New Delhi, Sept. 11 -- An urgent requirement of Rs.2 lakh can arise suddenly due to medical expenses, accidents, home repairs, educational needs or other unforeseen financial emergencies. While adequate savings can help individuals avoid expensive debt in such situations, those without sufficient funds may be forced to consider a personal loan, credit card borrowing or other forms of debt that can be costly to repay.

It is also important to remember that the most readily available option in an emergency may not always be the most affordable. This makes sensible financial planning, long-term thinking and effective borrowing and debt management strategies important for individuals facing a sudden financial requirement.

Therefore, the choi...