Updated: Nov 13, 2020
Considering the current situation of lockdown, the major population is facing threat of being financially broke. The condition of industry is also bad. Big organizations are seeking help from the government.
Small MSME and businesses are on the way to shut their doors permanently. The share market is also going through its worst phase and the same is for agriculture field. Some people even don’t have money to pay their utility bills.
Some may have lost their hard-earned money in the share market or invested in some other startup. Farmers who are the rid of India also lost their money invested in crops cause they are unable to sell it or on the proper rate.
As people may lose their job and not having sufficient balance after this lock-down, people may think about taking personal loans to pay their EMIs and compensate some of their losses.
There are lots of situations people are facing that are can’t be described in the words. But still, do we really have to take a loan?
The government’s idea of EMI memorandum for deferring 3 months EMI is giving people help somewhat. But this doesn’t mean we don’t have to pay that amount. Well, we have to pay it with interest now or then.
By the current scenario of middle-class people, it is obvious that they may tend to take loans in this period. Because, after the end of this lock-down no one wants to start their regular schedule with an empty pocket.
Thinking of taking loans in this situation people may find obvious. It depends on the individual financial situation and type of loan they want (which is mostly personal loans).
These loans are pushing peoples in stress full world. They are losing important happy moments in life and living their life only thinking about the loan repayment, interest, and remaining balance.
I know people tend to do anything for the sake of their and family’s dream. Maybe your child’s education, daughter’s marriage, new home, it can be any reason to take the loan.
That reason must be really worth otherwise you and your loved once will live remaining life regretting it. Because your all family will be grinding day & night just for the sake of paying EMIs in time.
Remember don’t take a loan for repaying other loans, doing investments, and foreign trips. The reason should be worth of your sleep. But you can improve your conditions with proper financial planning.
Monthly EMIs of all your loans should not exceed 50 percent of monthly salary because if you’re unable to pay your EMIs in time you may add up in defaulters list.
According to the survey, the number of people taking loans is increasing from 2-3 years. This is because of the recent use of technology in this field. They are making the procedures simpler by disbursing the loans in less than 10 minutes only using fewer documents for verification.
Some are also offering the preapproved loans which are tending people to take loans even if they don’t need it.
Remember taking a loan is easy but repayment of it is very difficult.
Please take your decisions carefully. Discuss it with your family and assess your financial condition. Don’t trap yourself in debt. Because this situation will be in control in at least 2 to 3 months more but if you took the wrong steps, it will land you in more dangerous conditions for years.
Instead, take it easy, keep patience and hope for the best.