The world is going through a tough and uncertain time. The future has never been so unclear and this is the first time we have seen such large-scale effects on our personal and professional life. In these uncertain times, if you have an ongoing personal loan, you are bound to have questions around it. Here, we try to provide you with all the answers regarding your personal loan in the wake of COVID-19.
If I have an ongoing personal loan, should I avail the Moratorium or pay my regular EMIs?Â
Although the government has permitted you to defer from paying EMIs in the wake of COVID-19. However, experts have suggested that if your finances are stable, it’s better to avoid the moratorium and pay your EMIs on time. This is because this helps you to avoid paying extra interest and streamline your finances. It is only advisable to avail the Moratorium if you’re facing serious financial hardships. What you should keep in mind while opting for a moratorium is that you will be levied interest on the EMIs you pay after your loan tenure. It must be remembered that this moratorium is a measure by the RBI to offer some relief to those who are facing serious financial hardships during the nation-wide lockdown. This has been done to recognise the disruption that has been caused by the lockdown, but those who are able to manage their finances should continue paying their EMIs to avoid added interest rates to the amount due.
Should I go for a personal loan now? How can a personal loan be useful in the times of COVID-19?
A personal loan can be quite useful in the times of emergencies as many of us are trying to keep our savings intact in these difficult times. This can prevent some from catering to basic needs. With a personal loan, requirements such as payment of fees of bills, and anything else that you might need financial help for, can be taken care of.
Can I use a personal loan for hospital bills?
Absolutely. A personal loan can be used to pay hospital bills as well. During these unprecedented times, when we are surrounded by incredible levels of insecurity and uncertainty, having financial security when it comes to medical help is important. A personal loan can be used to get this kind of financial security and avail the best quality of healthcare possible.Â
Hopefully, this has answered a few of your doubts and cleared the confusion around your personal loan. For any more queries or questions about how personal loans work and to know more about how Clix Capital can help, feel free to write to us at hello@clix.capital or call us on 1800-200-9898
