How to get loans in emergency in India

 

Your father is very sick. Doctors say, he needs immediate medical care. You don’t have the money. What are your options? Read this:

You can take a cash advance from your credit card.

  1. If you are a salaried employee you can take a loan against your provident fund.
  2. You can go for a personal loan.
  3. Personal loans are of two types:

Secured loans: You need collateral here which you may lose if you fail to pay.

  • These loans are cheaper than unsecured loans.
  • You need to pay on time unless you want to shell out big money as interest.
  • You can keep your house, car, gold as mortgage.
  • The loan amount, duration of the loan, interest rate will depend on the collateral deposit, your credit score with CIBIL and your monthly income.
  • You need to have proper paperwork/documents to get your loan issued fast.

Unsecured loan: Go to a bank and ask for a personal loan. These loans will charge you high interest rate. However they need less paperwork and you get the money in your pocket quickly.

There is a even a new option available these days. It’s called peer to peer loan. In this case you borrow from an individual. However you do not approach him in person. There are companies who will help you to connect with your lender and the entire process is done on the company’s platform.

Can you suggest any other type of loan that people can take in case of emergency? 

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