HYDERABAD: Satyamites, who were moved to the virtual pool recently, are in for more trouble now. With the company agreeing to credit only the basic accounts for the next few months, the pressure of EMIs is mounting on them as in most of the cases basic pay is not enough to cover EMI.
Many employees under Virtual Pool Programme (VPP) of the IT firm who took home, personal or car loans are either worried or planning to sell their properties. Senior bank officials are admitting that associates are in for tough times and banks are in "no position to help them." "I have a Rs 25 lakh home loan for which I pay Rs 33,000 per month as EMI. As of today my salary stands at a little over Rs 10,000 and I have no idea how I am going to pay my instalments," said a middle level associate who has only managed to pay Rs 2.5 lakh of the loan amount so far. "I will personally meet the bank officials and see if something can be worked out wherein I can get a relief for six months and resume payment of my EMIs from the seventh month," the associate added. However, bank officials said, "A gap of six months will mean more interest, and at the end the person will have to pay a higher EMI. If the interest rate increases, it would mean a double whammy for the associate," said a senior banker. Knowing well that there is little that banks can do, some associates are packing their bags to leave Hyderabad. "The EMI for my education loan is about Rs 10,000 per month and my basic is much lesser. I am leaving for my hometown so that I can save living expenses to pay for my EMIs," said a fresher. http://timesofindia.indiatimes.com/articleshow/4679916.cms?TOI_mostread --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
