The unprecedented medical emergency caused by COVID-19 has starved economies of liquidity. India, too, is battling with deep financial constraints; the gross domestic product or the GDP shrunk 23.9% in the Q1FY21 ending June 30 as compared to 5.2% growth in Q1FY20, marking the sharpest quarterly contraction on record.
In India alone, 2.62 million cases of coronavirus have been recorded and more than 64,000 people have died. The slowing economy, due to unexpected lockdowns and ambiguity surrounding a vaccine to fight the deadly virus strain, has caused great panic among Indians and that has affected everyday trade and commerce.
Amid dampened business activity and a deep impact on people’s income as well as savings, personal loans have emerged as an easy way to meet credit requirements. Let’s understand what makes personal loans a good bet.
Why Are Personal Loans So Attractive
A personal loan is the money that you