The COVID 19 Personal Loan has been launched by prominent and proven financial institutions with a large clientele. You are eligible for the loan if you have an existing product with these institutions. The loans are only available to current customers under this program. You can also get the loan if you have a loan history with the lender, particularly if it is a home loan. The catch is that you must have a decent credit score and a good repayment history.
The loan sum range varies depending on the financial institution being considered. In addition, the loan sum provided to you is influenced by your occupation and past credit history. The loans are generally available in the range of Rs. 25,000 to Rs. 5 lakhs. Similarly, the loan amount's tenure varies from bank to bank. In most cases, the loan has a term of 6 to 60 months.
COVID-19 personal loans are being offered by lenders to assist their customers in obtaining fast loans with lenient terms. The loan may be able to assist the procurers in alleviating any existing cash shortages. This is a ray of hope, as pay cuts and industry declines have been on the increase since the pandemic began.
IND-COVID emergency personal loans at concessionary interest rates are available to both salaried individuals and pensioners during the current difficult times caused by the Coronavirus disease pandemic and the resulting lockdown. These limited-time personal loans from Indian Bank are only available until June 30, 2020, and are intended to help people in need financially. The main aspects of Indian Bank COVID-19 emergency personal loans are addressed in the sections below.
COVID-19 is a severe pandemic disease that is affecting countries all over the world, including India. It has recently spread its wings to over 180 nations, causing significant harm to humanity. It is also expanding in India, with the state/central government locking down cities/states to slow its exponential growth. This lockdown status will trigger a temporary liquidity mismatch, so the Bank has introduced a new Personal Loan scheme for its existing quality retail asset customers with relaxed appraisal norms and a lower rate of interest to address the issue. This PL scheme will assist in dealing with the current vital situation.
COVID-19 has sunk the earth in ways we could never have predicted. It has taken a toll on our well-being, from literally living in front of the machine to surviving on take-out for every meal.
A global shutdown was not on anyone's list of emergencies, even though many of us are normally prepared for a rainy day. This unanticipated setback has culminated in a severe economic recession that has impacted the lives of the general public. According to a new study by the International Monetary Fund, India will be one of the worst-affected economies as a result of the COVID-19 pandemic, with a projected 4.5 percent drop in GDP for the current fiscal year.
As a result, one of the biggest and most common problems during this violent coronavirus outbreak is financial difficulties. Breaking your savings to meet your financial commitments and/or unexpected expenditures is not a realistic or viable choice right now. An Indiabulls Personal Loan will help you out in this situation.
Conclusion: Personal Loan are a wise way to manage your finances, especially during this pandemic, when job losses and pay cuts are common. According to a recent Economic Times survey on the effects of COVID-19, nearly 39% of the 3,074 respondents are facing a pay cut in their current employment. Is it prudent to dip into your investments at this moment, as your steady stream of income could be jeopardized? We believe that taking out a personal loan and saving your hard-earned money for rainy days is the best option.
Personal loans are a cheaper and more logical alternative. The reason for this is that you can schedule the sum ahead of time and according to your needs before applying for it.
