Coronavirus preparation guide: How to arrange instant funds in case of medical emergency

Coronavirus preparation guide: Even as India continues to battle the coronavirus outbreak, several new cases have been reported from different parts of the country on Wednesday. As many as 25 patients were reported on Wednesday, taking the total cases in the country to 152. The prime minister is set to address the nation on Thursday 8 p.m. and will talk about issues relating to the pandemic diseases and the efforts to combat it. 

While government, companies and individuals are taking precautions at different levels, financial health becomes of utmost importance in this scenario – especially if there is a medical emergency. In such case, here is how you can arrange instant 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 for 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.

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, you can opt for a personal loan with a short repayment period.

WATCH | Tech Talks episode 7

During this crucial phase, it is important to stay vigilant and get yourself tested if you see any symptoms of coronavirus. "To suppress and control the epidemic, countries must isolate, test, treat and trace," the WHO`s director general Tedros Adhanom Ghebreyesus told a media briefing.

"If they don`t, transmission chains can continue at a low level and then resurface once physical distancing measures are lifted," he added. He said the test and trace strategy "must be the backbone of the response in every country".