The facility of withdrawing personal loans helps the consumer in riding over the man-made and natural crisis. We are familiar with the personal loan facilities that are available when the consumer is going through economic distress like stoppage of business transactions, job loss and redundancy in the workforce etc.
However climatic and natural disasters also offer interested consumers with the opportunity to avail the loan facility from designated private sector commercial banks. Natural disasters include the activities which are not under the control of human interference and are caused by natural or environmental damages like flood, fire and earthquakes.
Following are some important information required for accessing the facility of personal loan
Eligibility for Personal Loans during a disaster or damage
Disaster refers to natural calamities that may take place in the environment like floods, earthquakes and other forms of disaster that may disrupt the smooth functioning of an economic entity. However, a consumer who has been directly affected by such catastrophic activities has the option to avail the loan facility from the designated bank. For acquiring the personal loan eligibility criteria required for application of the loan the consumer has to produce adequate documentation showing that he or she has indeed been impacted by the natural disaster and has suffered economic losses in this regard. Banks like the PNB personal loan have proven to be very helpful in such cases.
Moreover, the person applying for the loan facility should be an employed professional in the field of the private sector, public sector enterprises, and government sector undertaking organizations. He or she should be able to present documentation regarding his or her income statement for the last part of the year showing that he or she can repay the loan in time and repose the faith imposed by the bank on the borrower.
Process of applying for personal loans for damage
The process of applying for personal loans as a claim for the damages suffered by interested customers is simple. Firstly the interested customer has to fill out an online application form stating personal details containing the name, contact number, PAN, and profession of the interested customer, then he or she has to fill out details justifying his or her income statement and identify the fact that he or she would be capable of providing easy repayment of the loan taken, next the customer has to fill out a form containing the kind of damage suffered by him or her and has to indicate whether the damage has directly affected their profession and business.
Upon the submission of documents, the bank would decide whether it would be feasible to grant the customer the loan facility. Upon the necessary acceptance of the application by the bank, the personal loan will be transferred to the personal bank account of the interested bank account holders.
Conclusion
Thus damage suffered by the consumer ensures that he or she can avail the claim for insurance from the banking institution from which the personal loan has been availed.
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