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Is Post-Covid 19 Financial Crisis the Right Time to Apply for a Personal Loan?

Clix October 4, 2021


Since the Covid-19 pandemic arrived, businesses have found new ways of sustaining operations, especially with the work-from-home system. However, now that the economies are getting back on track and businesses are now opening for normal operations, many people are thinking about borrowing money to cover their planned and unplanned expenses. This is where personal loans come to the rescue.

Many people relied on personal loans for medical emergencies during the Covid-19 pandemic. However, you may also avail personal loans in India for other expenses, like weddings, home renovation, vacation, education, and debt consolidation. Many people took personal loans for a vacation to fund their revenge travel. Whatever purpose you are looking for a loan, are you thinking if post-Covid-19 financial crisis is the right time for Let’s find out.

Times When Personal Loans are Useful

During the post-Covid-19 period of the financial crisis, a personal loan can be the best option due to its competitive interest rates. Many lenders offer personal loans in India without any collateral requirement. If you need money to cover any expense during this period, you can count upon an instant loan online that you can avail within minutes. The best thing is that there are no end-use restrictions to availing personal loans. You can use them for any purpose of your choice, whether you want funds for a wedding, vacation, home renovation, education, medical emergency, or debt consolidation.

Can Personal Loans Help Amid Financial Need?

Personal loans are excellent sources of finance when you need money the most. For instance, if you need funds to cover the costs of a medical emergency, an instant loan online can provide you cash within minutes. The best thing is that personal loans are collateral-free, which you do not need to put any asset at stake to avail of a personal loan. You can avail them based on your credit score and other eligibility conditions without providing any collateral, security, or guarantor. Therefore, if you have an urgent financial need, you will find many lenders offering personal loans in India at competitive interest rates.

How Can You Benefit from a Personal Loan During the Post Covid-19 Financial Crisis?

One of the most significant benefits of availing a personal loan is that they are collateral-free with no end-use restrictions. When you need money during the post-Covid-19 financial crisis, they can be your best source of finance. Whether you want cash for any planned expense or an unplanned emergency, a personal loan can be your financial partner in all situations.

Other benefits of personal loans in India include competitive interest rates, flexible repayment terms, ample loan amount, and instant approval within minutes. You don’t need to leave your home and visit the lender’s office even once. Lenders these days support 100% online application process that you can complete from your PC or smartphone. With flexible repayment terms, lenders give you the option to choose your repayment term according to your budget and repayment capacity. You may use a personal loan EMI calculator to calculate your EMIs and select a loan term EMIs you can easily afford.

What Lenders Require While Offering Personal Loans During the Post-Covid-19 Period?

Owing to the increasing popularity of personal loans in India over the last few years, many lenders have eased down their eligibility conditions and reduced their documentation requirements to make personal loans accessible to all. A prospective borrower with a credit score of 725 or above won’t have much difficulty securing a personal loan. However, don’t forget to check the lender’s personal loan eligibility conditions and documentation requirements before applying.

Eligibility Conditions

Most lenders have simple eligibility conditions that almost anyone can meet. For instance, when you apply for a personal loan from Clix Capital, you need to fulfil the following conditions:

    • You should be 25 to 58 years of age
    • You must be a citizen of India
    • You should be a salaried individual drawing a salary of at least ₹ 25,000 every month
    • You should be working with your current employer for at least 6 months, and you should have a total work experience of at least 12 months

Apart from these, if you have a credit score of 725 or above, you are good to go with the loan application process.

Documentation Requirements

If you are eligible, the lender would want to see a few documents to verify your identity, address, and income. For Clix Capital, you will need the following documents:

    • Duly filled online application form
    • Recent passport size photograph
    • Identity proof like Aadhaar Card or PAN Card, or government ID for government employees
    • Address proof like Aadhaar Card, Voter ID, passport, driving license, etc.
    • Income proof, including your last month’s payslip or current year’s Form 16

In order to make the documentation process 100% paperless, many lenders verify the documents online. Without submitting or uploading your documents anywhere, you can have them verified online using your KYC details. However, before proceeding, ensure that your KYC is updated with Aadhaar and PAN.

Picking the Right Lender

While comparing personal loan lenders, shortlist the features and benefits that are most important for you. Think about how much loan amount you require and how quickly you want the funds. Look for lenders with easy eligibility conditions that you can fulfil. Some lenders may offer personal loans at competitive interest rates, while others may specialise in instant loan online approval. Also, be sure to check their repayment terms and period and prefer the one that offers flexibility. Spend some time comparing loans and lenders and apply for a loan with the lowest interest rate and adjustable payment terms suitable for your budget.

Clix Capital is one of the most reputed NBFCs offering personal loans in India since 2016. Recognised as one of the best BFSI brands in 2021 by the Economic Times, we have been satisfying customers with our lucrative personal loans and unmatched customer service. Apply for a personal loan at Clix Capital and get an instant loan online of up to ₹ 25 lakhs to receive your needed funds.

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