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How To Get A Loan During COVID-19

Whether youu2019re looking for an emergency personal loan or a business loan, the terms and conditions for acquiring loans have definitely undergone massive operational changes.<br>

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How To Get A Loan During COVID-19

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  1. HOW TO GET A LOAN DURING COVID-19

  2. Whether you’re looking for an emergency personal loan or a business loan, the terms and conditions for acquiring loans have definitely undergone massive operational changes. • With the current work from home pay cuts, furloughs, and layoffs due to business being affected, that finances might have suffered, due to which, loans might be more of a necessity now more than ever. • In lieu of the same, many banks are doling out what is called a COVID-19 public loan.

  3. What is a COVID-19 loan? These loans are generally priced lower than regular, short-term loans. These have essentially been initiated in order to help manage temporary cash flow problems for existing customers during the “pandemic”.

  4. Which banks are giving COVID-19 loans? • Bank of India • Bank of Maharashtra • Union Bank of India • Punjab National Bank • Bank of Baroda

  5. Eligibility: • Only pre-existing customers who hold a loan, pension or salary account with the bank are allowed to apply for the COVID-19 loan. • Approval of the loan application hinges upon a lot of other factors as well. • You need to double-check with your bank for further details.

  6. Interest Rates: • These loans are priced at much lower interest rates than other loans. • Interest Rate for these loans ranges between 7.2% to 10.5% per annum in comparison to 9% to 24% for normal personal loans.

  7. Loan Amount: • The loans that you can get from a COVID-19 loan amount ranges from as little as Rs 25000 up to a maximum of Rs. 5 lakhs. Processing Fees: • There are no processing fees for COVID-19 loans.

  8. Should I take a COVID-19 loan? • COVID-19 loan makes sense if you’re looking to consolidate your debts. • When used smartly, these loans can help you replace high-cost loans and lower your debt burden. • If you are considering a COVID-19 loan to meet your cash-flow needs, be very certain that the problem you are facing is only temporary.

  9. For more details, visit https://www.moneyinminutes.in/

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