The government has imposed a nationwide lockdown to slow the spread of the novel pandemic. Businesses have shuttered down and many services have been forced to shut down for one reason or the other. If not for the rapid increase in Internet penetration and the rise of digital services, Indians would not have access to several services. Most of the bills like utility bills and credit card bills are paid online, but due to a severe impact on cash flows, many people may find it difficult to pay on time. However, even with reduced liquidity, there are a few options that can be utilised to pay bills. One can apply for a personal loan online to pay the bills in lockdown.
It is possible to get loans at low-interest rates that can help you pay all the bills. Loans can be availed at 1%, but one needs to fulfil certain criteria for it. Having a public provident fund account is mandatory to avail the loan. However, the facility can be availed only after the third year of opening the PPF account. People operating a PPF account for less than three years and more than six years are not eligible for the loan facility. It essentially means that you can apply for easy loans against your PPF only between the third and the sixth years.
An easy loan backed by PPF investment is a good option, but may not be the ideal one in every case. For starters, not everyone has a PPF account in the country. Even if you have one, the loan amount may not be sufficient for your needs as one is allowed to avail a loan equal to 25% of the balance in the PPF account. There are various other options though.
One can also apply for a personal loan to pay bills in the lockdown. You can opt for Bajaj Finserv Personal Loan, available on Finserv MARKETS, and get the funds in 24 hours. The easy loans can be utilised for a variety of other purposes, besides bill payments.
With widespread disruption, receiving medical attention for diseases other than this pandemic disease has become difficult. It is important to have adequate resources in such situations. Easy personal loans can be used to receive medical care during the lockdown.
A lot of work has shifted to homes from offices during the lockdown. Without a dedicated workspace, productivity level starts declining. You can utilise the funds received through personal loans to set up a workspace in your house.
With restricted mobility, everyone is spending more time indoors. The time can be utilised to upgrade your skills for the changed employment scenario post this pandemic crisis. You can use the easy personal loan to enrol for a course and upgrade your skills.
Along with multiple options for the utilization of the funds, the instant personal loan available on Finserv MARKETS provides some distinct advantages.
Advantages of Instant Personal Loan
You don’t have to worry about standing in long queues or stepping out of your house in the lockdown as the personal loan can be availed through a 100% online process. From submitting the documents and their verification to the disbursal of the loan, the entire process is digitized.
Adequate loan amount:
With Finserv MARKETS, you have the option to avail a personal loan of up to Rs. 25 Lakhs. It can be used in a variety of ways like home renovation and medical emergencies. With the PPF-backed loan, you are allowed to avail a loan equal to 25% of the accumulated funds. But the funds available in the PPF account may not be substantial as the loan can be availed only between the third and the sixth years.
Just like the loans backed by PPF investments, personal loans available on Finserv MARKETS do not require collateral.
The repayment schedule of a loan is one of the most important factors for the borrower. The instalments of a loan have to be paid on time and the lender can impose a penalty for the delay. Bajaj Finserv Personal Loan comes with a flexible repayment tenure ranging between 12 months and 60 months. On the other hand, the tenure of a PPF-backed loan is fixed and if you fail to pay the repayment instalments, a 6% interest will be charged on the outstanding amount.
Personal loans can be of immense help if you need the funds at short notice. With a highly digitised process, personal loans through Finserv MARKETS can be approved and disbursed in no time. If you are eligible, personal loans are approved within three minutes and disbursed in 24 hours.
The lockdown has had a negative impact on the liquidity situation of many people. A number of salaried people were caught unawares by the sudden lockdown. If you are in need of urgent funds, apply for a personal loan through Finserv MARKETS and get the funds in your account within minutes.
Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all in one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers that are tailor-made for you. We also offer an amazing product range and a unique set of online offers across Loans, Insurance, Investment, Payments, and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no-cost EMIs to 4 hours of product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.
Download Our App
Personalized choices for Loans, Cards, Insurance, Investments & UPI Payments along with No Cost EMI offers to shop for a wide range of lifestyle products – discover more on the Finserv MARKETS App.