Personal Loan after Covid

Covid-19 has affected every aspect of human life. People are concerned more about health and life and masks and social distancing have become the “new normal”. 

Apart from giving the mental stress. This Covid-19 has affected the economic life of the people tremendously. The income of each and every household has been affected by covid-19 whether the income source was its own business or the job. The income sources of people are affecting majorly and negatively and expenses are always there. 

So public institutions like banks and NBFCs are grabbing this opportunity and have introduced Covid-19 personal loans. 

Here are some points that will help you to understand the Covid-19 personal loans: 

• The aim behind the loan: The lenders are offering this Covid-19 personal loan to help their customers in the time of financial emergencies. The loan may help the people to face the financial conditions that they are facing due to the world pandemic. The loan that the banks may become the ray of hope in the life of people who are facing the situation of salary cuts and loss in business.  By the loan, people can pay their important pending bills or may invest in their business.
   

• Eligibility for the loan: Banks and NBFCs which are prominent and established for long years are offering this loan. Personal loan eligibility criteria of this loan are that you must be having a financial product i.e. loan with the bank. Then in the same bank, you can apply for the Covid-19 personal loan. If you are not having any type of loan in any bank then you are not eligible to apply for a Covid-19 personal loan. This loan is eligible for those people who also had a financial product i.e. loan with the bank then they can also apply for a Covid-19 personal loan. 

• Loan amount and tenure: The range of the loan amount may vary from bank to bank. But it ranges between INR 25,000 to INR 5 lakh. And loan tenure may vary from one bank to another but it starts from 6 months and can be applied till the time period of 60 months. It all depends on your repayment ability of EMIs. 

• Rate of interest and additional charges: Covid-19 personal loan offering by the bank has a lower rate of interest in comparison to normal personal loans. And as these loans are offered by the banks to take them out of the financial crisis so there are no additional charges taken by the banks from their customers. 

So, grab this golden opportunity if you are facing any financial crisis and not having enough funds to meet them. Many banks and NBFCs like Bank of Baroda Personal loan, etc. are offering Covid-19 personal loans.