Repay a Personal Loan After A Job Loss

Losing a job is a challenging experience, especially when you have financial obligations like a personal loan. The uncertainty of income can make it difficult to manage your expenses and meet your EMI payments. But, with careful planning and smart financial decisions, you can easily repay your personal loans even in the most challenging times.

Nevertheless, with careful planning and strategic actions, it is possible to repay a personal loan after a job loss. In this helpful guide, we will walk you through some amazing factors that will assist you on how to navigate this difficult situation and staying on top of your Airtel Personal Loan repayment games all the time.

Also Read: All About Personal Loan Part Payment

• Assess Your Financial Situation

The first step in managing your loan repayments after losing your job is to assess your current financial situation. Take a detailed look at your savings, monthly expenses, and any other sources of income you might have. Understanding your financial position will help you plan your next steps effectively.

• Prioritise Your Expenses

After assessing your finances, prioritise your expenses. Focus on essential costs like housing, utilities, food, and healthcare. Try to minimise non-essential expenditures. This will help you allocate more funds towards your loan repayments. Consider using the Airtel Thanks App to simplify your payment process and have a record of transactions to stay more informed about your current and future expenses. Moreover, with the help of the Airtel Thanks Payment app, you can anytime and anywhere assess information about your personal loan.

• Communicate with Your Lender

One of the most crucial steps when you need to repay a personal loan after a job loss is to communicate with your lender. Inform them about your job loss and explain your situation. Lenders appreciate borrowers who are proactive and transparent about their financial difficulties. They might offer solutions most suitable for your situation. At Airtel Finance, we offer 24/7 customer services to help our valuable customers find the best and quickest solution to all their grievances and needs with round-the-clock services.

• Utilise Your Emergency Fund

If you have an emergency fund, now is the time to use it. An emergency fund is specifically meant for unforeseen circumstances like a job loss. Using these savings to cover your EMIs can prevent defaulting on your loan and help maintain your credit score.

Also Read: What Is FOIR and How It Affects Personal Loan?

• Look for Alternative Income Sources

Finding alternative sources of income is essential when you need to pay a loan after a job loss. Consider the following options:

• Freelancing or Part-time Work: Look for freelance or part-time work in your field of expertise. Websites like Upwork, Fiverr, and Freelancer can connect you with potential clients.
• Temporary Jobs: Consider taking up temporary jobs or gigs to generate income.
• Sell Unused Items: Selling unused items can provide quick cash to help you manage your expenses and loan repayments.

• Cut Down on Non-Essential Expenses

Cutting down on non-essential expenses is another effective strategy to repay personal loans after a job loss. Review your monthly budget and eliminate or reduce spending on items such as dining out, entertainment, and luxury purchases. Redirect the saved money towards your EMI payments. When you choose a high-credit personal loan with Airtel, you get an opportunity to enjoy a personal loan repayment offer at your own terms, depending on the plans that suit your repayment budget and the options best. Explore the Airtel Finance website to learn more about personal loan interest rates, eligibility criteria, documents you need to submit, and other related information.

• Seek Professional Financial Advice

If you are struggling to manage your finances and repay your loan, seeking professional financial advice can be beneficial. Financial advisors can help you create a detailed plan to manage your expenses, explore refinancing options, and negotiate with your lender.

• Consider Loan Refinancing

Refinancing your loan can be a viable option if you are unable to meet your EMI payments. By refinancing, you might be able to secure a lower interest rate or extend the loan tenure, which can reduce your monthly EMI amount. Discuss this option with your lender to see if it is feasible.

• Use Credit Sparingly

While using credit cards or taking out another loan might seem like a quick fix, it can lead to further financial difficulties. Use credit sparingly and avoid accumulating more debt, as this can increase your financial burden in the long run.

• Government Assistance Programs

In some countries, there are government assistance programs available for individuals who have lost their jobs. Research and apply for any unemployment benefits or financial assistance programs that you may be eligible for. This can provide temporary relief and help you manage your loan repayments.

Also Read: What are Instalment loans – Types, process & more

Step-by-Step Guide to Applying for a Personal Loan

If you need additional financial assistance during this period, applying for a personal loan through Airtel can be a quick and convenient solution. Here is a step-by-step guide to applying for a personal loan using the Airtel Thanks App:

1. Download the Airtel Thanks App: If you haven’t already, download the Airtel Thanks App from the Google Play Store or Apple App Store. Alternatively, you can also apply for the loan by visiting the Aitel Finance Webpage. 
2. Log In or Register: Open the app and log in with your Airtel number. If you are a new user, register by providing the necessary details.
3. Navigate to Financial Services: Once logged in, go to the ‘Shop’ section and click on the ‘Financial Services’ section within the app.
4. Select Personal Loan: In the Financial Services section, select the ‘Personal Loan’ option.
5. Check Eligibility: Enter your details to check your eligibility for a personal loan. The app will show you the loan amount you are eligible for based on your profile. You can take personal loans up to ₹9,00,000 at competitive interest rates with Airtel Finance. 
6. Apply for the Loan: If eligible, proceed by clicking on the ‘Apply Now’ button.
7. Fill in the Details: Provide the required information, such as your personal details, employment status, and income details.
8. Submit Documents: Upload the necessary documents, such as your ID proof, address proof, and bank statements. Ensure that all documents are clear and legible.
9. Review and Submit: Review your application to ensure all information is correct. Submit the application once you have verified all the details.
10. Instant Approval: Once submitted, your application will be processed instantly. You will receive approval within a few minutes if all criteria are met.
11. Disbursal of Funds: Upon approval, the loan amount will be disbursed to your bank account within 24 hours.

Repaying a personal loan after a job loss can be challenging, but with careful planning and proactive steps, it is possible to manage your financial obligations. Assess your financial situation, communicate with your lender, and explore alternative income sources to stay on top of your loan repayments.