Check out How Personal Loan Market is Adapting to the Pandemic

The COVID-19 pandemic has made everything in the world from basic everyday lifestyles to education, work and finance completely haphazard. There is not a single person across national and geographical boundaries in the world who has not been affected in small or large ways due to the COVID-19 pandemic. While the world stays under complete lockdown at different points in time, the economy has been severely affected, thus affecting individuals in many ways. 

As people nervously look for financial help under different kinds of emergency situations in the COVID-19 pandemic, there are several changes or adaptations being introduced in the financial sector. From medical emergencies to other kinds of problems that need immediate financial help, a personal loan is something that becomes a saviour to uncountable people. 

Why a personal loan during the COVID-19 pandemic?

A personal loan is one of the most convenient and smartest ways to take care of one’s finances. It has become all the more important during the Corona outbreak due to the salary cuts and loss of employment. A personal loan needs to be chosen as per the requirements of an individual or a family. It is always smart to look for a personal loan EMI calculator to be sure of the management of finances. A personal loan EMI calculator would provide one with perfect plans and calculations of EMIs that can be repaid easily instead of worrying about monthly financial pressures. 

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

How to avail personal loan amidst the Corona outbreak?

The present-day economic instability has affected the banking sector on a very large level. Therefore, a number of digital services have been introduced in the financial sector for customers to be able to avail services amidst the Corona outbreak. 

• There are services and products available online which are easy to use.
• The contactless and paperless services and/or products make it possible for customers to reach out in times of need.
• There are 24×7 customer care helplines which makes things hassle-free for the customers.

The personal loan market has had to bring in changes that are beneficial for both companies as well as the customers. The following are some of the factors that are being kept in mind within the finance sector during the COVID-19 pandemic:

1. There is very little documentation, required only for verification.
2. Signing up to the websites is easy, and can be done online.
3. The personal loan approval would be processed within 3 to 5 minutes.
4. The entire loan amount would be sent to your bank within 24 hours of the approval of the online application.

How to calculate personal loan?

All the calculations that are necessary can be done using a personal loan EMI calculator. A personal loan EMI calculator is an easy-to-use financial tool which can be found online. It helps individuals to calculate the interest rates as well as EMIs. The following is the method of calculation:

• At first, the loan amount has to be added.
• The tenure for repayment and the interest rate are to be then chosen.
• The finance tool would then automatically calculate and provide a detailed calculation for the plan that is being applied for. 

Other types of loans 

There are several other types of loans that have been designed specifically for specific needs. Some examples are education loan, car loan or two-wheeler loan, etc.

Methods of Repayment 

The tenure for repayment has been flexibly designed in the personal loan market, and it ranges between 12-60 months. The tenure for repayment has to be chosen depending upon the financial status and one’s planned strategy. 

Additional Read: What are the Effects of Coronavirus Pandemic on Personal Loan Repayment?

No hidden costs

One of the most complicated and yet extremely important parts of availing a personal loan is the terms and conditions section. There should be not any hidden costs involved in the entire procedure, and one needs to be careful about hidden costs especially during the COVID-19 pandemic situation. 

Conclusion

While the world is suffering huge losses at large, it is essential for individuals to ensure financial security on time to protect one’s family from what is unforeseen and unpredictable. Tata Capital’s Personal Loan does not require any collaterals. It is a policy that comes with quick verification, flexible tenures, and entirely online facilities to make things hassle free.