Manage those unexpected wedding expenses with Loan Against Securities

4 MinsJan 30, 2023

Like any other Indian father, my daughter means the world to me. Didn’t realise she had grown up so soon that I had already begun preparing for her wedding day! Aadita had always challenged the stereotypes, from choosing her career in civil engineering to wanting to marry on our small lawn outside our house with just her loved ones in attendance. However, she still wanted her BIG DAY to be like a fairy tale!

Manage those unexpected wedding expenses with Loan Against Securities

There were four more months to go before the wedding. So, we had time to organise the wedding. Then Madhav, working in an IT giant, received a lucrative offer to shift his base to the client location in Hungary. The relocation had to be done within 45 days. That meant the wedding date had to be moved up to the nearest date!

An earlier-than-scheduled wedding meant expediting the chores, which meant more cash needed at our disposal in a short period.

I had investments in equities, mutual funds and bonds, which I earlier didn’t intend to liquidate as I had some secondary source of income. However, I was in a tight spot due to such a situation. I decided to liquidate my assets, but my daughter stopped me.

Nothing was dearer to me than realising her dream, but I didn't want to upset her either. So, one day while reviewing my portfolio, I came across Axis Bank’s 24 X7 Loan Against Securities.

I immediately started reading up to know more and reached out to my Relationship Manager for a better understanding. Post discussion, I got to know that I can avail loan against my securities (equities, mutual funds, or bonds) by pledging them as collateral. He told me since I have an Axis Bank savings account and no matter with whom I hold my mutual funds I could get an instant loan against securities (equities, mutual funds, or bonds) by pledging them as collateral. I can apply for this loan online, and the services are available round-the-clock with zero documentation.

[Also Read: 5 reasons to Apply for Loan Against Securities]

After a brief thought, I decided to avail this facility. I simply logged in to my internet banking facility, selected some equity stocks and mutual funds which I wanted to keep as collateral (amounting to ₹5,00,000), and confirmed the authorisation process and account details. Then, I entered the OTP received on my registered mobile number, and voila, the loan was confirmed!

I received a high-value loan, which was 70% of my security value, getting transferred to my account within minutes. This instant application and disbursement procedure was time-saving, easy to access and allowed me to meet pressing funding deadlines during such an important event. My daughter was relieved as she knew the securities will continue reaping dividends and other bonuses.

What’s more? Axis Bank’s LAS offered me an overdraft facility, wherein I paid interest only on the amount utilised. The LAS interest rates offered were also relatively lower than personal loans, making them even more valuable.

Since my goal for taking Axis Bank’s 24 X7 Loan Against Securities has been accomplished, my daughter is now happily married, and in the way she wanted to, I intend to repay my loan before schedule. For that, I do not have to pay any foreclosure charges. I can even make part payments without incurring any additional charges.

I could take care of my short-term financial needs without sacrificing the benefits of being an investor of equity and mutual funds, like receiving dividends, bonuses etc.

Looking for quick and secure loan facility for your emergency financial needs? Avail 24 X7 Loan Against Securities.

Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.