Banks extending emergency loans to salaried, entrepreneurs after rate cut

However, most are extending it to their existing customers only

With the Reserve Bank of India cutting benchmark rates sharply and also allowing banks to defer EMIs, banks are slowing gearing up to lend to various sectors, including the salaried and entrepreneurs. And with the loss/fall in income, and even jobs coming under threat, there would be many who would be seeking such loans to navigate through these tough times. Adhil Shetty, CEO, Bankbazaar.com, says: “With pandemic-related job losses and the possibility of a recession looming, banks are worried the default rate on unsecured loans could skyrocket. Despite this, many have indicated their willingness to help with special emergency loans.”

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