After the first wave, India is going through the worst situation of the 2nd wave, affecting ordinary people a lot. As per few surveys, the loans availed are still unpaid for more than 90 days. In most cases, the stress has been found that the loans below Rs 5 lacs are facing near the effects of the bad loans of about 7% and will increase till the 3rd quarter of the year.
The loans like that of the home loan, gold loan, car loan, personal loan and all the other types of loans have shown some dues as well, as is getting into the bad loans as the income of the people have also got affected which will be treated well in the time being. According to Vipul Jain, head of the products and the CRIF high mark, announce that more than 50% of the loans were sourced.
It has been made clear that there needs to be security and the safety of the employees. The manual documentation and the papers related to that of the home loan documents and the other types of documents will be required to submit in the online mode to avail the risk of infection.
The eligibility criteria of the different loans and the advances have been changed. The restrictions have been reduced to make the people avail the service without any problem. The home loan eligibility criteria and car loan eligibility have been revived and refurbished. This all has been dining, and even in spite of that, there is stress happening stillon the basis of reducing loans availing by people.