The ongoing COVID-19 crisis has put all the world in a state of distress. The distress caused by Covid-19 has not only put the health infrastructure to a halt, indeed, it has also disrupted the financial and social well being of the society. Though medical and social infra will take their own time to heal, yet to overcome the financial distress, a personal loan is an ideal and quick credit facility to go for. This facility is especially ideal for those, who have faced a job loss or a loss in business over the period of the lockdown. Know how personal loans can help one to cope with the COVID crisis through the below-mentioned points:
- Save money with a personal loan: Personal loans can help one save their funds by paying off your credit card bills. For instance, if one holds two high maintenance credit cards with high-interest rates, then, it is better to opt for a personal loan with lower interest rates, and use it to pay off the bill associated with credit cards.
- Easing financial stress: Though, coronavirus has put everything to a halt, yet paying bills is no exception. One is required to pay the bills such as electricity, water, and telephone amongst others, no matter what. In that case, the financial stress put upon by the responsibilities can be easily solved with the help of a personal loan.
Thus, a personal loan is an ideal way to consolidate debt during the COVID crisis. These loans are not only ideal to generate funds and to fulfil financial needs, but they are also convenient to avail. A number of lenders provide personal loan to the potential borrowers, various banks have further simplified the personal loans for fulfilling the financial stress during the Covid-19 crisis. Some of the popular schemes brought down during this time are listed as follows:
- Emergency credit line brought by Bank of Maharashtra
- Punjab National Bank’s SAHYOG COVID 19 personal loan scheme
- Indian overseas bank Covid line of support scheme for MSME businesses
- Punjab National Bank’s Aabhar Rin COVID 19 personal loan scheme
- SHG-covid-sahaya loan by Indian Bnak for self-help groups
- Bank of India Covid-19 personal loan for Individuals
- UCO Bank Covid 19 emergency credit line for businesses
- Insta Pension Covid-19 relief loan by Indian Overseas Bank
- Union Bank of India Covid emergency line of credit for business
- Baroda personal loan Covid 19 by Bank of Baroda
- Ind-Covid-emergency salary loan by Indian Bank for salaried borrowers
- Ind-Covid-emergency pension loan by Indian Bank for pensioners
- State Bank of IndiaCovid 19 emergency credit line for businesses
Thus, personal loans are an ideal way to fund out financial responsibilities in a convenient way, that can be opted by both salaried and self-employed people. These loans can be used for any personal and professional use like business expansion, wedding, medical expense, travel, and for the purchase of gadgets, among other reasons. Apart, these loans can be taken easily without involving any collateral. Thus, the documentation involved in these is minimal and the process is hassle-free.