The Role of a Personal Loan in the 2nd Wave of Covid Pandemic in India


07 May 2021 | 5 min read

The universal pandemic, coronavirus attacked our planet in ways we couldn't have anticipated. From living ahead of the system being practical to surviving on take-outs for each meal, it took and is taking a toll on our health. While many people established emergency funds, the 2nd wave across India was not on the list of emergencies of anyone. This unanticipated challenge has resulted in a serious economic slowdown of the nation impacting the livelihood of the populace. 

According to a recent report performed by the International Monetary Fund specified that India would be one of the worst-hit economies because of the 2nd wave of the covid-19 pandemic with an estimated fall of around 5% in its GDP for the present financial year. 

Therefore, financial problems remain the most crucial and the most widespread concerns in this hostile coronavirus outbreak. At this point, breaking the savings to fulfil your financial obligations or unforeseen expenditures is not a viable or smart option. That is where a personal loan stands up as a saviour. 

Why Choose Personal Loans? 

Now, you must be musing, why only personal loans can perform as a financial saviour, why not any other sort of credit facility? Well, hats off to you, if that thought hit your mind, you are definitely curious and willing to know about financial support during this pandemic. 

So, a personal loan is sensible as it handles your finances, particularly in the time of this pandemic when job cuts and pay cuts are surging. A recent survey by the Economic Times on the effect of coronavirus pandemic states that around 40% of around 3,000 respondents confront a pay cut in their current jobs. 

At this stage, when your steady source of income can be in danger, do you think it is a wise decision to dig your savings? We feel it's wiser to avail of a personal loan and sustain your hard-earned savings for rainier days. 

Choosing personal loans is a better and more logical choice. The reason behind this is that you can structure the quantity well beforehand and in accordance with your needs prior to applying for it. 

Moreover, it can be repaid in easy EMIs, as a consequence, which will not put undue stress on your monthly financials. Taking out your savings may have just the adverse effect. A fall in savings without any source of income will pressurize you in both ways, mentally and financially. That is where and how a personal loan can rescue you. 

How to Apply for a Personal Loan? 

Generally, in order to apply for a personal loan may require some direct meetings, multiple processes and formalities but the new normal is a digitalized world. A world that flawlessly renders you a non-contact channel to carry out essential tasks that might otherwise require physical contact. 

The current economic situation has also brought the banking industry into the limelight as it has activated the emergence of digital solutions and services. For example, Afinoz, a leading financial services marketplace that renders an abundance of products and services by means of its stringent and easy-to-use online platform. Furthermore, the entire application process is carried out completely contactless, quickly and without any hassle. 

One of the main products offered by us at Afinoz is the personal loan, which is a digital, contactless key with an aim to offer you and your family instant benefits and relief, particularly, during these times. 

There is a popular maxim ‘Modern problems require modern solutions, based on which at Afinoz, we have taken the decision to offer you and your family just that. 

An instant personal loan for which all you are required to do is the following: 

  • Visit the personal loan page on this portal or download the official Afinoz instant loan app from the Google Play Store. 
  • Check your eligibility for the personal loan amount (Up to Rs. 50 lakhs). 
  • Sign in with your essential information. 
  • Attach the required documents for verification and validation. 
  • Submit the loan application and documents. 

That’s all at your end! Your personal loan application will get approved within a matter of minutes. Afterwards, once the approval takes place, the loan amount will be credited into your bank account within 24 hours! 

How is the Personal Loan Computed? 

The simple answer to that is the Afinoz personal loan EMI calculator. A personal loan EMI calculator is an online financial tool that has been designed to help personal loan seekers like you with the easy calculation of monthly EMIs and interest rates. 

To calculate, simply: 

  • Key in the required loan amount. 
  • Choose the repayment tenure. 
  • Select the rate of interest. 

The tool will then render you an idea of the instant loan that you can simply apply for. 

You can choose the loan tenure with flexibility as it ranges from 1 year to 5 years. This will assist you in planning your repayment strategy without hampering your current or potential financial obligations. 

What’s the Special Attribute of Afinoz Personal Loan? 

One of the major characteristics of the Afinoz personal loan is that it does not hold any sort of hidden charges and that is something which Afinoz takes pride in. Terms & Conditions are structured in such a way that it renders a transparent view of what you're stepping into or opting for. The rates of interest, EMI, and other securities are also transparent, thus, comes with zero hidden charges. 

With Afinoz, you will not only fulfil your needs but also be able to improve your credit score amazingly, provided you pay off timely and entirely. 

In a Nutshell 

To conclude, the coronavirus pandemic with its 2nd wave in India disrupted the entire nation notably as it wasn’t predictable for anyone. This is a tough situation where everyone requires physical, emotional, and financial support. Our healthcare staffs are constantly supporting every individual until they fail to cure them. To get healed emotionally, feel positive for everything besides coronavirus and don’t get influenced by the daily data on the Covid-19 epidemic, if you’re more sensitive, feel free to stop watching the news, you won’t miss much and important. 

Eventually, to get rid of the financial crisis, don’t consider breaking your savings, instead, maintain it for the darker days. If you think, you are in dire need of financial assistance, there are many fintech lenders providing instant personal loans at an attractive rate of interest such as Afinoz. To apply, you can simply download the app from the Play Store and perform accordingly. 

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