The second outbreak of covid-19 was a cause of concern as the country had reported a huge number of cases and death numbers. However, there is always a silver lining amidst all the dark clouds. The personal loan online industry was extremely favored by the second wave of the COVID-19 pandemic. The ongoing pandemic has led to massive positive changes within the finance industry. And the biggest ripple is being seen in the personal financing sector. Personal loans grew by 28% in 2020 compared with 33.5% in the same period in 2019. The financial void and economic crisis forced a good percentage of people to delve into an instant personal loan. While all the sectors suffered a great deal, the personal loan enjoyed a positive break into the clouds. Wondering why? Delve more and find out the reasons behind this. Check out the bright side of the COVID-19 pandemic second wave for the instant personal loan industry.

Why a personal loan?

A personal loan online is always a comforting zone. This has been a source of funds that has always helped the customers to deal with their financial problems. It can work on big and small economic issues, and one can find relief in such economic stability. A personal loan is completely flexible and one can use the fund without any rigidity or restrictions. It can be used for big expenses, emergencies, and even for daily household expenses. Now, with the first and second waves of the pandemic, many have gone through job loss, loss in business, and salary deductions. Such situations have made it difficult to even manage the daily obligations for families. It is then that a personal loan application has seen a rise during the COVID-19 pandemic. An instant personal loan online is helping out the customers to apply from the comfort of home as lockdown has restricted movement completely. This was the only way available to a huge percentage of people that were completely lost in the economic void.

Digital loan providing industry

This has been a terrific change in the loan industry. There are various online non-banking financial institutions that have come up with a complete digital loan offering process. They are not into any sort of offline operations, and it is completely online. The digital presence of the loan industry has been a boon to the loan industry and definitely a comforting change. If a pandemic has given a huge negative impact, this has been a silver lining. Customers were able to borrow from the comfort of home without travelling to financial institutions. This pandemic and lockdown have initiated the entire loan process to be online from approval to disbursement. Quick loan approvals to borrowers through digital banking services. Most NBFCs are also offering instant personal finance online, safeguarding borrowers from stepping out and contracting the virus. The experience of getting the loan is amazing as with online borrowing one can get hold of the instant fund during a crisis. This has been very much cost-effective and easy for the customers to enjoy. An instant personal loan is the best one to go for and Clix Capital is the right one to choose if you need an instant source of funds that has no restriction.

RBI restructuring scheme

Keeping in mind the aftermath of the economic situation in the second wave pandemic, RBI announced a restructuring scheme 2.0 to stabilize the economic condition. It will help the borrowers recuperate from the terrific waves of COVID-19. This scheme was rolled out after the 2020 pandemic, but it again started as the second wave came in 2021. In a nutshell, this is a one-time restructuring option, where borrowers with outstanding debt of up to Rs. 50 crores can rearrange their repayment terms. This helped the borrowers to understand the lagging terms and settle for better favorable perks. This was a very small initiative, yet a helpful one to make changes in the personal loan. If one felt that the tenure was low, he can restructure his loan tenure and the same goes for refinancing too. The non-banking financial institutions are offering tenure relaxation for two years so that the EMI is under control amidst such a crisis. With tenure extension, the EMI for the month is deceased and this helped the borrowers find out some solutions to deal with their bad financial health. It has been a huge bliss for the borrowers with a loan amount up to Rs 50 crore.

Wrapping up

An instant personal loan is a blue sky to fight the COVID-19 second wave. The digital personal loan online option has helped the economic crisis settle down. It has been a huge relief, as a personal loan is the best way to meet all types of expenses.