Impact of the COVID-19 Pandemic on Personal Loans in Bangalore

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The covid-19 pandemic was a tough time in different aspects, including physically, mentally, emotionally, and financially. Concerns over salary cuts and unemployment remained overhead as the economic slowdown prolonged amidst the lockdowns. 

Bangalore was one of the key cities in India where people demanded external funding for their personal expenses. As a result, NBFCs offered Personal Loans in Bangalore to salaried professionals, who borrowed them for medical emergencies and other personal needs. 




After the pandemic, several lending institutions have reduced their interest rates, simplified their eligibility conditions, and minimised their documentation requirements to make Personal Loans easily accessible to aspiring borrowers. Since digitisation became a norm due to social distancing norms, several NBFCs started supporting 100% digital loan procedures that borrowers can complete from the safety and comfort of their homes. Overall, the pandemic has drastically changed the face of Personal Loans in Bangalore.

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