As the holiday season starts across the country, this is the time of the year when each of us
wants to give our loved ones the most precious gifts money can buy. However, one common hindrance which deters most of us is affording the cost of these gifts, and since we are already pre-consumed with pending bills, a lot of us might require immediate access to some emergency cash if we want to gift our loved ones.
Thus, in today’s blog post, we will share with you a list of the top 4 ways you can leverage to get access to some emergency cash this holiday season.
Without further ado, let’s get started.
- Credit Card Emergency Cash
One of the first ways you can leverage to get access to emergency cash this holiday season is to tap into the emergency cash withdrawal function you have embedded in your credit card.
These days, almost every credit card in the country arrives with the option of emergency cash withdrawals, thus making it easier for a cardholder like you to access easy capital. Along with this, since most credit cards are either backed by Visa or Mastercard, you are at free will to use any ATM across the country to withdraw the required amount.
However, one of the most important aspects you ought to remember in this regard is the fact that although credit cards give you easy access to emergency cash, this convenience arrives at a high cost, both in the form of cash advance fee usually in the range of ₹350 to ₹500 per transaction, along with a high-interest rate. Thus it is advised that you look into both these aspects before going ahead and withdrawing cash via your credit card.
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- Flexible Credit Line
The next option you have at your disposal is to avail the benefits of a flexible credit line.
Concept wise this is similar to a credit card, with the only difference being this offering exists in your smartphone and not in actual physical format. In order to avail the features of a flexible credit line, you first need to download a credit line application and proceed to fill out their application form.
Much like your credit card application form, you will need to share your income information along with the latest salary slip and previous bank statement, followed by your personal details. Once the lender confirms your application, you will be extended a credit line according to your eligibility, and the best part is you can withdraw this amount any time to your account.
Compared to a standard credit card, you are not charged a cash advance fee when you withdraw this amount to your bank account; however, the interest rate charged to you will be at par to physical cards.
Along with this, the best part of a flexible credit line, lies in the fact that in most cases, a significant credit limit is approved for you, and you are at free will to transfer any amount from this credit limit to your bank account at any time without any extra charge. Thus, if you are looking for some emergency cash, a flexible credit line might be a good option to leverage.
- A Personal Loan
While the concept of a personal loan has grown in popularity across India in the past couple of years, yet many borrowers are still oblivious to the fact that they can leverage a personal loan at any moment to access emergency cash.
For example, all you need to do is download a mobile application like Money View, submit your loan application along with all your requested documentation such as PAN Card, Aadhar Card, last 6 months bank statements, and last 3 salary slips in order to get approved.
The best part of a personal loan is the fact that you can apply for a loan amount in the range of ₹10,000 to ₹500,000, and the loan amount will be instantly transferred to your bank account upon approval.
Additionally, with the arrival of so many personal loan lenders in the market today, you can easily take advantage of extremely competitive interest rates along with other features such as 100% paperless process, flexible repayment options, and above all guaranteed disbursements 48 hours post-approval, all of which makes personal loans a must-try option if you are looking for some emergency cash in India.
- Loan Against Insurance
These days all of our lives have become very unpredictable, making it necessary that all of us have at least a life insurance policy and the latest numbers from IRDA indicates that Indians are slowly progressing towards that goal.
However, although most of us might be having either a term insurance or a life insurance policy, we are oblivious to the fact that we can take out a loan from our insurance partner by pledging our insurance policy as security.
For example, the largest insurance company in India, LIC, extends its customers the option of availing a loan against their existing policies with the insurer, and the loan amount is typically 90% of the total premium the insured has paid till date.
Taking a loan against your existing insurance policy is not only easy, keeping in mind that you are not required to pledge any other asset other than your insurance policy, but also affordable since the rate of interest, in this case, is very low. As the risk for the lender (in this case, your insurer) is pretty less, you can expect to gain their approval fast and the loan amount transferred to your bank account in no time.
Today, due to the advancements of fintech in India, there are multiple avenues you can leverage to get access to emergency cash, and in this article, we have just listed out 4. So, what are you waiting for? Go through each of these options in detail and let us know in the comments section down below which one you are choosing.