Covid first struck India in March 2020 and today, even after a year, it is still a threat to life and the country’s economy. The second wave of Coronavirus has again led to disturbing businesses at all levels in the country. Most of the states in the country have announced new guidelines to control the spread of coronavirus. Even after the launch and availability of the Coronavirus vaccine, the situation seems far to be in control. The constant news of soaring death numbers in the states and the country are bewildering.

The only way we, the populace, can control the virus is by breaking the chain transmission. And to achieve that, the best possible solution is to stay at home. And so different state governments are announcing Covid guidelines and curfews for a certain period of time to break the Covid chain. While all the essential commodities and medicines among other items would be available, the restrictions have clearly disturbed day to day life. While vaccination drive is ongoing in the country, people are still uncertain about the future.

Businesses are somehow managing to pass this time and many job-goers are working from home. Though we are staying indoors in this tough time, our financial obligations remain the same. Digital lending can help you overcome your financial obligations through these tough times.

What is digital lending

Digital lending is the new-age lending model with which loans are allotted using an online technology platform. The process of getting a personal loan is quite simple. You just need to visit any of the online lenders on their portal or app and apply for a loan

A digital personal loan can be applied by filling out the application form available on the app or the portal. Online personal loans are multipurpose and so they can be availed for any of your personal or business need. 

How digital lenders process instant personal loans

Every borrower in need of a loan has a unique financial background and requirement. The automatic software with the digital lenders is smart enough to categorize you based on your financial standing. As you apply for a loan on the lender’s portal or app, your credit history, financial situation, etc., is checked instantly by their software. You get your credit limit on that particular lender’s website or application under which you can borrow any amount.

Now, getting the funds is also quick, just like the initial form filling and credit limit setting. The documentation process is fast as you do not have to submit any physical documents. You can just upload all your documents online over the lender’s app or portal. As you complete the loan documentation and apply for the loan, the loan amount is disbursed into your account. 

In the complete process of availing of a personal loan through an instant personal loan app, you do not have to have any face to face interaction with the lender. Thus, this new-age lending model perfectly caters to millennials loan needs. 

Instant personal loans are your best loaning option when you want funds in a lockdown situation. As things like social distancing and staying at home are the best ways to stay safe from the virus, all things digital can help us stay protected. So, when you can get a loan you need without stepping out of your home, you stay safe and get the funds you need in time and without any hassle. 

Typical features you get with digital lenders

  • You get the loan money instantly in your bank account
  • The approval on your instant personal loan application is quick and easy
  • The interest rates to get the loan are low
  • The process is completely online
  • Zero or no physical documents are required
  • Typical loan disbursal time is 24 hours
  • You can get a personal loan of as much as ₹5,00,000
  • You can choose the loan tenure of your choice

Benefits of digital personal loans

Instant personal loans are the perfect choice for individuals who need immediate funds. A digital lender can offer you a personal loan in a matter of hours.

Instant personal loans are multipurpose and can be taken for the expense of any nature. A personal loan is flexible, and so you can use the money borrowed for both personal or business use. You can use the money borrowed through an instant personal loan for medical expenses, higher education, wedding, travel, home renovation, etc.

Also, the instant personal loan amount offered to you can be up to ₹5,00,000, depending on your credit history and financial background.

Conclusion

Thus, digital personal loans perfectly fit the bill if you are looking for sources for funds during this lockdown. PaySense is one of the leading digital lenders in the country that offers digital loans. So, if you need any financial assistance in these challenging times, you are just a few clicks away from getting that.