As we know from the last 6-7 months, the whole world is suffering from the Covid-19 disease due to which country’s graph of employment sloped downward, and due to a fall in employment rate the company’s economy automatically collapses. Many lost their jobs which put a burden on many households, especially those who are living on a rent basis. To take care of the finances of people, the government has introduced a moratorium to give relief temporarily to the people who took a loan from the bank, especially personal loans which are always in high demand.
Impact due to moratorium
Even after meeting up with Personal loan eligibility criteria, many borrowers who have more than one loan which means who have loans other than personal loan are getting relief because the burden of expense has been paused for some time. Banks have asked them if you are not able to pay the EMI then you can go for a moratorium with the advice they warned to take a calculated risk because for now, you are not paying it, but later on, you have to pay the deferred amount. If you missed paying two installments, then there will be an increase in the personal loan interest rate by 1.5%.
If you have decided to use a loan EMI calculator, then you will surely save your loan interest from rising.
Those who have a long tenure period will not face much of a burden than the new ones who just started with the loan service. And people who kept paying the EMIs will not face much problem. There is also a relief for those who have good relationships with banks. Those who have a good past track record like those who have no defaults for the last 1 to 2 months are allowed to restructure the loan payment. Catholic Syrian Bank Personal Loan was taken by many users and to take care of their customers they announced specific timing and schedule too for the precautionary reason and because of that, they have decided against opening new 101 branches. Catholic Syrian Bank is known for its strict rules and features already some are raising questions against them that what will happen after their moratorium period.
Catholic Syrian Bank is expanding its business which is a clear sign that they have separate plans for the people. Getting a personal loan from CSB will be an excellent option for many users who want to pay their other dues. Just visit the bank, or you can apply on the website to avail of your loan. Since they have different categories, it will be easy to choose for yourself too.
Comments