If you need money in an emergency and nothing else works, then a loan is the only option to meet your needs. Here are some methods that can be helpful for you in an emergency.
Emergency Loan Best Options: Emergency conditions can come to anyone at any time. In such a situation, money becomes a true companion and helps in fulfilling all your needs. In these situations, many times the savings also fall short and in such a situation a person looks towards the option of loan. Here we tell you some such ways by which you can easily arrange money for yourself in an emergency.
Advance Salary Loan
If you are employed, you can choose the option of Advance Salary Loan. Many banks and financial institutions provide advance salary loan to employed people. This loan can be up to three times your salary. One advantage of advance salary loan is that you do not need much paperwork, loan can be easily taken by following some conditions. You can repay it at fixed intervals through EMI. But its interest rates are very high. Loan on salary is available at an interest rate of about 24 to 30%.
Gold Loan
If you have a lot of gold, you can take a loan against it. This is a convenient option, which is why the market for gold loans has also grown rapidly. Gold loans are cheaper than unsecured loans like personal loans, property loans, corporate loans. The criteria for gold loans are quite easy compared to all other loans. Credit score etc. do not matter much in this because the loan amount is given to you according to the value of your gold. You get it on short notice.
Loan on car
When there is a need to arrange money in a very short time, your assets come in handy. If you have a car, you can take a loan on it by keeping it as security. For this, the applicant has to go to the website of the bank or finance company and fill the loan application form in which details like car company, model, year of manufacturing, reason for taking loan etc. have to be given. Later, when asked, the necessary documents have to be submitted. A bank determines the loan amount after assessing the value of the car. However, there is a restriction in this, that is, if the car model has driving restrictions, then the bank can reject the loan application.
Loan on PPF-LIC
If you have invested in a long term scheme and you do not want to close that scheme, then you can avail the loan facility on it. You can easily get a loan on long term schemes like PPF and LIC. It is also cheaper than a personal loan. However, you can apply for a loan on PPF only for 5 years. From the sixth year onwards, you get the facility of partial withdrawal.
