Folks that got laid off and had EMI’s to pay like Home Loans etc. How are you managing it?

This is a night mare. Anyone have thought about insurance against loan ??

In case either my wife or I get laid off, we have around 40 months of company stocks to take care of monthly essential expenses. Apart from that we have 6 months each of emergency funds saved + some amount in MFs.

I did lots of research and finally planning to take a loan with on mutual funds. I tried normal loan through Fibe, Gpay etc but the amount was less as last few months there was no salary, so most of them rejected or gave small amount. Finally thought of breaking some mutual funds, so I can get some big amount to sustain for 3-4 months and before which I should get a job... Then found few apps volt money, finEzzy etc which gives based on mutual funds, seems to better options for me. So have registered and did all process to see my eligibility, and it’s almost 80% of my mutual fund value. So now just waiting for some good news to happen or else towards month end, will take this loan through mutual fund, a good lumpsum to withstand for 3-4 months of total expense.

This is a true night mare. The worst moment in a working salaried man's life. I have no idea how to manage this. But I have already started for the last 5 years advising people not to buy homes on loan. I could convince only 3 till date. Slow but a good start.

Bro if you are laid off and are leveraged best thing is to deleverage yourself rather than taking additional loans!! Of course if you are confident of landing a well paid job over 2-3 months then that’s a different issue..

That’s why it’s recommended to keep emergency fund, which is equivalent to 3 months of expenses so you need not panic before you find the next one. Anyway whoever lays off usually gives 2 to the months of severance. So combining both should give you 6 months of runway.