Personal Loan in Times of COVID-19 – Should You Apply for One?

Posted on Tuesday, April 20th, 2021 | By IndusInd Bank

The coronavirus pandemic continues to change the definition of ‘normal’ for everyone. The tremendous disruption brought about by COVID-19 ended up jolting the global economic landscape. With the economic slowdown and so much more happening simultaneously, managing your finances can be a tough task. And the nation-wide lockdown made this chore even more challenging.

With every passing day, the common, middle-class man is struggling to make both ends meet. Major Indian banks are offering special online financing schemes in the form of a personal loan to combat this situation. Economists expect that this will induce liquidity in the market and can help revive the economy faster. But what’s in it for you?

Why A Personal Loan?

Most of us have nearly used up our savings. Breaking up whatever is left of the saved funds is not a practical choice as the crisis is not over yet. This is where a personal loan can help you face your financial obligations with a smile on your face.

A personal loan is a smarter way to deal with immediate, unexpected financial needs. During normal times, your rainy-day funds would have been sufficient to handle urgent expenses. However, as the times have changed dramatically, we advise you to leave your savings as a last resort. As a penultimate option, you can apply for personal loans online.

You have the advantage of deciding the loan amount, its tenure, and the amount of monthly installment as well. You can compare and find the best personal loan that aligns with your requirements. With IndusInd Bank, you can enjoy personal loan rates starting from as low as 11% per annum.

Moreover, EMIs are an easy way to eliminate any undue financial pressure. So, a personal loan is an excellent financial aid to fill in any temporary gap during financial headwinds.

Do You Qualify For A Personal Loan?

As customary, you need to meet specific eligibility criteria to apply for personal loan online. For instance, you are eligible for IndusInd Bank’s personal loans if your age is between 21 and 60. Other requirements include a minimum net monthly salary of Rs. 25,000. The bank also considers your residential and employment status.

Do You Really Need One?

Increased unemployment, low or negligible international trade, declining businesses, lay-offs, and rampant pay cuts are a few of the primary reasons for the economy’s sufferings. Amidst this unrest, the income outflow remains the same as usual.

Due to inflation, the value of goods and services is increasing gradually, and so are the daily expenditures for supporting a standard lifestyle.

Given the circumstances, how do you deal with the increasing expenses? Have you exhausted your savings but need to make urgent payments? Is your child’s college fee due, or do you have immediate medical bills at hand? Well, if any of this is true in your case, you must apply for personal loan online.

IndusInd Bank allows you to apply for personal loan for medical bills, weddings, education expenses and home renovation among others. You can visit the IndusInd Bank website (www.indusind.com) and apply for Personal Loan within Loans Tab under the Product Section. Or just click here to apply for IndusInd Bank Personal Loan

But remember, once you avail of a loan, its repayment becomes your responsibility. Hence, you must take your future income into account before applying for one. So, opt for a personal loan that understands your circumstances and offers attractive interest rates.

Look No Further Than IndusInd Bank

At IndusInd Bank, our customers are our priority. In order to satisfy your financial needs, we offer you personal loans by IndusInd Bank. Take advantage of quick processing, and super quick loan amount approval to fulfill your financial commitments seamlessly.

When you apply for personal loan online at IndusInd Bank, you are greeted with best-in-class features, including enticing interest rates, no collateral requirement, and many more. And what’s more, you can select the loan tenure. For maximum flexibility, we offer terms between one to five years. So, rest assured, life goes on as always, even amidst a global pandemic with IndusInd Bank’s personal loans.

Get in touch with us today to relieve your temporary financial crisis with our personal loans.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.