Are You Emergency Ready? Time To Review Your Finances

By Kishore Sabareeshan | March 28, 2021

Experiencing a pandemic can really make you value the things you have. It can also make you reflect on your decisions and identify which of your habits are worth some introspection. Here’s how you can use this time to reflect on your financial choices.

Bored out of your mind staying indoors? Well, there is a lot you can do to add value to your life without having to step out. Since you can’t make any plans of travelling to a place or meeting up with friends and family, why not take an inward journey and evaluate many important things that govern your life; try finance for starters.

In the current scenario, most of us would have realised whether we’re emergency ready or not. The ones that found relief in this realisation are probably planning finances well. The ones that realised the bitter truth have a lot of groundwork to do, but now’s the time to buck up and get your emergency finances in order!

Do You Have Access To Your PF Accounts?

Recently, the Govt. relaxed norms surrounding Provident Fund (PF) accounts. You can now claim an advance in lieu of COVID-19. However, you need to have a functioning UAN and EPF user profile to access and make a claim. If you don’t, now’s the time to visit the EPFO website and have everything set up, so you know your hard-earned PF fund will be within reach on a rainy day.

Additional Reading: BankBazaar At Your Service During COVID-19

Are You Aware Of The Loan Moratorium Facility?

The RBI recently announced a slew of measures among which it has allowed lending institutions to offer a three-month moratorium to borrowers on repayment of all term loans. The moratorium is for payment of all installments due between Mar 1, 2020 and May 31, 2020. That being said, during the term of the moratorium, interest on the outstanding balance will continue to accrue. Following the announcement, all banks have started intimating their customers on how they can opt-in for the moratorium.

Click here to read more about it.

Additional Reading: COVID-19 Treatment: How Much Health Cover Would You Need?

How’s Your Credit Score Faring?

Let’s say you’re in need of quick money and choose to apply for a Personal Loan via BankBazaar. At a time like this, it’s best to know what your chances of approval are beforehand. That’s why it’s important to check your Credit Score first. Just because you’re amidst a lockdown, it doesn’t mean your Credit Score cannot be accessed. In fact, now that you’re indoors, you’ll have more time to not only track Credit Score updates but also go through your detailed analysis report and see how all your various credit accounts are faring. While you’re at it, you can look for any errors and also get insights that will help you better your sacred three-digit number.

Checking your Credit Score costs you nothing, is totally safe and can be done in a jiffy – click here to try now!

Do You Know Enough About Health Insurance?

On a normal day, it’s natural not to think of financial planning in case of sickness. However, it’s always wise to be prepared while everything is normal because you don’t want to be scampering around for financial help should a health issue crop up at a time like this. A little knowledge about Health Insurance policies will go a long way in getting you the right assistance in an unfortunate situation.

Additional Reading: COVID-19 Insurance Policies You Need To Know About

So, how prepared are you for emergencies? Let us know in the comments section below.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Category: Money Management
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About Kishore Sabareeshan

Kishore likes watching documentaries and discovering indie musicians on Youtube. When he's not writing content for a living, he's usually snacking, playing with his cockerspaniel or looking for big cats in the wild.

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