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Advice by Dev Patel, Quantitative Research Analyst at 1 Finance

The most important thing right now, concerning the loan, is to contact your lender immediately and request a moratorium (temporary relief by pausing EMIs) for 6-12 months. Most banks and financial institutions offer this facility during financial hardship. This will pause your EMI payments temporarily without marking you as a defaulter, protecting your credit score while you stabilize your income through freelancing. Write an email to the bank’s grievance redressal or customer care to raise a formal request. Please include your loan account details, sanction letter, and repayment schedule, along with the moratorium duration you are seeking. Clearly explain your current job situation and attach proof of job loss

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