Coronavirus has spoiled the country's economic situation. In this phase of the epidemic, many companies fired their employees, while the salaries of many employees were cut. It is mandatory to follow strict rules made by the government. There are many people whose income has been affected. People have reduced their expenses too much, but there are many such expenses, which are very important and cannot be stopped. So if you need money, then there are some ways by which you can arrange the money.
You can do your work with Mudra loan
If you want to start some work, you can take a Mudra loan. Under this scheme, the borrowers are divided into three classes. This includes people in a moderate position who want to start a business and those who want to go to the next level of development. To meet the needs of these three segments, Mudra Bank has introduced three debt instruments.
Shishu: It covers loans up to 50 thousand rupees.
Kishore: It covers loans ranging from 50 thousand to five lakh rupees.
Tarun: It covers loans ranging from five lakh to 10 lakh rupees.
Can withdraw money from PF account
If you are a job occupational then your need can be fulfilled with a PF account. Although the PF account is the highest interest-paying place, if you are facing a huge money crisis then you can withdraw money from the PF account. Keep in mind that if you do not have too much trouble, do not withdraw PF money. However, there is also a limit to the withdrawal of money from a PF account.
The gold loan will benefit
The country's large population is struggling with a lack of money, as such, the demand for gold loans has increased. By keeping gold jewelry as a security, a loan of up to 90 percent of their value can be taken, whereas earlier loans of up to 75 percent could be taken. A gold loan is a safe way to take a loan because you get a loan in exchange for gold jewelry kept as collateral.
A personal loan is also profitable
If you have a good credit score, you can also take a personal loan. On taking a personal loan, you will get a loan at an interest rate of 10% or 10.50%. The personal loan amounts can range from 50,000 to 25 lakh rupees. Some banks and NBFCs also claim to give up to 40 lakh personal loans.