The first and easiest option you have in the event of a financial crisis is to withdraw money from your investment.
New Delhi (Business Desk) Many times in life this happens when we are struggling with a financial crisis. Such an emergency can happen in any person’s life. This happens often when a person’s job is gone, an accident occurs, the house has to be repaired or if it takes a serious illness in its grip.
In such a situation, if the person completes the full sum of money and becomes financially distressed then there are some ways which can be overcome by this crisis.
- The first and easiest option you have to face in a financial crisis is to withdraw money from your investment. If you have invested money in FDs, mutual funds or ETFs, then during the financial crisis, you can withdraw your money from these of these investments. However, you do so only when you have no easy way to deal with the tightness of money. Because, by taking money out of time before investing, you will miss good returns.
- To deal with the need of unexpected cash, it is very helpful to have a paid loan (borrowing a small amount on interest from a person for a short period of time) or a loan from an employer. The best thing about a pad loan is that, it gets instantaneously in it you can borrow as little as Rs 5000. On the other hand, companies give their employees an opportunity to take loans from the employer. Repayments of this type of loan are adjusted every month from the salary of the employee. The special thing is that, some companies have lower interest rate than the personal loan on employers.
- It may be that many people are hesitant to adopt this third option, but this is a very convenient way of avoiding the shortage of money. You can ask for a small loan from your relatives, friends and relatives in the event of a financial emergency. When you have money, you always pay them this loan with interest. These small loans should be taken before the situation is out of hand.
- One way of dealing with financial embarrassment is that you can take loans with low interest rates. There are many lenders in the market who offer a low interest personal loan. You can take such short-term loans. Also, you should have a plan to repay such loans as soon as possible.
- . If you have assets and you are facing debt burden and financial crisis, then such assets are of no avail. In this case, you can benchmark your assets which can get rid of you immediately from this crisis. You can sell assets that you do not use or are extra then you can sell them.
Also Read: Government Approved Low Interest Loans