Are you in need of some urgent cash and have you also invested in shares? If yes, then you should not look elsewhere and use your investment to cover needs.
Yes, if you have made some investment in shares and needed some money, then you can go ahead and apply for a loan against shares facility. Yes, most of the leading banks and non-banking finance companies (NBFCs) provide this facility.
By applying for the loan against shares facility, you stay invested. Hence, you continue to earn the benefits of a shareholder but even access money for your needs.
Here is some quick information about the loan against shares in this post. Read on.
What is a loan against shares?
As the name suggests, the loan against shares is a facility that lets you borrow an amount as per your needs after pledging the shares. The shares, in this case, work as security and collateral against which you are allowed to borrow the money.
By applying for the loan against shares, you don’t lose authority over your investment, and you continue to receive investor’s benefits. You do not sell your shares to the lender. Your shares are just used as collateral with the lender to provide you with some money.
Depending on the worth of your shares, the maximum loan amount that you can grab is up to Rs.10 crore.
What benefits do you get by opting for the loan against shares?
Here are some of the significant advantages of applying for the loan against shares. Take a look:
1) Loan amount of up to Rs.10 crore
Be it your any professional or personal need, when you are getting access to up to Rs.10 crore, it would be dead easy to cover all quickly. Most of the online lenders can give you an amount of up to Rs.10 crore. You should ask your lender about the final amount of loan that you will get.
2) Get 24/7 assistance with a Relationship Manager
Lenders appoint a dedicated Relationship Manager to all ‘loan against shares’ customers. Should you have any loan related queries, you can contact a Relationship Manager 24/7 to attend your queries.
3) Zero part prepayment and foreclosure charges
At any point of your loan tenor, if you wish to make some part prepayment or foreclose it, you can do that without paying any charges.
4) Hassle-free documentation
To apply for a loan against shares, you will only need to share some basic documents. Some of the standard documents include ID proofs, Address proofs, Salary Slips, recent colour photographs, and documented proofs of shares.
5) Online account management
By availing a loan against shares online, a lender will let you track all loan details via its digital customer portal. This way, you would be able to access all loan details as per 24/7 and from anywhere.
How to apply for a loan against shares?
To apply for a loan against shares, you will need to go the loan against shares product page and click on apply now. You will then be directed to fill out an online application form.
Once done, you will receive a text message and email informing about the status of your application. A lender’s representative will contact you to collect documents and send for verification.
After the successful verification of the documents, you will get the desired loan amount in your bank account. A lender will also provide your login details to access all loan details. It can be done via its digital customer portal from anywhere and round-the-clock.
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