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Here Are a Few Steps to Take to Manage Expenses during a Medical Emergency

· medical loan,emergency loans

Amedical emergency is one situation that can strike anyone anytime. And you won’t get intimation for the same in advance.

If you are financially not sound, then it may be a tough situation to deal with. But you don’t need to worry as you can manage the expenses in many ways.

Read on and know more!

1. Apply for medical emergency loans

The medical emergency loans are an extension of the personal loan. It is designed to pay for your expenses during a medical emergency. If you have a healthy cibil score, repayment and employment record, then you can apply for it. It can help you borrow as high as up to Rs.25 lakh. The emergency loans come with a tenor of up to 60 months so that you can repay smaller EMIs. The loan is for immediate purposes and is approved within minutes with funds disbursal within 24 hours.

2. Take a loan against gold

If you have gold at home, then it is a great option to source a higher amount. Many nationalized banks offer a lower rate of interest on loan against gold. It is because gold is considered as collateral.

3. Take a loan against property

You can also take a loan against property means paying lower EMIs as it is a collateral-based loan. Also, you can pay lower EMIs over a longer tenor.

4. Liquidate your assets or take loans against them

You can also turn to liquidate your fixed deposits, mutual funds and other ventures. You can also take loans against any of these on a lower rate of interest on personal loan.

5. Ask for a top-up loan if you are repaying a home loan

Many online lenders give you a top-up loan that you can use for many purposes if you have an ongoing home loan. The rate of interest is only 1-2% more than your home loan with a longer tenor.

By availing emergency loans and other options, you can easily manage your outlays during a medical emergency.

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