Coronavirus – COVID-19 and Economical conditions
Coronavirus is a disease caused due to a miniature virus which could not be seen by naked eyes. The impact of coronavirus – COVID19 had pushed the world economies by 25 to 30 years. Most of the countries in the world are spending more on Health care services rather than improvising the economy. Government of India also are doing their best when the time there is no income but expenses are more. In India, more than 60% are not having proper Health care coverage. The government had to take care of the health issues of the population and also at the same time provide some subsidy or help for those who pay Loan EMIs from their salary every month.
Government of India announced 3 months moratorium. This particular word is something new to Indian people. It means no EMI payments for a specific time. The government wants its people to keep some liquid cash in their hands which would help them in case of any emergency. Those who want can utilise this option but f you start calculating the benefits, it is a loss for those who unnecessarily stop paying for the next three months.
The calculation clearly says that the EMI may be delayed by three months but the interest would be adding for every month. Banks are also losing crores of Rupees as loan interest for these three months. They are also worried that the public may withdraw a heavy amount from their accounts to repay EMIs. Customer should make a deep calculation and see that the delay in EMIs would help him or not.
It would better if EMIs are paid as and when the request for deduction comes. Accumulating the EMI may be a great loss in the future.