Who does and does not qualify for a bank loan amid a pandemic?
Banks have quietly tightened loan rules in the past few months due to the significant supply and demand disruptions caused by the Covid-19 crisis. According to various reports, loan seekers who work in such sectors as media, aviation and hospitality are having a hard time getting their applications processed. Such customers are now largely a no-no when it comes to loans, particularly for private sector banks, a report in the Financial Express said. Banks are being especially cautious in lending to retail borrowers employed in Covid-hit sectors, says Sanjay Thakur, a senior banker and industry veteran working with a leading private sector bank. If you work in one of these sectors and still manage to get a loan, it will be a smaller amount and will come at a relatively higher interest rate. ...
