Coronavirus lockdown all over the country has made everything PAUSE. Due to the COVID-19 pandemic, people are facing lot of disturbances in their income flow. Delayed salaries, job cuts, layoffs have become the new talk of the town. Chief Financial Officers have no contingency plan to manage these unprecedented times, as per a report.
Here we bring some options for you to explore your emergency cash:
1) EPF and NPS comes to rescue:
Recently, the government has introduced certain rules for withdrawing from EPF and NPS, which can be used as emergency cash in this coronavirus pandemic. You can partially withdraw funds from NPS to meet your expenses caused in the coronavirus lockdown. Also, EPF subscribers can get 75% of balance or three months’ wages, whichever is lower, from their account as non-refundable advance.
2) Coronavirus-specific bank loans?
Well, it is advisable to not at all take loans during this time. But, if you are in dire need of money, then explore the new personal loan schemes offered by banks like Bank of Maharashtra, Bank of India, Bank of Baroda and Punjab National Bank as these come with relaxed rules and regulations for customers to manage their cash flow shortage.
3) Withdrawal from PPF prematurely or take a loan against PPF:
Emergency cash can also be availed from PPF account as it allows premature withdrawal after seventh year, ofcourse with some limitation. PPF account also provides individuals to take a loan between 3rd and 5th ear.
