Many people shy away from availing loans and prefer running to their savings, even if it means cracking their nest egg meant for retirement. If you know your needs and repayment capacities, availing a loan can be a great way to meet your immediate unplanned financial needs. A suitable loan can be a powerful tool to manage finances, provided you use it responsibly.
The most common form of a loan is a personal loan, which comes in handy in case of a financial crisis. Factors like the flexibility of usage and quick loan processing make this the loan of choice. There's also another way.
You can avail a loan against PPF, without having to break your fixed deposits. So, what should you do if you need money in a hurry? Let's find out.
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PPF is an excellent investment for retirement. Its one of the best fixed-income instruments around. PPF offers 7.6% interest for the April to June Quarter. PPF has a lock-in of 15 years. PPF also enjoys the EEE benefit and is an excellent tax saving investment.
So should you avail a loan against PPF? The repayment tenure of a personal loan is decided after both parties agree upon a specific term at the time of availing the loan. A loan against PPF must be repaid within 3 years, and if you fail to do so, the interest rate increases by 6% from the current rate.
If you need money in a hurry, a loan against PPF may be the answer. Put your PPF account to good use.
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