Medical emergency, one of the main reasons for taking out instant personal loans on mobile in Indian cities

NEW DELHI, June 29, 2021 / PRNewswire / – Medical emergency has become one of the main reasons people apply for personal loans in India. Whether in major urban cities or small towns in India, more than 30% of people who have used personal loans have used the funds for medical emergencies, possibly due to COVID-19 and related conditions, revealed new data from SimplyCash, the Instant Personal Loan App powered by HeroFinCorp.

Emergency Medical Loan Application Spread Across Indian Cities According to SimplyCash, 31% of people who used personal loans used the funds for medical emergencies. The average ticket size of instant personal loans disbursed by SimplyCash varied between Rs 1,50,000 and Rs 50,000.

Interestingly, using personal loans for medical emergencies is not just a metropolitan phenomenon. A similar trend can also be observed in non-metropolitan cities.

Sample this. Rajkot (47%) and Ahmedabad (46%) recorded a higher number of personal loan applicants seeking funds for medical emergencies, compared to metropolitan cities such as Kolkata (44%), Hyderabad (37%) and Chennai (36%). Residents of level 2 cities like Patna (31%) and Jaipur (27%) were along the same lines as those seeking personal loans, to manage medical needs, possibly due to the COVID crisis, in subways like New Delhi (31%), Bangalore (28%) and Bombay (25%). Technology Boosts Loan Disbursement When Needed At a time when several lenders have stopped providing loans – medical and non-medical – SimplyCash has found its way into different cities in India. One of the reasons is the high-end technology and innovation that drives this platform.

When medical emergencies strike, there’s no time to visit a bank branch, or talk to executives, or fill out long requests. With the SimplyCash app, consumers didn’t have to do this. They could apply for an on-app loan even from a hospital emergency department, and still receive the funds on time.

“The second wave of COVID was very difficult for all of us. And that’s when the power of digital lending without a presence has helped people the most. We are happy to have been able to serve our clients in these difficult times, ” says Prashant Chopra, Country Director, Digital, Hero FinCorp.

About SimplyCash SimplyCash is an instant personal loan application offering cash loans of up to INR150,000 for employees and the self-employed. Driven by technology and fueled by innovation, SimplyCash solves customers’ instant cash flow needs with just a few clicks without any physical documentation or meeting. The mobile app is available for users in all popular Android game stores like Google Play Store, Samsung Store, Xiaomi Store, etc. SimplyCash is a duly registered trademark and loan product offered, managed and operated by Hero FinCorp Limited – a non-bank financial corporation Company registered under the provisions of the Reserve Bank of India.

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(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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