Availing the moratorium is not the only answer to tiding over the financial crisis, although the decision to defer paying EMI which has been permitted by the Reserve Bank of India seems like a tempting option: Are you looking for an option to repay your EMI in other ways rather than avail the moratorium?
Consider the choice of applying for a Personal loan Top Up or getting additional funds as a Parallel loan.
Most Banks are willing to offer incremental loan amounts as a Top Up to the existing loan. With a Top Up the amount needed is given to the customer and added to the pre existing loan to create a new loan account.
As the Bank already has a relationship with the customer, the request will be processed quickly and the amount needed will be transferred to the account of the customer. With the existing uncertainties, the Top Up amount will help to ease finances and help plan for the future.
Persons feeling financially constrained as an effect of the lock down can get funds conveniently via a Personal Loan Top Up, for any personal usage.
Rather than asking for a moratorium which may or may not be approved, apply for a Personal loan Top Up and use the funds as desired, for the payment of your EMI, your credit card bills, any personal expenses or just as a safety net to be comfortable.
As per the RBI directive loan holders can opt to defer paying their EMI for a 3 month period but the moratorium does not include a waiver for the grace period. Lenders will be charging interest on the principal amount unpaid as per the loan schedule this amount is to be paid in addition to the regular interest being charged for the repayment tenure of the loan.
Considering that the extra interest has to be paid it is better to avail a Top Up on your existing loan, with the funds in hand to be used as convenient.
Ideally one should keep the next EMI amount available in the Bank account at all times, and use a credit card for the amount which is available at hand. This may not be possible always, especially during the current scenario and if the request for a moratorium is not accepted the EMI presented for a loan can default.
An EMI unpaid will be recorded in the track of the loan for all times, similarly Credit card bills will be recorded as overdue for the number of days the payment is delayed: levied a hefty rate of interest with added charges like late payment and overdue charges that can build inflated debt amounts.
Why pay extra charges or penalties for your loan, credit card dues. Plan your finances in advance with the help of a Personal loan Top Up to cover all obligations. Check our recent blog on 5 ways to avoid EMI default to save yourself from this crisis.
It is all about keeping ahead of your expenses and having that surplus bit in your account to tide over a rainy day, as they say always be prepared for a rainy day but no one was prepared for such a deluge!
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