4. Loans Against Life Insurance Policies

Insurance is a good saving instrument. It also provides financial support against the damage that is caused for which the policy was signed. And since you cannot insure everything for which your insurer would provide you finance help, but then at least you can pledge your insurance policy with banks and borrow loans.  Interest rates charged on these loans range from 9 percent to 13 percent. But banks will grant you loan against Insurance policies only when you have paid their premiums on regular basis for three years or more.

5. Loan Against Public Provident Fund

Taking loan against Public Provident Fund is also one of the best alternatives to personal loans. You can only take PPF only on the basis of repaying the loan within 2 years.  

If you repay the first loan on time without any dues, you can take another loan if they are within 3 to 6 years of opening an account.

Also Read:

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