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Availing a personal loan during the pandemic


Image Credit: Finserv MARKETS

How the Covid-19 pandemic establishes the need for digital lending services

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COVID-19 has torpedoed the world in ways we couldn’t have prepared for. From practically living in front of the system to surviving on take-outs for every meal, it has and is taking a toll on our well-being.

While many of us are usually prepared for a rainy day, a global shutdown was not on the list of emergencies of anyone. This unforeseen challenge has resulted in a severe economic slowdown affecting the livelihood of the masses. A recent report by the International Monetary Fund stated that India would be one of the worst hit economies due to COVID-19 pandemic with an estimated fall of4.5% in its GDP for the current fiscal.

Hence, financial troubles remain as one of the biggest and the most widespread concerns during this aggressive corona virus outbreak. At this time, breaking the savings to pay your financial obligations and/or unforeseen expenses is not a feasible or a viable option. That is where a personal loan comes in as a savior.

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Why pick personal loans?

Personal loans are a smart way to handle your finances, especially during the time of this pandemic when job cuts and pay cuts are rampant. A recent survey by the Economic Times on the impact of COVID-19 stated that nearly 39% of the 3,074 respondents are facing a salary cut in their current jobs.

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At this time, when your constant source of revenue can be at risk, is it wise to dig into your savings? We feel it is best to avail a personal loan and keep your hard-earned savings for rainier days.

Going for personal loans is a better and a more logical option. Reason being, you can plan the amount well in advance and as per your needs, before you apply for it. Further, it can be paid off in easy EMIs, thus not putting undue pressure on your monthly financials. Digging into your savings may have just the opposite effect. A depleting amount with no source of income ahead might stress you out both, mentally and financially. That is where a personal loan can bail you out.

How to apply for a personal loan?

On an average day, availing a personal loan would require ‘n’ number of face-to-face meetings, several processes and formalities but the new normal is a digitized world. A world that ideally gives you a contactless medium to carry out necessary tasks that would otherwise require physical contact.

The current economic status has also influenced the banking sector, which has led to the emergence of digital solutions and services. Take for instance, Finserv MARKETS, a leading financial services marketplace that offers a plethora of products and services through its robust and easy-to-use online platform. Moreover, all application processes are completely contactless, quick and hassle-free.

One of the key products offered on the Finserv MARKETS platform is the Bajaj Finserv Personal Loan, which is a digital, contactless solution with an aim to give and your family immediate benefits and relief, especially, during these times. Millennials often quote the meme “Modern problems require modern solutions,” and so Finserv MARKETS decided to give you and your family, just that! Firstly, the eligibility is checked for the personal loan amount you’ve requested for and you can get up to Rs. 25 lakhs with minimum documentation and an effortless process that only requires you to:  

1) Sign up with your contact details;

2) Submit the required ID proofs and documents for verification and validation, and that’s it!
3) Your personal loan application can get approved within just 3 minutes. What’s more! Post approval; the loan amount will be disbursed to your bank account within 24 hours!

How is the personal loan calculated?

The answer to that is the Finserv MARKETS EMI calculator tool. A Personal loan EMI calculator is an online financial tool that helps you in calculating your monthly EMIs and interest rates. Simply add your desired loan amount and choose the repayment tenure and interest rate. The tool will give you an idea of the instant loan that you can or are applying for.

There are also types of personal loans available on the platform such as Medical loan, Two-wheeler/car loan, Home renovation loan, Education loan, etc. Post understanding the type of personal loan you need and you are applying for, you can also customize it. You can also opt for the Hybrid Flexi Personal Loan that offers you up to 45% lower EMIs and a host of other benefits! In all, the entire application process allows you to choose your product (the type of personal loan) and bundle it as per your wish.

The repayment tenor is also flexible ranging from 12 to 60 months, depending on the type of loan you choose. Familiarizing yourself with the tenor will help you plan your repayment strategy without hampering your current or future financial obligations.

No hidden charges

‘No hidden charges’ is something Finserv MARKETS takes pride in. Terms & Conditions are designed in such a way that it gives a clear perspective on what you are getting into or opting for. The interest rates, EMI, and other collaterals are transparent, and there are zero hidden charges. 

With Finserv MARKETS, you also get a free Financial Health Check Report (FHCR) along with your loan application that can help you assess your current credit rating. You can also opt for customized insurance plans to protect your family from the liabilities during an unforeseen or unfortunate incident.

What’s more? Now, you can also apply for a personal loan using the Finserv MARKETS app, which offers a host of benefits and features such as exclusive app-only rewards, 24×7 chatbot assistance, a wide variety of products and lastly, a name that you can trust!

In times of need, any financial help you can get is undoubtedly a blessing. Opting for personal loans might not be the first option to go for, but at times like these, it is visibly accessible and hassle-free. While your finances may take some time to recover, you can surely balance your current situation and give your family the comfort it deserves!

Disclaimer: This content is distributed by Bajaj Finserv Markets. No TNIE Group journalist is involved in the creation of this content.

Source:
https://www.bloombergquint.com/opinion/india-s-investment-crisis-exacerbates-covid-19-gdp-slowdown
https://economictimes.indiatimes.com/wealth/personal-finance-news/covid-impact-2-in-5-employees-are-facing-salary-cuts-finds-survey/articleshow/75502876.cms?from=mdr

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