Nowadays everyone is suffering from some kind of problem. Inflation is increasing day by day but income is decreasing instead of increasing. In such a situation, taking a loan has become a necessity for people. But paying its EMI Problem every month after taking the loan is not an easy task for everyone.
When the source of income stops or any problem like medical treatment or loss of employment, the first impact is on the EMI Problem. Many people get confused in this situation and take loans wrongly. The purpose of this article is to tell you how you can delay EMI Problem, that too legally and safely. Every problem has a solution; it is important to understand it and take the right steps at the right time.
Tell the bank on time
The first and most important step is to inform the bank before you miss the EMI Problem. When you inform the bank ahead of time, the bank understands your concern. But when you delay or remain silent, the matter gets out of hand.
The bank looks at each person’s case separately and if you are in real trouble, the bank definitely helps you. All you have to do is write a formal application detailing your situation. You can submit this application in person or you can also submit it online on the bank’s website. Taking timely action makes the bank’s response positive and also preserves your credit score.
Create a new EMI plan
Not every EMI is necessarily right for you at all times. Circumstances change and so does the EMI plan. When you request EMI Problem restructuring from the bank, the bank resets your loan tenure. This restructuring means that your EMI Problem can be reduced or the loan tenure can be extended.
In such a plan, your monthly payments are reduced which gives you time to breathe. The bank grants this restructuring only to those who apply on time and clearly understand their situation. You must provide proof of your income, medical or unemployment documentation. This entire process is legal and covered by your rights.
Take advantage of RBI rules
RBI i.e. The Reserve Bank of India has made some rules for every customer by taking advantage of which you can delay the EMI Legal Solution. These rules are imposed on banks and are intended to help customers in difficult times. According to the RBI, if a customer is in genuine distress, he may be entitled to a stop, restructuring or relief plan.
RBI has directed every bank to understand the situation of its customers and be fair to them. But this benefit is available only when you apply in writing and submit your application with proof. There is no illegal activity involved in this process and your credit history is also protected. All you have to do is understand the rules and follow them.
Understand how to respite
When you face a problem where it is not possible to pay the EMI Legal Solution on time, you can request a moratorium from the bank. This suspension is a violation of the law that gives you 3 or 6 months. You don’t have to pay EMI during this period, but the interest continues to accrue.
This restriction is granted only when you make a prior request to the bank and provide proof of your status. The bank helps you in situations like loss of job, major medical condition, or death of a family member. Your request must be in writing and clearly state everything. The bank examines the application and if it is found to be valid, it puts a hold on it.
Create a new money plan
In every difficult time, it is most important that you’re-plan your money. Just thinking about EMI problem is not enough, you have to review your entire income and expenses. When you understand where the money is going, you can make better decisions. Write down every expense in your household, cut unnecessary items immediately and prioritize essential items. A little savings in normal days also comes in handy in tough times. EMI planning is also possible only if you estimate the amount correctly.
Legal advice should be sought
Most people are unaware of their legal rights. Delaying EMI problem is not illegal, if you do it properly. Everyone should seek the advice of good legal counsel. A legal expert finds the best solution for you after going through your documents, bank terms and conditions. Taking advice not only saves you from making mistakes but also keeps you out of court trouble. The legal advisor fills out all the paperwork with you and also negotiates the deal with the bank. When you are legally strong then the bank also gives importance to your word.
Get help with online tools
Nowadays everything has gone online and you can easily do EMI related work from home. Below are some of the modern digital tools and their benefits are detailed.
- Be sure to use an EMI calculator
EMI calculator is a tool in which you can know how much you have to repay every month by entering your loan amount, interest rate and time period. The advantage of this tool is that you can adjust the EMI according to your budget and don’t get overburdened. - Understand and use the bank’s website and mobile app
Every bank has EMI problem related options on their official website and mobile app. You can apply for a forbearance, view your loan statement and also download the restructuring form. All work is done through mobile without standing in line. This saves both time and effort.
Use time properly
Proper use of time is very important for EMI and overall financial health. Below are some important points that will help you understand how to use time properly.
Strengthen your case by taking action before the EMI disappears
When you don’t wait for the missed EMI problem Not every EMI problem is necessarily right for you at all times. Circumstances change and so does the EMI plan. When you request EMI Problem restructuring from the bank, the bank resets your loan tenure. This restructuring means that your EMI Problem can be reduced or the loan tenure can be extended.
is necessarily right for you at all times. Circumstances change and so does the EMI plan. When you request EMI Problem restructuring from the bank, the bank resets your loan tenure. This restructuring means that your EMI Problem can be reduced or the loan tenure can be extended.
and advise the bank in advance, your case becomes stronger. The bank takes this approach seriously and provides you with flexible options. This way you will remain a reliable lender in the future as well.
Don’t panic and make every decision ahead of time
Most people think that a difficult situation will get better on its own. But wasting time only adds to the problems. Every request, every request, every document should be submitted on time. When you react in time, you avoid any negative impact.
Conclusion
Everyone faces difficult times in life. But if you think before doing anything, every problem can be solved. EMI delay is a legal right, but it is important that you take every step correctly. Talking to the bank at the right time, taking time off, planning money and taking legal advice are all ways to help you.
Your credit score is also protected and you are not charged additional penalties. It is only important that you do not delay and do everything with written proof. Courage and determination always come in handy.