Different banks have different criteria on the loan amount one can apply for. The credit limit for a self-employed individual is usually 50% to 60% of their last filed income. For salaried personnel, it is about 10 times the monthly income. Some of the banks are offering a moratorium of three to six months on all outstanding loans falling due between March 1, 2020, to May 31, 2020, including home, educational, personal and car loans. It means the borrower doesn’t have to repay loan EMI during the moratorium period.
During the moratorium, interest is charged on the loan repayment costs of the borrower. However, a penalty of 2% will be charged for non-payment or delayed payment on the outstanding amount. This will be considered as an additional cost on the loan amount, if you are unable to repay EMIs by the due date. While it is still not clear as to how long this crisis will continue, you can make the most of these pandemic specific loans and fulfil your financial requirements with ease.
Getting a loan is an ideal option to meet all your financial needs during the pandemic outbreak. But before applying for a loan, you need to make sure to consult with a trustworthy bank or financial institution and weigh all your options. With online platforms like Finserv MARKETS, you can avail an instant personal loan without a guarantor. The process of loan application is quite simple, you can enjoy a higher loan amount with a Bajaj Finserv Personal loan and repay it over the flexible tenure. To calculate your monthly instalments you can take the help of an EMI calculator. Get personalized pre-approved offers, instant approvals and flexible repayment tenures of 12 to 60 months. Apply online with a personal loan app by Finserv MARKETS and get pre-approved offers for an instant personal loan without security.
“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.”