What is a Disaster Loan for Covid-19 Disease?

The year 2020 saw the entire world deal with Covid-19 and its devastating consequences. As different countries applied strategies to combat the pandemic, the Government of India declared it a ‘disaster’ in March, 2020 1. While such categorisation is to help the country tackle the pandemic, it has also allowed banks to provide financial relief to those in need.

What is the Covid 19 Disaster Loan?

Generally, certain events are categorised as ‘disasters’ by the Central and State Governments through laws and notifications. While such events usually include natural disasters like earthquakes, cyclones, heat waves, etc., the COVID-19 pandemic has also been recognised as a disaster. Banks that provide relief loans in case of natural disasters can now extend financial help to those affected by COVID-19.

Due to the pandemic, large sections of the country have had to deal with immense economic strain and difficulty. While several people have been laid off, others have had to deal with reduced business revenues. Smaller business have taken a strong hit as they struggle to stay afloat during these troubled times. Several families have also lost the sole breadwinner to the pandemic and are barely keeping up with daily expenses. In such instances a COVID-19 disaster relief loan can be of great help in assisting affected people and helping them manage their financial burden.

This pandemic is not the first and will definitely not be the last disaster we see. Read this to stay prepared for future natural disasters.

HDFC Bank offers a COVID-19 Disaster Loan in the form of a Personal Loan, which helps provide financial comfort to people adversely affected by the pandemic. This COVID-19 Disaster Loan can help you cover medical expenses that arise due to the pandemic. Personal Loans from HDFC Bank can be quickly and easily availed and with rapid disbursal they can serve as the right Covid 19 disaster relief loan for you.

Apply for this Personal Loan here.

Read more about the COVID Loan here.

*Terms and conditions apply. Disaster Loan at the sole discretion of HDFC Bank limited. Loan disbursal is subject to documentation and verification as per Banks requirement.