Some Common Financial Emergencies and How to Deal with them

A considerable lot of us tend to live in the time, or at-least for the occasion as far as shelling out funds is concerned. The more monetarily steady/secure we are, the greater we get smug with our spending, luxuriating in the shine of ‘security’.

There are some financial problems that occur occasionally in our lives, and which is why it’s important to know them properly. However, its simpler these days to bounce back from these financial emergencies with Home Credit Loan. Home Credit India provides quick personal loans ranging from Rs 25,000 up to Rs 2,00,000. Our brand has approved over 970 crore worth loan till date & has managed to serve at-least 9 million+ customers satisfactorily. The continued trust of customers has kept us going at an express pace!

Why Choose Home Credit in Emergency?

When one applies for instant personal loan with Home Credit India, the individual is entitled to receive the disbursed amount within 24 hours. This is just ideal for heart-wrenching emergencies in life where money can pose to be an impediment.

How to Apply for Personal Loan?

1. Download the Home Credit App & Register: Quickly register by filling in personal details i.e. name, age, state, PAN number, Aadhaar, income, etc. and go on with next step marking relevant information.
2. Complete full KYC for Quick Approval: Select your convenient loan size & tenure that fits your pocket. And thereafter upload your scanned documents of the originals & download Aadhaar XML if found better.
3. Get your Account Credited with Money: After completing KYC formalities, await the final transfer. Cash money will be directly sent to your account.

Common Financial Emergencies and Ways to Deal

Now, it’s time to highlight the financial emergencies to deal when you’re not as prepared.

Financial Crisis #1: Abrupt Layoffs

Everything appears to be all hunky dory as long as our financials are clear & your well paid job is well-intact. It doesn’t take long for things to change specially when it’s about cutbacks. They have become too common.

An ideal approach to manage your finances is to set up an emergency fund early. Keep in mind the end goals of shielding yourself from financial hardships. This could be your lost job. One must build a crisis reinforcement plan that can keep your daily funds for at-least 3-6 months.

Saving into a FD or RD is a preferable option to guarantee your financial well-being. This will be useful even with a loss of pay scenario.

Financial Crisis #2: Medical Crisis

There is nothing more important than health in general. However, as we rise & grow, our well-being plans get hammered, particularly if we live an ordinary standard. There are different ailments and afflictions that crawl into our body with age. While you are caught up with financing your future, a sudden ailment can strike you or your close ones, driving you into a turmoil.

To manage our medical conditions well, we should be financially ready.  Furthermore, if you’re living hand to mouth and scarcely have the assets to manage much, you could suffocate yourself.

Ensure that your Mediclaim covers your spouse, children, and dependents. Additionally, if you have finances secured for health emergencies, it will be great!

Financial Crisis #3: Theft and Loss of Property

All of us wish to keep investing and regularly channelize money into assets like vehicles, gold, land and that’s only the tip of the iceberg. Imagine a scenario in which your assets get stolen or taken away. Instances of burglary and theft have been rising through the passing years. We’ve also heard of incidents of decimation of property because of fire or other uncertainties. These risks always hover around us, so it’s never too late to be prepared. Learn from the slip-up stories and protect your property/resources by keeping money aside or at-least a legit policy. At aby point, a car Insurance is an absolute necessity to cover your misfortunes in the event of thefts or unaccounted damages. So basically, put resources into insurances since it will spare you a considerable measure of damage because of flame, surges and what not.

Financial Crisis #4: Personal Accidents

Mishaps can happen anytime, anywhere. Irrespective of the precautionary and well-being measures, we experience unforeseen events around us.

But most of us do not take misfortunes & setbacks seriously and choose to stay unguarded against incidents. At-least they should keep their finances arranged for later. Deadly or not, injuries/ailments because of genuine misses require costly therapeutic care.

Financial crisis do not come with a prior notice. Above highlighted are just a few reasons as to why keeping a track on your finances is important. Its best to keep money for financial crisis & account for emergency situations beforehand.