How to Get Cash during Lockdown without Stepping Out?

How to Get Cash during Lockdown without Stepping Out?

Amidst subsequent lockdowns and economic disruptions caused due to COVID 19 pandemic, it is becoming harder than ever to sustain a normal lifestyle for a majority of employed individuals as well as small & medium-size businesses. What we are witnessing is an unprecedented situation, with heightened layoffs and loss of purchasing power for a majority of Indian households. Whether it is an immediate need to access cash for personal reasons or for operational expenses, the hardest part is arranging for money without putting an additional burden on your pocket.

In the absence of requisite cash flows, investments and savings are also being put on hold by many. Besides, the return on saving account balance, bank deposits, and fixed return investment instruments are also lowest than even in the past two decades. In the economy, which looks gloomy for a few months, if not a year, how would anybody meet the immediate need for cash?

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Here in this article, we will discuss some of the simple ways to avail of cash for your immediate needs. Whether you need cash for medical reasons, or to continue serving your car loan and home loan EMIs, thereby avoiding the bank moratorium, we will let you know some of the cheapest credit options you can use for your cash needs. You can use these options right from your home without stepping out in the lockdown.

1. Instant Personal Loan

Whether you have a Savings Account in HDFC Bank or SBI bank or for that matter in Bank of Baroda or ICICI Bank, you must activate internet banking, if not activated as yet. As you login to your bank account via your laptop or smartphone, you get access to a customer dashboard that shares all available loan options. You can click on the offers and choose the available cash loan option. Being a preapproved offer, the processing is faster in real-time. Being preapproved offers, these loans are available at an attractive rate of interest and discounts. Alternatively, you can check out the best Instant Personal Loans at MyMoneyMantra.

2. Home Loan Overdraft

In the current times, when you want instant access to cash with minimum hassles, consuming the overdraft limit available on your loan is another smart way to arrange for 5 to 10 lakh rupees fast. The rate of interest will be at par with your ongoing Home Loan, and thus, it will be much affordable than applying for a new bank loan.  Also, you can prepay the amount much flexibility without any penalty.

3. 50 days free credit from your credit card

The ideal source for credit depends on the precise needs you have. In case you need urgent funds to pay for a very short period of time, say up to a month or so; herein, you can swipe your credit card to meet the obligation. Your Credit Card offers you 40-55 days of the free credit period. Do make use of the available credit limit and tide through cash crunch without hurting your budget.

Check a list of best zero annual fee Credit Cards.

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4. Loan against Fixed Deposits

Fixed Deposits are always preferred by Indian households. So it is highly likely that you have a sum of cash saved as a Fixed Deposit with your bank.  There is no need to liquidate these deposits; instead, you can apply for a loan against a Fixed Deposit. Being secured loans, there are minimal hassles and expenses involved. You can apply for 80-90 % of your deposit amount at 1 % interest rate. Thus the cost of the loan is negligible. The only flip side is you do not earn interest during the loan period. However, you repay the amount the FD account will be active as before. 

5. Loan from PPF

Public Provident Fund or PPF is one of the most endearing saving options for Indians. You save at a fixed rate of return, and that is too far above other saving instruments like RDs & FDs. Besides, you enjoy tax rebate on the annual savings besides an exclusive exemption on returns of the PPF account. So, whether we are working or self-employed PPF is one of the best ways to save long-term plans. Eligible customers can avail of Loan against PPF at 1% above the return rate, which is 7.1% +1% currently.  You can avail of this facility between the 3rd and 6th FY of initiating the PPF account.

As you can see, there are several avenues of availing a short term loan during an emergency. All you need is the right guidance to check the best option available to you. Furthermore, you can contact our Loan specialist to help you assess your repayment capacity and Eligibility for Personal Loans.


Also Read: Stuck in a Lockdown? Get a Personal Loan and be Ready for Financial Emergency!


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Category: Personal Loan