Are you facing the financial crunch during the ongoing lockdown due to the outbreak of the Novel Coronavirus (COVID-19)? If yes, then you are not alone! The Pandemic has slowed down much of the economic activities. Many studies have also predicted a decline in the income of individuals in 2020. The situation may trigger a shortage of cash, but you don’t need to worry. It is because you can turn to the instant personal loan and cover your needs quickly.
If you wish to know how the personal loan during an emergency can help you, then this post can help you! Given the situation when there is a lockdown, you may have a shortage of cash. But your liabilities won’t stop. You will need to pay rent, credit card and loan bills, and more. What’s more, any medical emergency may worsen the condition further. And it is where a medical emergency loan may come handy.
- Large loan amount
No matter what kind of payments you have to make, you can avail a personal loan and manage all. It is because most lenders will help you apply for a large amount of up to Rs.25 lakh. The amount is big enough to handle all situations related to funds.
- Quick approval
You can apply for an online personal loan and get instant approval within minutes. Yes, if you have maintained a higher cibil score, repayment, and employment history, then it is possible. A credit score of 750 or more is what is considered the ideal score to get instant loan approval.
- Instant money disbursement
You can get the loan amount disbursed in your bank account within 24 hours after getting the loan approval. Getting a fast credit will help you use the money for many needs without issues.
- You can know your loan eligibility and affordability in advance
The personal loan comes with easy to meet eligibility and documents. You can also know the loan affordability before applying for the loan. You can use the personal loan eligibility calculator and personal loan EMI calculator. These tools are available on the lender’s websites and can be used for free. This way, you can be sure if you can manage an upcoming loan or not. You also need to be an Indian citizen, employed with an MNC, Public, or a Private Limited Company and aged 23-55 to become loan eligible. Also, the documents required for personal loans are basic to furnish. It is because they are related to your personal, professional and income profiles.
- Flexible repayment tenor
Applying for an instant personal loan means that you can get a loan repayment ranging up to 60 months. It means that you have the freedom to pay in smaller EMIs. And you also don’t have to rush payments and hurt your monthly expenses.
- No collateral or guarantor needed
One of the biggest reasons why so many people may right away be applying for a personal loan is that it does not need any collateral. Yes, it is an unsecured loan facility. And it is sanctioned as per your creditworthiness. You only need to repay it on time so that you can be ready to get the next loan approval without hassles. The immediate benefits of applying for the personal loan during the lockdown period are now discussed. If you want some funds without any restrictions on funds’ use, you can apply for the personal loan online.