Concerned about Rakhi celebrations during this crisis times?

The most awaited festival ‘Raksha Bandhan’ is just around the corner and the siblings have already started prepping themselves for the celebrations. However, as the world is currently gripped in Coronavirus pandemic, the celebrations are not likely to remain the same as always. Though it definitely not going to affect the enthusiasm and excitement of the siblings, especially for the sisters, who like every year waits for tons of gifts from their ‘sweet n sour’ brothers.

While sisters are excited, brothers are quite concerned this time. Not because they are not in mood to shell out their savings for ‘always caring sisters’, but because their finances have been hit hard during this time of pandemic.

Notably, most of the businesses are shut and many have lost their primary income sources. Therefore, it is a major concern among the brothers as to how and what to gift their sisters on the special occasion of Raksha Bandhan. However, there is not much to worry about as personal loan comes to your savior as always.

Understanding the current scenario, several banks and financial institutions have come up with their unique personal loan schemes in order to aid all your financial needs. The schemes are specifically designed to understand the needs during the current crisis.

Although, you might be concerned whether it is the right time to opt for a personal loan or should look for other alternative sources of income? So, if you’re too scratching your head to put the right step forward, here’s what you need to know about applying for personal loan during the Coronavirus outbreak.

Evaluate your finances – It is for sure that we are into this crisis time all together and therefore, it is significant to first evaluate the finances before indulging in yet another liability. In case, you’re facing salary cut off or temporary income disruption, then it could be considered to get a personal loan for having Rakhi celebrations as always.

Don’t opt for high value loan – While the financial disruption is temporarily, it is advised to only apply for a loan amount that you can afford to repay at the earliest. In addition, try opting for a short-term tenure to get rid of debt burden as soon as the situation gets back to normal.

Go for budget gifts – Of course, Rakhi is a festival of siblings, but as the current scenario is clearly understood, keep the high-value gifts due for later date, and instead go for budget yet valuable gifts this time. Remember, love and affection is not calculated on the basis of the value of gift, but the emotions and sentiments behind it.

So, as the festival rings in, get yourself bestest memories of all time. 

Personal Loan on SBI Credit Card

Some day or another, we all fall into financial crisis where we start searching for credit solutions at lowest interest rates. Looking at such a concern, SBI offers personal on credit cards. Undoubtedly, credit cards have made our lives easy and convenient by bridging the gap between our limited income and infinite expenses. SBI offers several credit cards to meet every specific lifestyle needs of individuals like traveling cards, shopping cards, and fuel cards.

There are endless uses of credit cards starting from cashless transactions, unending shopping, and reward privileges on every spent. There are infinite benefits of holding SBI credit card and getting a personal loan on SBI Credit card is one of the privileges offered to the cardholders. Personal loan on credit cards is somewhat similar to usual loan schemes, though, the bank gives instant approval to loan request on credit cardholders and doesn’t demand for any documentation formality. However, the approved loan amount depends upon individual’s credit history with the bank.

Often people confuse themselves with loan and cash withdrawal limit against credit card, but, both are different. There comes a time when we need funds on urgently basis to deal with the situation, during such circumstances SBI bank offers instant personal loan to credit card holders with quick disbursement of funds at lower interest rates. Approved loan amount is offered in form of a demand draft or is directly credited to applicant’s bank account. Such type of loan is also known as pre-approved loan on credit cards.

Advantages of loans on credit cards:

·         Credit card personal loans are pre-approved and falls under the category of unsecured loans, still, an applicant doesn’t need to submit any documents or security against the loan

·         Cardholders can easily and conveniently cope up with situations when they need financial support on urgently basis

·         Quick and instant disbursement of approved loan amount

·         Lower rate of interest on loan amount

·         No guarantor or collateral security is required

·         No need of submitting post-dated cheques

Personal loan on credit card eligibility criteria:

·         An applicant should be an existing or new credit card holder of the same bank

·         An applicant should have a credit card account to apply for personal loan

·         An applicant should have a good credit history and good credit repayment record with the bank

·         An applicant should have a high and improved income than before

Quantum of loan:

The quantum of credit card personal loan depends on individual’s available credit limit. Some borrowers can get personal loan offer above the credit limit due to their good credit repayment record with the bank.

Log on to https://www.applykaroo.com/personal-loan and check your eligibility for a personal loan.