The ongoing covid-19 pandemic has hit the majority of people in some or another way. Millions of people are going through a financial crisis due to job loss or pay cuts while many have gone through the pain of losing their near and dear ones to this pandemic. The situation is the same throughout the country and Bangalore is nowhere an exception. The city has witnessed huge Covid -19 chaos with lakhs of people getting infected with the deadly virus. This situation forced the government to impose a lockdown which restricted the economy. All this situation left many private companies with no other option than to reduce their manpower or to follow pay cuts in order to maintain their cash flow.
And, according to the recent survey – India’s unemployment rate in May shot up to the highest level at 11.9% compared to 7.97% in April with the second wave of the pandemic.
So, what can be your go-to option in this scenario which can help to get urgent funding in less time?
Here Are Some Ways to get Instant funding In Bangalore
Instant loans are the advanced versions of personal loans which help you get desired funds in very little time. These are multipurpose loans and can be availed without giving any collateral/security. The loan is processed online which makes its approval and disbursal much faster. Additionally, instant loans can be availed at minimal eligibility criteria and are offered by several banks and NBFCs.
Personal Line Of Credit
A personal line of credit is a kind of pre-approved personal loan which comes with an upper limit of the withdrawal amount. From which the borrower is free to withdraw funds as per their requirements without any restriction. It is a revolving credit, similar to a credit card. The borrower has to pay interest only on the amount which he uses, instead of the whole allotted amount. Additionally, there is no fixed amount which the borrower has to pay every month. The borrower will be able to borrow money as often as needed as long as he doesn’t exceed the maximum credit limit.
Gold loans are secured loans that come at the lowest rate of interest. This loan provides instant funding and hence becomes one of the affordable loans. So, in case you have gold ornaments and you are looking for some instant funds, opting for a gold loan can be one of the best options for you.
A personal loan is an unsecured, multipurpose loan, which can be availed at minimal eligibility criteria. The tenure of a personal loan ranges from 12 months to 60 months. The interest on a personal loan is calculated in a compounded way, and currently, it starts at 10.05%. However, market fluctuations can make an impact on a personal loan as they are sanctioned with fixed interest rates.
Credit Card Loan
If you have a credit card, you can easily avail of a loan against your credit card balance. The maximum amount one can get through a credit card depends on the balance amount of the credit card. Well, this is one of the fastest ways to get instant cash but has a high-interest rate associated with it. So, it becomes important to analyse your finances before you go for it. Remember, that a credit card cash advance can be the costliest way of financing. However, one can minimize the credit card cost by paying the full amount within a month.
These were some of the ways which can provide you instant funding in Bangalore. Remember, it is always important to analyse your finances and requirements before you go for any kind of borrowing.