessed and your loan amount is considered on the basis of the certain percentage of the property’s current value in market. Generally the loan amount ranges between 40-60% of the market value. Before applying have enough knowledge of loan against property. As it is provided by various banks and NBFCs, you can easily go to a bank and discuss these details. Nowadays, due to various online lending platforms like LoanAdda, you can just sit back and apply online and get all the information from the support staff. In loan against property you have the benefit of accessing a larger amount, and also here the rate of interests is lower than other loans. It provides various benefits, one you can meet your financial needs and you can use the money

wherever and whatever amount you want to use there are no restrictions for that, secondly apart from your property as collateral no other asset is required as security. Thus, LAP is extremely beneficial for you. Apply for loan against property and arrange a dreamful wedding for your son or get the dream car you need.

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Traditional bank loan or online personal loan, Which is the most beneficial option for you?

Online processing of loans has become a serene way for people to access loans. This economic industry is rapidly spreading its wings. Online lending doesn’t even charge and generally, people who have been rejected from the traditional banks see this platform as a ray of sunshine.

Online personal loan facility is quite speedy as compared to the traditional one, and also it gives approvals much easily than the traditional banks. Although when it comes to the loan amount, online personal loan provides comparatively less amount, whereas in the traditional bank you can get the access of higher amount. Another benefit of online personal loan is that they can consider an unhealthy cibil as compared to the traditional bank which strictly adheres to the basic cibil which is required.

In online personal loan the information of the borrower is collected through online only, while the documents are collected through hardcopy. But in the case of traditional banks the information and documentation both is done through the hardcopy. Another benefit of online personal loan is that you can easily access or apply for the personal loan being anywhere, by sitting in a meeting or when relaxing in home. But in the case of traditional bank you have to go to the specific bank and provide your information and documents to them.

Going through traditional bank to apply for loan, requires lots of energy and patience. As it takes weeks and months to get the amount disbursed. You need to go to the specific bank with all the documents in hand, and then you need to wait in queues in order to get the approval. And due to this many people consider not to apply for it as it becomes tedious. But in online lending of personal loan you need apply in platforms like LoanAdda in order to get instant approvals. And the disbursal takes within 3-4 working days.

Still, the reputation of the traditional banks is considered more in the market and the online lending is considered as a fresh seed in the pot, but again online lending has increased its popularity and is much more beneficial. So if you don’t want to wait up in queues or you require urgent money then don’t just wait up for going and applying through traditional bank, sit back and relax and apply through home only through online lending and enjoy the privileges it brings.