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Tata Capital > Blog > Why Are More and More People Opting for Personal Loan After COVID 19?

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Why Are More and More People Opting for Personal Loan After COVID 19?

Why Are More and More People Opting for Personal Loan After COVID 19?

With new cases reported every day, the COVID-19 pandemic has taken the entire world in its grasp, and India is no different. A pan-India lockdown has been imposed to curb the growing spread of COVID-19. This lockdown has led businesses and offices across the country to temporarily pause their working, especially those firms and offices that don’t fall under essential services.

The temporary shutting down has disrupted the cash flow. It is also speculated that the lockdown can lead to a loss of livelihood for many. Even when the lockdown lifts in the coming months, economic activity will continue to be constrained, until things go back to being normal. In such tough times, a personal loan can be of enormous help for people struggling financially. Personal loans are multi-purpose loans that work great as a safety net during a financial emergency. 

Why Consider a Personal Loan?

With the general sense of uncertainty around and everyone struggling to deal with the COVID-19 pandemic, you might think it is an odd time to consider applying for a personal loan. But if you have recently experienced a cut in cash flow or a temporary job loss, and are unable to pay your bills- a personal loan is worth opting for.

If you are feeling a financial crunch due to the pandemic, a personal loan can be a great way to consolidate debt and provide yourself with financial assistance. Personal loans can be used for multiple purposes, so if you need cash for a medical emergency or any other financial issue, a personal loan can be of enormous help. Additionally, most personal loans are unsecured loans, meaning that you can borrow money without risking your assets.

How to Apply for Personal Loan?

Before applying for a personal loan, always compare personal loan interest rates offered by various financial institutions’ so that you can pick the one that best suits your financial situation. Always remember to go through the personal loan eligibility criteria thoroughly as outlined by the lender. You should also always make a point to calculate your EMI. Most lending institutions have a personal loan EMI calculator on their website to help you do this. After checking eligibility and calculating your EMI, you can easily apply for a personal loan. 

As reaching the nearest branch of your financial lender is not possible with the lockdown imposed, apply for a personal loan online. Most financial institutions offer the option of applying online for a personal loan. Here are the steps to apply for personal loan online. 

  1. Fill up the application form with your details.
  2. Upload the documents required for the personal loan approval. Before applying, check your lender’s website to know what documents are needed.
  3. Your lender will verify your documents and credit history.  
  4. After document verification, the lender will send you the approved loan tenure and rate of interest for your acknowledgement.

When looking for an instant personal loan for your financial needs, choose Tata Capital. Tata Capital offers personal loan for self-employed as well as salaried-individuals at attractive and affordable personal loan interest rates.

For your convenience, we also provide a personal loan calculator so that you can easily calculate your EMI. With the help of the personal loan EMI calculator, you will get to know whether you can afford the loan or not and what is the EMI amount that you can comfortably pay every month. 

Instead of losing sleep over your financial situation amidst the COVID-19 pandemic, be proactive and apply for personal loan with us. You will require minimal documentation to avail this type of loan.   Begin the process by visiting our website, checking your personal loan eligibility, and applying for a personal loan to bid farewell to your financial troubles today!

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