How To Deal With Instant Financial Emergencies?

Updated on: 17 Jan 2024 // 3 min read // #mmm news
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Risks are but a part and parcel of life. Everyone, at some point in their lives, has no wonder faced financial emergencies! How prepared are you to handle a financial emergency, irrespective of how big it is? If not, get prepared in advance to face unexpected financial burdens. When we speak about financial emergencies, it can be anything ranging from paying big hospital bills due to sudden critical diseases, meeting with an accident, loss in business and the list goes on.

Here are certain ways that you can plan in advance so that you may avoid a burden

Get Insured for Life

It is no exaggeration to state that Life Insurance is indispensable to a sound financial plan. As you age over the years, you will be confident and have peace of mind knowing that you can protect your family in case of any financial emergency crops up even in your absence. Paying debts, covering children’s education expenses, supplementing your retirement goal, saving on tax, etc. – Life Insurance policy serves many purposes. If you aren’t yet insured for life, buy a Life Insurance now. Younger the age, lower is the premium!

Buy a Health Insurance

With lifestyle diseases rising and medical expenses turning expensive, a sudden hospital emergency may drain you of your years of savings at one go. Here lies the importance of buying a Health Insurance for you and your family. A Health Insurance not just financially protects you and your loved ones during sickness and hospitalization but also provides a range of other benefits. More comprehensive the policy, multitude are the benefits and coverage. Again younger the age, lower the premium!

Get a Personal Loan

What about unexpected financial emergencies that do require immediate attention? It can be – school or college related expenses of your kids, paying certain outstanding bills, or buying something important urgently. Personal Loan is the answer here. If you are salaried or self-employed and have a good credit score, you can avail a Personal Loan faster! Apply online through mymoneymantra.com, a leading online financial services marketplace or visit your nearest bank branch.

Business Loan for Business Growth and Expansion

So you have done a market survey and now is the perfect time to expand your business! You need enough money to achieve your business goals. Where do you get the money from? Business Loan is the solution. If you file ITR timely and have a satisfactory track record of your business in terms of transactions and profits, approval of your Business Loan will happen faster. Almost all leading banks offer Business Loan with a little difference in features and benefits offered.

Loan Against Property

At a certain point in your life, you may face a sudden financial crunch. It may range from facilitating your child’s higher education at a reputed institute, funding a sudden medical emergency in your family, expanding your business and other financial emergencies. Do you know you can use your self-occupied property, rented or commercial asset to avail a loan? Avail Loan Against Property and give wings to your dreams! This loan is similar to a Personal Loan in terms of usage; however, Loan Against Property is cheaper and more suitable if you are seeking a big-ticket funding.

How do you go about buying any of the aforementioned products? Visiting respective bank branches in-person is a time-consuming affair. Visit a one-stop trusted online financial services marketplace like mymoneymantra that hosts all leading banks and their products. Using their easy-to-use tools you can apply online. Compare various financial products offered by different banks in seconds and take an informed buying decision!