Facing medical emergency? 5 ways to raise money for your expenses

In an ideal scenario, medical insurance would be enough to take care of your expenses during an emergency. Unfortunately, we are facing extraordinary circumstances with the world battling a pandemic in the form of Covid-19. India, among other countries, has been under a lockdown for a few weeks now and will continue to remain till 3rd May. If you are facing a medical emergency, an insurance plan might not be enough to take care of all expenses. In such a case, here are few tips that will help you raise funds –

Dig into your savings – Money saved will be of great importance in the next few weeks. If anyone in your family needs medical attention, dig into your savings and use it as an emergency fund to deal with the situation. 

Loan against investments – With markets crashing, the value of your investments is likely to have decreased and this won’t be the right time to redeem them. However, the smart approach would be to take a loan against your investments like fixed deposits, RDs, mutual funds and more. 

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Borrow from friends – In case money in bank and investments are not enough and you are forced to borrow, turn towards your friends or family first. This will save you from all the paper work and provide quick money. 

Opt for Personal Loan – If the money required is more than what family and friends can give you, then opt for a personal loan with a short repayment period. 

Gold against loan – For years, Gold has been the most sought after investment option for Indians. In difficult times, it could be a good option to raise funds. However, instead of selling gold, you can take a loan against it. This could be a good option for people with poor credit score or a low income.