The Emergency Cash Assistance scheme has helped many people in easier financial times. The first thing that one must understand is that this scheme does not pay back the loan. It only provides funds to the applicant.
This is very important for those who want to get back on their feet after an accident or a family who needs some urgent cash for their day to day living expenses.
Those who are already in the queue for the credit card debt settlement program can easily get the help of this scheme and clear their dues with their creditors through negotiation.
The reason why this program has been made available by the government is because it is aimed at improving the fiscal policy of the economy.
With the aid of such monetary schemes, the lenders are assured that their loans will be repaid by the borrower.
In fact, the whole idea of the said scheme is to encourage borrowers to take responsibility for their loans. If you have any hesitation in taking another loan, you can easily opt for this scheme.
If you are worried about your arrears or you are fed up with paying high interest rates on your existing balances, you can opt for this program.
There are many people who do not want to take another loan after they have cleared off their current debts through the emergency cash program. You can also become free of worries if you plan this well.
First of all, you must know how the program works.
The concerned department will negotiate with the lenders to lower the interest rates of the loans. This is a great advantage of this scheme because once you get approved for the scheme, you will get money to settle your dues.
However, you should note that only the eligible people can apply for the scheme. The concerned departments will also help you find out the best money lending institutions from which you can borrow the money. There is no fee involved in this scheme.
Another important benefit of the emergency cash program is that you do not need to produce proof of your employment for the loans.
All you need to do is prove that you are a citizen of India and that you have a fixed source of income. The details regarding your income, assets, expenditure and the repayment capacity will be verified by the department.
You will also be required to show proof of the eligibility of your loans. This includes your proof of residence as well as your proof of your age.
All these requirements are necessary to get the approval of the scheme.
Another thing you must remember is that you must repay the full amount of money you have taken from the lenders. If you cannot pay back the entire amount, the scheme may be declared null and void.
This means that the scheme will not be beneficial to you. If you want to get the benefits of the scheme, you must repay the money on or before the due date.
This is one of the biggest advantages of the emergency cash program that you must consider if you want to get your liabilities reduced.