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  • What things are accepted as security for fast secured loans ?

    Applying for fast secured loans? Learn from our technical the right procedure to avail them.

    If you have got tired of visiting your bank for getting a loan approved, it is the right time to consider fast secured loans. These loans do not take much time for approval. However, the borrower has to provide some security for getting the loan. What things are accepted as security for fast secured loans ?
  • Answers

    2 Answers found.
  • There are certain things which can be pledged for securing a faster loan. Some of these are -

    1. Property in ones name - One can pledge the property to the bank, the only thing is, it should be in the loan applicant's name.

    2. Family gold - If one has family gold it can be utilized in such times for acquiring a loan.

    3. Bank FDs, Post Office deposits, LIC policies etc. - These are also good options for getting quick loans.

    4. Mutual Fund units - Some banks accept MF units also as security against a loan they grant.

    Knowledge is power.

  • Services such as EarlySalary and Moneyview make use of your bank transactions as ways to gauge your capacity to repay the loan.

    EarlySalary for example, checks your eligibility based on the fixed deposits and the monthly average balance for last 6 months. And based on the balance maintained and your salary account it decides how much you can be eligible for the early salary loan.

    Moneyview has many options for checking your capacity for a loan. They take a look at your fixed deposits, your debit and credit card history based on the bank accounts attached with Aadhar and PAN cards.

    Apart from these two options. Some platforms for online loans also check your properties that can be documented online . For example if you own flat or the house, it can be mentioned in the loan application and that can be used as a collateral.

    Some platforms also check for the NSDL and Karvy data for your mutual fund and the equity investment to offer you loan. And they even offer lesser interest if your investment is higher so that if failed they can recover from that as a collateral.

    Another recent addition is gold which is being introduced by ICICI and few other online loan companies. These companies are offering post pay loan features through many other payment processors like paytm and phonepe.

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