No. of views : (5629)
Unable to pay EMI or SIP? Here are few ways to tackle your cash crunch
Posted on: 07/Oct/2017 4:12:38 PM
Do you feel it tough to keep continuing your Systematic Investment Plan or home loan repayments month on month? This could be due to the fat medical bill due to an emergency in your family, or a job loss or other unavoidable scenarios that make you skeptical about continuing your investment plans or repaying the liabilities that you’ve obtained.
If you are perhaps hit by these thoughts, we are here to affirm you that there is literally no need to cease your investment plans or get rid of repayment dues. Some of the best ways in which you can cope with your monthly expenses are listed below for you here.
Home loans
You are not going to become a loan defaulter just by skipping an EMI. However, if you skip for 3 consecutive times, you may be put in trouble. On skipping thrice, you will keep receiving reminders continuously. When you fail to respond to them, you may have to wait for a legal notice to knock your doors. Still silent? You may be tagged as a loan defaulter. So, you should never keep yourself silent, rather talk to your bank. Before shooting the issue to the next level, your bank may resolve the issue in some way if you talk to them. There are 2 possible options.
EMI holiday – explain your situation and about your inability to make payment temporarily. You may be granted with a holiday or moratorium on making EMI payment on studying your case. For this, you will have to bear with a penalty amount though.
Bring down your EMI – this situation can sound better. You can request your bank to reduce the monthly instalment paid wherein the loan tenure will be increased.
SIP
This is not a rare thought. You had perhaps thought of this many a times regarding cancellation of your existing SIP. However, think of starting over the SIP payment from the beginning yet again! Right from registering with the fund house to mandating your bank and waiting for the fifteen days period for the beginning of your mutual fund. Instead of all these troubles, you could rather choose to pause the facility. In most cases of fund houses including that of ICICI Prudential AMC, investors are allowed to pause the SIP just once during the overall tenure period. This duration may be of the range one to three months. Following this period of pausing the payment, you will have to continue making the investment normally.
All these are offline procedures. This requires filling up a physical form and submit it to AMC. Following this, inform your bank stating to pause the mandate that you had given earlier to debit the amount and transfer the mutual fund. If not informed, you will be charged with a penalty when the debit request for penalty doesn’t get honored because of not enough funds. In case if the investment is done through stock exchange, this facility will not be made available.
Post your requirement - We will connect with the right vendor or service provider
