You can take use of the Reserve Bank of India's moratorium period - The first thing you can do is take advantage of the Reserve Bank of India's moratorium period. While you will have to pay the money back with interest later, it will not appear on your credit report as a default.
Use the severance pay you receive — If you lose your job, the company will pay you an amount equivalent to the salary you earned during your notice period. You can use this money to settle your EMIs and avoid incurring the penalty and additional interest that will be imposed for each default.
Use your Provident Fund - The government allows you to withdraw up to 75 percent of your savings or three months' basic salary and dearness allowance (DA) from your PF account, which you can use to pay your EMIs. It will keep you covered till you locate another work. It is an excellent decision because the money will be credited within three days.
Borrow from family and friends - Borrowing from family and friends is another possibility. This can save you money because you won't have to pay interest on the money you borrowed. You have till the specified deadline to refund the money.
Examine your investments - Fixed deposits and recurrent deposits might be broken apart. You can withdraw the money and use it to pay your bills because lenders give low interest rates on deposits. It will ensure that you do not have to pay a high interest rate if you miss an EMI payment on your home loan.
Take out a loan against your insurance policy - You can take out a loan against your life insurance policy. When compared to a personal loan, the interest rate on a loan secured by an insurance policy is significantly lower. Furthermore, because the insurance company already has your information, the loan will be disbursed fast.
Liquidate assets - You might liquidate your debt instruments to ensure that you don't default on your EMI payments. You might use gold and jewellery as collateral for a loan because most banks provide gold loans.
While these are uncertain times, having backup plans for dealing with unforeseen events is beneficial. Keep calm and be safe.
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