Coronavirus has affected the income of most of the people. Don’t get upset if you are involved in them. If you have taken a personal loan, car loan, or home loans and now facing trouble paying the EMI. Here Moksh Popli is advising you how you can get out of this situation conveniently.
The home loan EMI- If you have taken a home loan from a bank or housing finance company, and now it is difficult to pay back the due EMIs due to Corona, then you should talk to the bank or responsible authorities in the company. The RBI has asked the banks to restructure the loans. By taking advantage of the provision, you can repay EMIs by extending the loan moratorium or the loan period for up to 2 years.
However, prepare the necessary documents for this from now itself. Moksh Popli suggests that if you have invested in an under-construction property, then talk with your developer and ask them to shift your loan to a ready-to-move property. These days, many builders are providing this facility to help their buyers.
The car loan– If you have taken a car loan and now encountering difficulty in repaying, then ask the bank to extend the loan period. For example, if the period of your loan is 36 months, then you can request the bank to make it 48 months. With this rebate, you will have to pay the money every month. Get in touch with your debtor or ask the bank to postpone this money. This advantage may allow you to pay the current month’s EMI later.
Credit card or personal loan– In case you have taken a loan on a credit card or have a personal loan, then you should try to compensate it from the savings or investments done in the past. The banks take the highest interest on a credit card or personal loans. If you have invested in FD, PPF, or Mutual funds, then withdraw the amount and pay the debts, because less interest is payable on the saved amounts in comparison to the loan.
Moksh Popli says that even a gold loan is also a more reliable option. No doubt, gold loans can be utilized to overcome the economic challenges produced by COVID-19. He says that life will never be the same as before. We have to go a long way to return to normal. Meanwhile, we should accept the new normal and take the leaps in the right path.