Somit Basak, Durgapur
I am thinking of taking a gold loan, but my gold jewellery constitutes only 50 per cent of the required amount. I have Public Provident Fund (PPF) also, but it is only four years old and I have no other investment. My bank is suggesting a personal loan or loan against fixed deposit (FD). Please suggest what could be the best option to get the money.
As you have no other investment, it is recommended to not take a loan against your FD and PPF. FD can be utilised in an emergency by breaking it and PPF can be used as your long-term tax-free investment. But, if you take a loan against PPF, you will miss out on interest and the compounding benefits. Another point is, the loan amount is limited to 25 per cent of the balance at the end of the second financial year preceeding the year in which the loan is applied, so your eligible amount may be much less.
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