Is there a crisis on the job during the Corona period or has the salary reduced? Do your savings-money like this
New Delhi. After the nationwide lockdown due to the Corona epidemic, the condition of the employees continued to worsen. Companies took massive pay cuts. With this layoffs pushed millions of employees into dilemma. Especially such people faced more problems, who did not have any financial plan. Here we have brought you some such options which can help you in such adverse situations.
During this crisis, such fixed deposits in the bank that do not have any important financial goals can be redeemed. This can give you instant relief for some time. However, generally long term investments give good returns. Taking it out first also incurs a penalty. In such a situation, you can use this money according to your need.
You can take the help of EPF
To give some relief to employees facing income disruption, the government has allowed EPF subscribers to withdraw money from their account. For this you can take the help of online services. But opt for EPF subscription only if the existing fixed-income investment is not enough to cover the income disruption. This is because EPF can prove to be helpful in your retirement.
Convert credit card balance into EMI
Credit card holders, who are unable to clear their dues, can convert their dues into EMIs. You can get relief by giving this money in pieces instead of giving it all at once. The repayment period can be extended. The cardholders can repay the total amount in small installments depending on their financial capacity.
RBI gives relief to borrowers
RBI has come out with a new scheme to provide relief to the borrowers in the Kovid-19 epidemic. Under this, individual and small borrowers have been allowed more time to repay the loan by restructuring the loan installments. According to RBI Governor Shaktikanta Das, the facility of loan restructuring for up to two years will be available to those individuals and small and medium enterprises who did not restructure the loan in 2020. Their loan accounts should be running normally till March 31, 2021 i.e. interest and installment payments have been made on it.
Everyone should have their own emergency fund ready. It can be used in difficult times. In this, the amount of six months to be spent for your needs should be kept. Those who do not have an emergency fund should prioritize building up for future needs. This fund should be in a high-yield savings account for easy withdrawal.
In this way you can take loan
It is difficult to get loan easily at this time. People working in industries which have been adversely affected by COVID-19 are facing serious challenges. Gold loan, loan against property and loan against securities can be considered to bridge the financial crunch. Comparatively, lenders are more comfortable giving this type of loan.
adequate health insurance cover
It is important to have adequate health insurance cover in an epidemic. A person’s savings can be depleted in an instant after hospitalization. This makes it difficult to meet future expenses. Those who have got health insurance from the company, they need to take additional insurance.