10 lac urgently needed in Savings account for 3 months for immigration purpose

POSTED BY NewInvestorHC ON September 5, 2014 4:22 pm COMMENTS (9)

Dear all,  I am follower on Jago Investor. I need funds in my account next month approx 10 L. This funds will not be used and just need to be shown for Immigration purpose. I do have property and gold to go for their loans, but I seek your advice to what to do for this?

Does Overdraft against property or Overdraft against Gold? Which will be cheaper option for me? I need funds only to maintain in account for 3 months. Please help? Looking forward to your response.

Can you list appropriate banks which provides cost effective loans at minimal interest rate or overdraft for salaried people?

9 replies on this article “10 lac urgently needed in Savings account for 3 months for immigration purpose”

  1. BSKSrivastava says:

    Please subscribe me to your Email Newsletters, Thank you.

  2. NewInvestorHC says:

    But members, what do you say about Gold Loan, is it good to go with? Which bank or organisation is good for this e.g. muthoot, manapuranam, Kotak, UCO, or central bank any ideas?

    1. Hemanth Chandra says:

      Goal loan is also fine…. Muthoot, Manappuram are fine and they are in this business from long time… so they are better then Kotak, UCO…. This is what I feel….

      1. NewInvestorHC says:

        Agree…much appreciating!

  3. JayaprakashReddy says:

    Try bajaj finance, they have better options for short term loans such as no prepayment charges after 1st EMI and you can foreclose your loan after 1st EMI too without any charges. Interest rates are also competent with other providers.

    1. NewInvestorHC says:

      Yes I spoke to them, they approved based on your salary e.g. if salary is 50k then you get 5Lac as Loan. And also they are charging 2% as processing fees, but prepayment and foreclosure is advantageous. So i am considering this as last option…

    2. Thanks for sharing that !

  4. Hemanth Chandra says:

    Banks give personal loan with is around 14-18%….

    I would suggest to borrow this money from relatives who can give you with interest less than this….

    1. NewInvestorHC says:

      Thanks Hemanth! But i Feel little awkard to get it from relatives. I wanted to try market first. Personal loans are having processing fees from 2-3% so thats become costly too… 🙁

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