Are you facing cash problem during Corona period? This is how you can get quick loan

A nationwide lockdown was put in place to prevent the Covid-19 from spreading, which adversely affected the economy. However, there was no option other than lockdown. During this period many SMEs are still struggling with cash crisis. Many big companies are struggling to revive the business once again.

Employees of these organizations have suffered the most during the Corona period. Many employees have lost their jobs, many have their pay cuts. Taking a loan is the only option to deal with such a cash emergency. There are four ways in this news that you can take a loan immediately in any emergency.

1. Loan against FD: If you have a fixed deposit (FD), then in any emergency you can take a loan immediately by pledging that FD. It is the best source to meet immediate financial needs, as it has very low margin and can get up to 90-95% of the deposits in the form of a loan. Banks usually charge 2% more than the FD rate as interest rate on this loan.
2. Gold loan: At the time of gold’s record-high level, it is easy to take a loan in lieu of its jewelery or ornaments. This loan is issued within hours and the interest rate on this loan is lower as compared to a personal loan, as it is a secured loan. In addition, banks offer flexible repayment options on gold loans. At present, up to 90% of the value of gold can be availed as a loan.
3. Loan from Fintech Startups: There are many app-based fintech start-ups in India that offer online loans based on your qualifications. This option is particularly popular among younger populations who are new to credit and required for short-term expenses.
4. Covid-19 Personal Loans: Many state-run banks like Punjab National Bank, Bank of Baroda, Bank of India have introduced a new category of personal loans to provide relief to their customers from Covid-19. This loan is called Covid-19 Personal Loan. However, banks have very strict standards for these loans. They usually give Covid-19 personal loans to salaried employees or to employees who have a salary account with the bank.