By Admin 
Emergency money options: Many times such occasions come in life when you need money urgently. In case of any emergency, people feel trapped due to sudden need of money. In such a situation, people have only limited options available to make quick money.
From where they can fulfill their immediate money needs. Among these options, people have options like personal loan, use of credit card and bank overdraft. However, the rules of these three are different. Let us know about these three options.
Personal Loan Option
Personal loan should be chosen at a time when you need a large lump sum amount. For example, in case of marriage, higher education, buying a house and any medical emergency, you can choose personal loan. The bank passes your personal loan after thoroughly examining your financial condition and CIBIL score.
On which you have to pay a fixed amount every month to the bank along with interest. If you are employed, then personal loan can be a right option for you in this situation. Because the EMI amount is decided according to your salary.
bank overdraft facility
Bank overdraft is a special type of banking facility. The benefit of which banks provide to their most trustworthy and responsible customers. Under this, the bank allows you to withdraw more money than is deposited in your savings or current account. However, the bank charges you interest for this facility.
For example, if you have Rs 50,000 in your bank account and the bank has given you an overdraft limit of Rs 20,000, then you can withdraw Rs 70,000 from your bank. Bank overdraft should be used by such people who need money for a short period of time. Also, those who can return the amount within the stipulated time.
credit card use
Using a credit card, you can purchase goods immediately and pay for it next month. Every credit card has its own limit. Accordingly, you can make purchases or pay bills. If you get a fixed salary and you know that, you can pay the credit card amount next month.
In this situation you should use credit card. If your financial condition is not stable, then you should stay away from credit cards. If you do not pay on time, you have to pay a huge amount as interest. However, you must consult your financial advisor before selecting any option.
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