: Covid-19: How Indians facing a cash crunch can manage their personal finances #IndiaNEWS With the ongoing coronavirus pandemic distress, we seem to be inhabiting a world that was completely unknown

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Covid-19: How Indians facing a cash crunch can manage their personal finances #IndiaNEWS
With the ongoing coronavirus pandemic distress, we seem to be inhabiting a world that was completely unknown to us just a month ago. All of us have been impacted in some way or the other but reality has hit harder for those who have experienced pay-cuts and job losses.The gig economy workers or those with a variable unpredictable stream of income have taken the biggest blow of all. Also, those who work in sectors like aviation and hospitality are more impacted in comparison to those in fast-moving consumer goods or essential goods.Though the Reserve Bank of India has announced a three-month moratorium on term loans and credit card dues as a relief measure, one needs to make an informed choice in availing such perks.The moratoriumCustomers must take into account the fact that if they opt for the moratorium, the interest on their loan will continue to accrue, which will lead to increased EMIs or additional installments at the end of their loan, or both. This is why, only those people who have significant cash flow constraints currently, should opt for a moratorium.Further, it must be noted that the interest burden varies for different loans and credit cards. It is thus, advisable to wisely choose the...Read more

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