Five Ways a Personal Loan Can Be Your Quarantine Buddy
Worried about cash flows during the Coronavirus? Personal loans to the rescue
Events like the COVID-19 outbreak give rise to lockdown and quarantine rules. India too, has put in place social-distancing and self-quarantine norms to ensure safety and stop the virus from spreading. You, like the rest of us, is staying indoors and making plans to stock up on your essentials. But what happens if you run out of funds or need extra cash suddenly? It's time you considered taking a personal loan during COVID-19.
A personal loan is an unsecured loan that you can take without pledging any collateral. E.g. If you take a home loan, your house becomes your collateral. Moreover, it's not just during Coronavirus; a personal loan is also useful any time. Perhaps in the future, you're planning a big wedding or a holiday. At digibank, by DBS you can take a loan for all these reasons and more.
We offer paperless, signatureless, personal loans, and the amount gets credited directly in your bank account. Our processes are quick, seamless, and safe; what's more is, you can apply for a loan from the safety of your home.
Five ways a personal loan during COVID-19 can help:
- To make up for pay cuts: According to reports, the Coronavirus has affected business, and some companies are likely to slash jobs and salaries. A pay cut or a financial setback is difficult to deal with and only adds to your anxiety and stress during a lockdown. A personal loan during COVID-19 can help reduce your financial worries and let you ride through this phase without having to fall short.
- To make up for delayed payments: In this situation, some are more fortunate than others. People may have anticipated payments to come through, but with the lockdown, financial plans are on hold. Don't let that be an obstacle; make a personal loan your friend in need.
- To pay for utilities: If your income has been affected during a lockdown, you're worried about having a normal life indoors. Since you and your family is home 24/7, your utility consumption is undoubtedly going to increase. At such times, you will need emergency funds to pay your electricity, DTH, wi-fi, mobile or gas bills.
- To keep your investments on track: If you miss your SIP payments, you won't necessarily 'default' as you would due to missed EMIs. However, you may not want to lose out in creating wealth for the future. The current outbreak may be short-lived, but investments are for the long-term. With additional funds in your account, you can pay for your SIPs.
- To pay for daily essentials: If your income is affected, you will need funds to pay for household essentials. With a personal loan, you needn't worry about how you'll manage daily expenses.
Eligibility for a personal loan
To avail of a digibank by DBS personal loan, you have to fulfil specific eligibility criteria. You will have to be at least 22 years old and be under 60 at loan maturity. You should be either salaried or self-employed and have a minimum income of at least Rs. 20,000 per month. The processing charges are quite competitive.
So even if your current cash flow is reduced, or if you need cash for future big-ticket expenses, a digibank by DBS personal loan will come to your rescue.
Why hesitate? Apply now for a digibank personal loan. All you need to do is download our app and get started. Follow these easy steps:
For digibank by DBS Users:
- Using the digibank mobile app
- Launch the app on your smartphone
- Log in and tap "Loans" in the navigation menu
New to digibank?
There are two easy ways for you to get a digibank Personal Loan
- Apply now and check your loan eligibility in just a few clicks
- You can also download the digibank mobile app on your smartphone, launch the app and click on the 'Get Personal Loan' link on the login page.