{"id":10095,"date":"2023-08-28T13:27:05","date_gmt":"2023-08-28T13:27:05","guid":{"rendered":"\/blog\/?p=10095"},"modified":"2024-03-04T16:59:04","modified_gmt":"2024-03-04T11:29:04","slug":"what-are-the-effects-of-coronavirus-pandemic-on-personal-loan-repayment","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/personal-use-loan\/what-are-the-effects-of-coronavirus-pandemic-on-personal-loan-repayment\/","title":{"rendered":"What are the Effects of Coronavirus Pandemic on Personal Loan Repayment?"},"content":{"rendered":"\n

After the outbreak of COVID-19 pandemic, the consequent coronavirus lockdown has resulted in an acute financial crisis. For those holding a debt, concerns over loan repayment are inevitable as fears of unemployment and salary cuts remain overhead. As economic slowdown prolongs amidst and post the coronavirus lockdown, solutions to improve the condition of the financial sector will take time.<\/p>\n\n\n\n

Besides, due to the COVID-19 pandemic, many are facing difficulty in paying off their EMIs; especially in the case of a personal loan <\/a>that involves a high-risk factor, and for which, a repayment delay can impact the credit score severely. <\/p>\n\n\n\n

Higher Default Possibility<\/strong><\/p>\n\n\n\n

The coronavirus lockdown has led to a surge in ratios of bad loans because of a rise in non-payment of personal loans. The COVID-19 pandemic is also responsible forseveral cuts in workforce and salary as multiple business sectors bear the brunt of the slowing economy. As a result, most borrowers are unable to pay the EMIs and likely to default. To avoid this, some debtors can opt for another personal loan to meet the necessary repayment needs. <\/p>\n\n\n\n

Additional Read – <\/strong>Will My Personal Loan Eligibility Be Impacted During Lockdown?<\/a><\/p>\n\n\n\n

Should You Worry About Your Personal Loan Repayment?<\/strong><\/p>\n\n\n\n

It all boils down to two things \u2013 your employment security and income in the wake of the coronavirus lockdown. If your source of income is steady, then repaying the EMI on your personal loan won\u2019t be an issue. However, since the nature of COVID-19 pandemic is uncertain, if you are considering a deliberate non-payment of EMI to save funds or for other financial needs \u2013 you will be charged a late payment fee along with the interest amount.<\/p>\n\n\n\n

On the contrary, for those unsure about their employment security or experiencing a job loss owing to the coronavirus, the personal loan repayment<\/a> will become burdensome. In this situation, you can consider getting a new personal loan or a personal loan moratorium.<\/p>\n\n\n\n

About Personal Loan Moratorium<\/strong><\/p>\n\n\n\n

According to the RBI announcement, borrowers with an existing loan as\non 1st<\/sup> march \u2013 with at least one payment due \u2013 can seek an EMI\nmoratorium up to august 31st<\/sup>, 2020. For three months after seeking\nthe moratorium, no amount will be deducted from the borrower\u2019s account, and this\nwill not affect the borrower\u2019s credit score.<\/p>\n\n\n\n

Additional read – <\/strong>RBI Press Conference on Monetary Relief Measures in the Time of COVID-19<\/a><\/p>\n\n\n\n

Moreover, the interest amount accumulated over the three months will\nbe distributed among the future EMIs. Also, no late payment fee will be charged\nby the lender after the moratorium period is over. <\/p>\n\n\n\n

Opt for a personal loan moratorium only if you are facing an acute cash crunch due to the coronavirus lockdown; otherwise, continue paying your EMIs regularly.<\/p>\n\n\n\n

In Summation<\/strong><\/p>\n\n\n\n

Following the coronavirus lockdown, solutions to improve the financial sector such as EMI moratorium, REPO rate cuts by the RBI, reduced interest rates, etc., have come as a saving grace. Especially for the self-employed and individual borrowers, these provisions will assist in bearing the financial crunch induced by the COVID-19 pandemic. Furthermore, if you\u2019re facing severe difficulty in maintaining your financial health, a personal loan can be of great help. At Tata Capital, you can apply for a personal loan<\/a> at competitive ROIs. Visit our website to learn more! <\/p>\n\n\n\n

Extended EMI Moratorium<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

After the outbreak of COVID-19 pandemic, the consequent coronavirus lockdown has resulted in an acute financial crisis. <\/p>\n

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