WHAT ARE COVID-19 PERSONAL LOANS?

COVID-19 has affected our lives adversely. Our lives have turned upside down. There is no segment of this society that has not been affected. Every aspect has been challenged with new threats. Our economy, health, and social life are now facing a tremendous change that has to be made immediately. The worst affected area would be our purchasing power.

Due to COVID-19, lockdowns were imposed, jobs were lost, salary cuts were made and businesses slowed down. People lost their source of income and for those who had their jobs; their source of income had shrunk. Considering this grave situation, various banks and NBFCs (Non-banking Financial Companies) introduced new terms under the old personal loan policy under COVID -19 relief measures.

These relief measures are introduced to make it easier for the borrowers to avail of the personal loan facility without worrying about the personal loan interest rates. This has been done with the objective of helping people with the cash crunch faced by them during the lockdown.

The personal loan can be applied for online through the official websites of the bank without any hassle or any visits to the bank. Any person with a good credit history can even get the personal loan within few hours of applying for the same. The borrower can apply for any amount of loan with flexible equated monthly installments (EMI) as a repayment option. The tenure of the loan can be from 6 months to 5 years.

The personal loan interest rates have been lowered than before so that the borrower does not have to worry about the burden of the cost they will have to bear afterward. Minimal or no processing fees will be charged and there will be no prepayment charges to be collected from the borrower.

HDFC personal loan policy can be applied for, through their website online. All the required details are mentioned there for the convenience of the borrowers.

During the time of this emergency, a shortfall in income is quite normal for people. To be prepared for it by taking the necessary steps on time is very crucial to avoid any adverse situation. It is advised to all the people, to contact their banks and get the details at the soonest.

Also Read:- Find The Right Personal Loan For You