As India goes through the second wave of the COVID-19 pandemic, our economy seems to take an even worse hit with our households already being at an elevated risk of health emergencies. With the number of cases and deaths on the rise, it has become more important than ever to have a committed health care program and have an emergency cash fund on hand.
With the given state of panic our whole nation is in, there might come a time where you might need to secure funds immediately & have no idea how to. Whether you’re trying to secure medical services for a loved one or buying medicines for someone in need, money is what you’ll require first and foremost. But what do in a case of an emergency & how to secure funds when you’re in a sticky situation? Don’t worry, we have all the answers for you! Read on to find 3 super easy ways you can get emergency cash funds for a COVID emergency.
- Use Your Credit Card
While you are facing an emergency & need cash immediately, relying on a credit card might be the quickest way. Although using credit cards is not desirable given the associated high interest rates, but it is one of the easiest & quickest ways to pay for medical services in an emergency.
Helpful Tip: You can save money on the interest later by transferring the whole balance to EMIs or taking out a low-interest loan to pay off the credit card debt.
- COVID-19 Personal Loans
Several state-owned banks, including Punjab National Bank, Bank of Baroda, and Bank of India, have launched a new kind of personal loan to help customers deal with the financial burden caused by Covid-19. These are called Covid-19 personal loans. But they do have very strict qualifying requirements for these loans. For instance, Covid-19 personal loans are usually offered to salaried workers or employees who already have a salary account in the bank. You can always check with the bank’s customer care if you’re eligible.
- Loan Against Your Fixed Deposit or Gold
If you have a fixed deposit (FD), you can get a quick loan by committing it in the event of an emergency. It is one of the better options for fulfilling urgent financial needs because the margin is low, and one can borrow up to 90% of the deposit volume as a loan.
Getting loan against gold is yet another excellent way to secure funds in an emergency. This is because you can easily get a loan against your jewellery and the loan also carries a low interest rates as compared to personal loans. The loan is disbursed within hours and you can get up to 90% of the value of the gold.
The Covid-19 pandemic and the lockdowns introduced to contain the spread of the virus has left us reaching out for help. In these tough times we can only pray, hope & stay indoors to survive through it all. While many of us don’t have the privilege of staying home or working from home, let us stay inside, wear our masks and try and not put even more pressure on our frontline workers. Remember, we are our own first line of defense and precaution is always better than cure. We hope these easy money securing tips have helped you or someone in need. With our combined efforts, this too shall pass. But while we’re at it, let’s stay home, stay safe and get vaccinated as soon as we can.
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