HOW TO MAINTAIN CIBIL SCORE UNDER COVID 19? | How to improve cibil score immediately

HOW TO MAINTAIN CIBIL SCORE UNDER COVID 19?

The importance of hygiene and maintaining healthiness is echoing in every nook and corner after the outbreak of the COVID 19 pathogen that transmits a heart-wrenching fear in every person on the earth. The lives of several people, especially the elderly, are at stake. Not many are prepared for such a calamity, and nobody wants to finish their life in such a tragic fashion. 

As the whole world is running into a chaotic situation, an impression on your financial life is inevitable. the worldwide economy and financial market are hit at an unprecedented level. The recovery might take a touch longer than expected because the Coronavirus curve isn't flattening in many countries around the world. Are you ready to deal with such an extended standstill together with your finances? How are you able to stay credit healthy amidst the mounting financial responsibilities? you'll need the facility of a superman to tug it off. Don’t panic, this too will pass on once you have the proper strategies with you. 

Say No to Panic Buying

In a bid to arrest the spread of the pathogen, the govt has placed the whole country under lockdown. However, it's ensured that each one of the essential goods, groceries, and provisions are going to be made available. Overreacting to things, many of us tend to stockpile and make a way of panic among others. Panic buying may allow you to overspend on things that you'll require. Moreover, the costs may go up thanks to the demand for multiple products. Hence, you'll find yourself paying double the worth which may hurt your monthly budget. Considering the priorities, you'll tend to skip the loan repayments and MasterCard bills. Henceforth, say no to panic buying and still be according to your repayments. 

Talk to your lender for a grace period

It is totally understandable that you simply may lose your regular income thanks to an entire lockdown. Salesmen, workers in manufacturing units, individuals earning daily wages, etc., may need to bear the brunt of the catastrophe. In such circumstances, paying Mastercard bills and loan repayments are often difficult with low money flow. you'll speak to your lender about your inconvenience to repay the loans and request for a grace period. Indian Banks’ Association has requested the RBI to ease the principles on repayments so on provides breathing space for the borrowers in times of this tragedy. 

IRDA has already asked the insurers to increase the payment of insurance renewal premium by 30 days.