The recently rolled out budget was essential in terms of a lot of different sectoral dynamics. The healthcare sector was heavily assisted and an increased allocation to 137% was provided. This is rational, in the sense that a lot of the past year swooped by battling a pandemic which no one saw coming. An increased assistance towards the healthcare sector was pertinent and this shall assist our health sector to perform better and provide more resolutions to the number of ailments that crop up this year. 

The budget was also growth oriented, as tax slabs remained untouched along with the fact that no tax relief has been provided. At this moment, our country needs to bounce back after a truly unforeseen past year. A growth strategy implies that the percentage of tax any individual or any prospective borrower has to pay shall remain unchanged. With a slack of income in the past year for the past majority, personal finances must be managed at an individual, micro level. Along with health related monitoring, this particular aspect of the budget completely pushes focus towards managing personal finances.

The budget also focuses on asset restructuring which will focus on helping the banks pay-off bad debt. Once the bad debts are paid off, the banks can focus on providing financial relief to the citizens of our country. This is complementary with the growth policies that the government is aiming at. Therefore, this only corroborates the fact that an individual must focus on their own personal finances and should be extremely careful and financially knowledgeable to keep themselves out of any collateral damage that may or may not happen to an individual due to strong and firm growth policies. It only adds to the pertinence of being extremely careful with personal finances. This fact is also highlighted by the uncertainties that the last year threw at us.

Also an extremely paramount focus of this budget was the digitisation of payments. The budget allocated a total of 1500 Crore Rupees to promote digital modes of payment and the digitisation of banking in general. This implies that the focus of the budget is directing towards a shift of hard documentation and lengthy banking processes towards a more streamlines and accessible digital system. This budget is focused on aligning an individual to start using digital modes for financial transactions along with also encouraging focus of utilizing digital applications to manage ones’ finances.

Therefore, there are enough parameters introduced in the budget of 2021 which implies that an individual should focus on managing their finances. This should include their planning of maintaining their monthly flow of money along with also planning for the future. Along with the provision of instant personal loan, the online personal loan app provided by PaySense also focuses on helping a prospective borrower to manage their finances. PaySense, through their online personal loan app provides a lot of different functions including management of finances. Through the usage of this app, an individual can not only become abreast in using digital technology in alignment to this year’s budget, but also keep their personal finances intact in alignment with growth oriented policy which has been introduced this year. There are several ways in which the online personal loan app by PaySense provides a solution to manage one’s personal finances.

  1. Debt consolidation: The app will help an individual to keep track of the different loan amounts that they might have borrowed to provide for different financial needs. The past year critically has put a pressure on a lot of individuals in terms of loan repayment. An individual, through the app, can apply for instant personal loan to consolidate any debt accumulated through other loans that an individual might have taken. Debt consolidation however is a good idea when an individual has planned their finances in advance and have figured out the loan tenure and the EMI that they have to pay. This will help in smooth repayment and consequent debt consolidation along with credit scores which shall remain intact. This can help an individual to focus on their daily finances without the worry of tapping on to liquidation of money from the source capital that they might have accumulated for their future needs. 
  2. Monitoring and automatisation of daily finances: For a budget whose core focus is growth, it is important to have a check on the daily flow of finances so that every income stream is checked. The online personal loan app provided by PaySense, can track these spends and help an individual to monitor their finances. This will help an individual to be in grasp of digitisation and also more effectively manage their available resources. Debt consolidation also becomes a lot easier as the app can help facilitate automation to any loan amount that has been borrowed through it so that an individual’s credit score is intact and debt consolidation is smooth. Along with monitoring finances, the app can also imply the areas in which an online personal loan can be deemed useful and can streamline a person’s financial well-being. These issues will help a prospective borrower to stay aligned with the parameters which have been indicated during this budget.

Therefore, in order to be completely in terms with the repercussions of the union budget of 2021, there are two parameters which can be deemed as essential. The first parameter is being aligned with digitisation and the second is to keep personal finances under monitoring and resorting to debt consolidation if need be. These parameters are paramount to weather any collateral that may crop up as a result of the growth strategy which while is extremely integral for our country, might impact financial flow in the short term and cause minor setbacks in the regular flow for prosperity in the long term. 

In essence, an online personal loan app can help monitor finances and help align individuals in accordance with the growth parameters introduced by the budget this year.