The entire world’s economic activity has been impacted by the novel Coronavirus. The incongruence that it has brought to human lives has changed the way of living and thinking. It has affected Industries such as aviation and tourism, food and agriculture, oil and gas, pharmaceuticals adversely. The reason behind this is the domestic demand and exports have severely depreciated where higher development was observed pre-pandemic. Centre for Monitoring India Economic (CMIE) data states that 20 million-plus salaried employees lost their jobs between April to July 2020. This means each month, an average of 5 million salaried individuals went out of occupations. It is true that it is not easy to lose salaried jobs, but once it’s gone, it gets difficult to get it back. However, as per CMIE data, in April 2020, 15% of salaried individuals lost their occupations.

The individuals who did retain their jobs either started getting delayed salary or had to face pay cuts. Hence, the country faced more income losses than overall job losses due to which individuals’ daily lifestyle have been impacted. They started to face issues in paying monthly EMIs, education fees, medical bills, etc. A lot of people had to wash-out their savings in the worst scenarios. But other than salaried individuals, over 200 million people lost their jobs in India within a span of 120 days the previous year. This includes small traders, hawkers and daily wage earners. CMIE report states that 75% of this category of people lost their earnings in April 2020.

Banks and non-banking financial companies in India have started to see an increase in consumers who are now interested in signing up for instant personal loan via online loan app to sustain their living. As per analysts, personal loans, housing loans, vehicle loans, etc., account for 28% of the total non-food credit currently, and it has grown 17% year on year, which is more than twice the 7.3% growth in inclusive non-food credit. Now that individuals are getting digitally evolved and dependent on instant personal loans, online loan apps have emerged in the market. Thanks to digitization, you can access everything sitting at home. This was helpful in the peak times of lockdown. PaySense is an online loan app that provides instant personal loan up to Rs. 5 lakh. As these loans are collateral-free, you do not have to keep any asset against them. Additionally, you do not have to provide any reason as to why you are taking the loan and where you are going to use it. You just need to have a web connection and smartphone to avail the benefit of an online app-based personal loan. To avail PaySense’s instant personal loan, you have to be an Indian resident aged between 21 years to 60 years old. If you are a salaried individual, your net monthly income should be Rs. 12000, and if you are self-employed, your net monthly income should be Rs. 15,000. Upload your Aadhar card or Pan card for identity proof, Aadhaar card, Rental agreement, Utility or Postpaid bills for address proof, last three months bank statements for income proof and a selfie. Once your documents are verified and passed, the loan amount will be disbursed to your bank account instantly within a few hours. You also get the option to select a flexible tenure which varies from 3 months to 60 months.

Conclusion

A lot of individuals have been impacted by the inconsistency of monthly wage, especially during medical and financial emergencies. Always try to keep a fund ready which can be used during hard times. But don’t stress out even if you don’t have the provision to make some savings. PaySense is your friend in need during such times. You can take an instant personal loan with the online loan app and help yourself and your family to bridge the financial gap, which can occur due to loss of jobs or delayed salary or salary cut.