The COVID-19 pandemic has not only created a crisis on the medical front but on the economic front as well. People all over the world are experiencing unemployment and financial crises, made even more pronounced by the uncertainty surrounding the pandemic. These circumstances have created a financial and emotional strain on both, salaried individuals as well as self-employed people. In such a time, when medical emergencies can strike at any time, you should consider applying for a personal loan for medical emergencies.
The benefits of personal loans are many. Not only do they help you prepare for the unexpected but also provide a steady influx of cash to ease the financial strain of increased medical expenditure and salary cuts. Given below are some of the major problems that can be tackled with a loan.
Be prepared for unforeseen circumstances
Under normal circumstances, medical emergencies arise rarely and even then, with the help of insurance schemes and loans, one can pay the bills without much trouble. But due to the health crisis generated by the novel coronavirus, there is no guarantee of safety. The treatment for coronavirus takes time and hospital bills may run into lakhs. Thus, taking a loan for emergencies will help you ensure that if need be, you can meet the costs of the treatment without going through much trouble and focus on caring for your loved ones.
Customers who hold a salary account with the lending bank and have a good credit score are eligible to apply for such medical emergency loans.
Combat the cash crunch
It is no secret that the pandemic has given a crushing blow to the economy, including the middle class. Many banks had come up with pandemic-specific loans to ease the brunt of the downfall. Although these schemes have been discontinued, you can still avail quick medical loans to combat your liquidation problems.
Ensure easy repayment of existing loans
The RBI Conference held in March 2020 had declared a relaxation on the repayment of loans and EMI for a period of three months from March to June 2020. This was attached to the terms that the borrowers would be charged extra interest rate for those months. Although this would prolong the tenure of loan repayment, it helped people in tiding over the lockdown period with some reassurance.
Additional Read: Tips to Repay Personal Loans without Affecting Your Wallet
To sum up
With the steady easing up of coronavirus lockdown restrictions, people are returning to their jobs and getting back to normal life. However, the daunting problem of salary cuts or delays and unemployment, along with the constant threat of COVID-19 is still looming. Thus, to ensure that you do not face difficulty in maintaining your health- both physical and financial, Tata Capital’s instant personal loan can be of great help. You can apply from the comfort of your home and utilise our loan calculator, EMI calculator, etc. to get the best personal loans for Covid-19. Visit our website today and learn about our loan options and personal loan interest rates.