Due to the pandemic outbreak, the Reserve Bank of India has extended the moratorium on EMI and credit card dues for next three months too. It is done so that people can manage their expenses during the tough time.
But should you really go for it? People are confused whether to opt for the Emi extension or not. Let us understand here and see what experts advice.
If you are going to opt for the moratorium, you will be free from paying the EMI and credit card dues for the next three months. But at the same time, you also will not be able to make any transaction using the same card.
Also, the banks will not levy any late fee charges during this time but is it really worthy to do it?
According to the experts, if you are not getting paid on time and you have issues with money, then you must go for it as there is no other way out. However, if you are getting paid, then you should not opt the same because you will have to pay some interest fee for the same.
Although this will not going to affect your CIBIL score, you are still going to pay extra because of taking this extension and this makes no sense. Also, your EMI will be longer and if it can be sorted now, there is no point of doing that.
Hence, the experts advice to take the help only if you are a needy. If you are not, keep paying the dues on time.