People Opting for Personal Loan After the Pandemic

Why People are Opting for Personal Loan After the Pandemic Crisis?

03 Jul 2020
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The ongoing lockdown disrupted the cash flow of the economy. Almost everyone has been impacted in some way or the other but reality has hit harder for those who have experienced pay-cuts and job losses. This makes it difficult to pay bill payments and manage other necessities. Managing personal finances prudently becomes extremely critical in these times. In case of insufficiency of funds, getting a loan can be of enormous help for people who are looking for financial assistance. Personal loans are an ideal option that works great as a safety net during a financial emergency.

Why get a Personal Loan?

A personal loan is one of the most preferred forms of borrowing. It is mainly because of the easy availability of funds. Unlike other loans available in the market, personal loans aren’t set aside for a specific purpose; you can use the loan amount for almost any reason. The rate of interest on personal loans is quite affordable which will eventually help you save more money. The best part about this loan is that you’re not required to pledge any of your personal and valuable assets as collateral.

Personal loans can be useful when used in the right situation. Medical emergencies often hit us when we are least prepared to handle them. Such emergencies come along with various medical expenses and if you’re not prepared for the same it might cause a financial strain on your personal savings.

Loan Eligibility

Before you apply for a loan, you need to check if you are eligible or not. You can check the criteria by providing basic information like the city of residence, annual income, and age, among other details.

The following are the eligibility criteria for a loan

  • An individual between the ages of 23 and 55 years is eligible for a loan
  • Should be currently working with a private, public or a multinational company (MNC)
  • An individual must be an Indian citizen to be eligible for a loan
  • The applicant's income should be based on their location, a minimum net monthly salary must be between INR 25,000 and INR 35,000

After you have checked the eligibility criteria, you can use the Equated Monthly Installment (EMI) calculator to estimate the amount of EMI payable on the loan. With the help of a Personal Loan EMI calculator, you can get to know the exact loan amount that is to be repaid every month.

How to Apply for a Personal Loan?

When you decide to get a  loan you first need to do a good research of all the options available in the market. However, some offers are so tempting that it gets quite difficult to make the right decision according to your requirements. But apart from tempting offers, the interest rate on loans plays a vital role. You need to choose the one who is offering the lowest interest rate along with other benefits to suit your requirements. Also, check and compare the processing fees and charges applicable to the loan amount.

Several banks, credit unions and online lenders offer personal loans at competitive interest rates. Lenders often look at factors like your credit history, credit score, income and sometimes employment to determine your credibility. The online process for availing a loan is quite simple and convenient. Here are the steps to apply for a loan online.

Given below are the steps to apply for a personal loan.

Step 1: Visit the website of the online loan marketplace and fill in your personal, financial, and employment details.

Step 2: Select the loan amount and tenor that you require, to avail instant approval of the loan.

Step 3:  Submit the basic required documents to the representative of the bank, who will get in touch with you.

Step 4:  You will then be credited with the money in your bank account within 24 hours.

If you are currently looking for a loan service provider you can simply apply for a personal loan through a personal loan app by Finserv MARKETS and pay up your financial shortcomings. Bajaj Finserv Personal Loan offers customized loans at low-interest rates these loans can give your business the much-needed boost. You also get the convenience of accessing your online business loan statement anytime from anywhere. Offering attractive interest rates starting from 12.99% per annum. Finserv MARKETS offer a variety of digital lending products which have become a preferred destination for all kinds of customers. Their hassle-free online application process with minimal documentation of loan makes it an ideal choice for getting a loan.

You can avail flexible loan repayment tenure of up to 12 to 60 months and enjoy the freedom of choosing your loan tenure. With personalized pre-approved offers, instant approvals, and quick disbursal of loan, Finserv MARKETS offers the most attractive interest rates. Instead of worrying over your financial situation amidst the pandemic crisis, be proactive and apply for a loan at Finserv MARKETS.

“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 at 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 which are tailor made for you. We also offer an amazing product range and 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 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.”