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


NEW DELHI, June 29, 2021 / PRNewswire / – The medical emergency has become one of the main reasons people resort to personal loans in India. Whether in large urban cities or small towns of India, more than 30% of people who have benefited of Personal loans have used the funds for medical emergencies, most likely due to COVID-19 and related conditions, new data has revealed from SimplyCash, the instant personal loan app powered by HeroFinCorp.

Demand for emergency medical loans spread across Indian cities

According to SimplyCash, 31% of people who have used ready used funds for medical emergencies. The average ticket size of instant personal loans disbursed by SimplyCash varied between Rs 1,50,000 and 50,000 rupees.

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

Sample this. Rajkot (47%) and Ahmedabad (46%) recorded higher numbers of personal loan applicants seeking funds for medical emergencies, compared to metropolitan cities such as Calcutta (44%), Hyderabad (37%) and Chennai (36%). Residents of Tier 2 cities such as Patna (31%) and Jaipur (27%) agreed with those seeking personal loans, to manage medical needs, likely 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 granting loans – medical and non-medical – SimplyCash made its way through different towns in India. One of the reasons is the high-end technology and innovation that drives this platform.

In the event of a medical emergency, there is no time to go to 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 a loan on the same application from a hospital emergency department, while receiving the funds on time.

“The second wave of COVID has been very hard on all of us. And it’s in these times when the power of digital lending without a presence has helped people the most. We are happy to have been able to serve our customers in these difficult times. , ” Explain Prashant Chopra, National Director, Digital, Hero FinCorp.

About SimplyCash

SimplyCash is an instant personal loan app offering cash loans up to INR150,000 for employees and self-employed. Guided by Technology and powered by innovation, SimplyCash solves instant customers’ cash 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 company Company registered under the provisions of the Reserve Bank of India.

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SOURCE SimplyCash


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