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The pandemic has resulted in several lockdowns thereby limiting the functioning of a variety of sectors. This has further caused financial trouble as the entire economy has slowed down as a result of the pandemic. In addition, the lockdown and the pandemic, as a whole, have resulted in several layoffs in jobs across sectors. These layoffs have further strained the financial status of several individuals and families. During such difficult times, one of the main aids that several people lean towards is to get a personal loan. Let’s have a look at how a Personal Loan can help you during a lockdown.

How can Personal Loans Help During a Lockdown?

A Personal Loan is basically an unsecured loan that you can avail without having to provide any collateral. The need to provide collateral has been one of the major reasons for individuals to have steered away from loans in the past. However, with a Personal Loan, there is no such trouble. There are many aspects of your current or future life where Personal Loans can help. Here are 5 ways a Personal Loan can help you during the lockdown.

1. Compensate for Pay Cuts

Several individuals run their families entirely from the paycheck that they take home every month. As many people are losing their jobs, supporting household expenditure has become a rising challenge. However, with Personal Loans, you can take care of household expenditures and relieve yourself of stress and anxiety regarding supporting your family. It can ultimately help reduce your financial worries.

2. Allows to Close Delayed Payments

One of the main trends in the corporate world since the beginning of this pandemic has been the fact that several individuals have lost their jobs. In addition, many people have also had their salaries slashed down. With such financial constraints, it can be common to not have paid the EMIs and dues that turn up on a monthly basis, leading to delays in payments. However, with Personal Loans, you can compensate for these delayed payments.

3. Pay for Utilities

One of the other most important aspects that need financial assistance is utilities. As a result of this pandemic and the imposed lockdown, all of us have been asked to stay indoors. While maintaining hygiene in indoor spaces is important, it is equally important to stay comfortable. With Personal Loans, you afford to pay all your utility bills for your electricity, water, gas, WiFi, DTH, mobile, etc. In addition, you can also pay for daily essentials with Personal Loans.

4. Continue Investing

While facing a financial crunch, several people who have a habit of investing, plan to withdraw their investments to support their life and daily survival. However, with Personal Loans, you can not only support your daily living expenses and leave your investments undisturbed but you can also continue with your investment journey.

Benefits of Availing a Personal Loan

If you avail a Personal Loan from Finserv MARKETS - the award winning financial services marketplace, you can experience the following benefits.

1. Instant Loan Approval

If you meet the eligibility criteria, your application can be approved in just 3 minutes.

2. High Loan Amount

You can avail a Personal Loan of up to Rs. 25 Lakhs, at Finserv MARKETS.

3. Flexible Repayment Tenure

You can pick your repayment tenure anywhere between 1 year and 5 years based on your repayment capacity.

4. Attractive Interest Rates

The interest rates that are offered on Personal Loans are as low as 12% per annum.

Eligibility for Personal Loans

To be eligible for Personal Loans, there are a few criteria that have to be met. Let us have a look at them.

1. Age

If you want to apply for a Personal Loan, your age must be between 21-60 years.

2. Nationality

It is essential that you are a citizen of India.

3. Salary

It is necessary for you to be drawing a salary from a company. This shows that you have the financial capacity to repay the loan.

4. Employment

For Personal Loan eligibility, it would be better if you are an employee with about 2 to 3 years of work experience at an MNC or a private or public limited company.

5. Credit Score

Usually, your credibility is thoroughly checked through your credit score. So, having a good credit score will boost your chances of getting a Personal Loan.

How to Apply?

You can apply for a Personal Loan through Finserv MARKETS, as follows.

Step 1: Fill in the application form with all of your basic and financial details such as your name, contact number, email ID, salary, etc.

Step 2: Choose a lending partner.

Step 3: Select the loan amount you require and the tenure during which you can repay the loan.

Step 4: Submit all the required documents.

Step 5: Finally, your loan amount will be disbursed, once the verification is completed.

To Summarize

A Personal Loan can be of great help during times of a lockdown. It can help you in several ways from leading your daily life to a long-term perspective. So, now that you have understood the role of a Personal Loan, check how to calculate Personal Loan EMI Online and apply for one only at Finserv MARKETS.