With everything going good, Priyesh finally got his dream car. A car, he had been dreaming forever since he had started earning. It had been eight years, and his dream finally was going to come true! It feels immensely great when any such dream that was seen long ago gets fulfilled. Not only him but everyone in the family too was happy seeing him achieve a milestone.
Priyesh thought that taking a car loan would be a better option than making full payment and buying one. So, he gave 50% down payment and took a 50% loan. It was still a huge amount. 16 Lakhs was the loan amount for a tenure of 7 years at 8% interest. For the initial three years, all went well. But then came set back. Priyesh went through major losses in his business. His dad suddenly felt sick and they had to hospitalize him. Doctors couldn’t understand what exactly had happened and the hospital bills kept on increasing. The emergency funds that the family has kept was soon sweeping off and it became difficult for Priyesh to actually pay the car loan Installments on time. For two or three months the EMIs were delayed and later they were missed. He knew the consequences but he couldn’t do anything. His house too was on loan and now what he worried for was supposed to come true. He was a calculative man and knew the repercussions of defaulting the loan. His house, a car was everything he and his family always wished for. But today was the time where all was on stake. Banks initially sent the letters at home saying make the payments. Then they started calling for collections. But there was hardly anything that he could do. He knew he had to let go of his favorites!
It has passed a year to several missed and delayed Payments. Banks could not offer more time even though the previous records were good. And even he knew what he had done. He had to surrender his asset so as to get the tag of loan defaulters to list off him. He could give it as either collateral or he could sell off the asset and pay the loan. Whatever he chose was a loss for him! But he also had to see the facts and figures. He couldn’t look back from the facts and act as if nothing has happened. So, it was the time to keep stone on the heart and move on.
Now, what do we understand from this? Dreams take a long time to be fulfilled. It takes immense hard work to achieve something you have always wanting. But in a few situations, you still have to let go off in spite of having and living that dream once. When it comes to money and loans that one has taken from banks or financial institutions, it is to be understood that the payments should be made on time. Missed or delayed payments will always create a fuss. A car loan, Home loan, Education loan, businesses loan or any kind of loan that is taken should always be taken care for! When not paid, the first effect is on the credit report and eventually one may lose the assets they have when the loan amount is too big and there are months of not paid dues eventually putting them in loan defaulters list. And eventually loosing off the assets one has. So one should work vigilantly towards it and should borrow only that much what they can afford!
Finance is a very delicate matter. One must never look at it casually thinking it’s nothing and nothing will matter. So, to not have complications in the future, today must be taken care for even when they not just personal things but financial matters too!