Finding it difficult to pay EMIs? Here are solutions to resolve burden

Negotiate with the bank for better terms, or seek a moratorium

With interest rates rising, loans have become more expensive. For example, State Bank of India hiked its one-year marginal cost of lending rates several times during the year. 
 

Currently, it stands at 8.55 per cent, up from 7.95 per cent, in January 2018. Many are likely to feel the pinch of the rising rates. If you’re finding it difficult to pay the equated monthly installments (EMIs), there’s no need to sweat. Instead of defaulting, there are better ways to pay up the EMIs.

Reschedule: This means asking the lender to increase the tenure of the loan as it reduces the