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WHAT IS MORATORIUM:-
Moratorium means that during this period the borrower is not required to pay the monthly installment. This may ease loan holders facing cash crisis. The Reserve Bank has asked companies with credit information to ensure that not paying installments does not affect the credit score of the lender.
Now, in simple words, Moratorium is the period during which you do not have to pay EMI on the loan taken. This period is also known as EMI Holiday. However, this is the only option to avoid EMI. It is not that these 6 installments will be given less than your EMI.
Due to the move to Kovid 19 lockdown, the loan can extend the moratorium period on EMI for another three months. This is because the lockdown can help the affected bank's borrowers and the industry. According to sources, the RBI has received suggestions from various sections, including the Indian Banks Association, to pursue the loan EMI Moratorium. The central bank is actively considering it.
On Saturday, the central government extended the lockdown period by two weeks to 17 May 2020. However, some discounts have also been given in the lockdown this time, which are different depending on the red, orange and green zones.
Even after May 31, many people will not be able to repay the loan
With the continuation of the lockdown, the flow of income of the people has not been smooth again. According to a senior official of a public sector bank, many entities and individuals will not be able to repay their debt in the current situation after the end of the EMI Moratorium's current period till May 31. Therefore, extending the moratorium by another three months would be a practical step for the central bank. This will be helpful for both borrowers and banks in this difficult time.
On March 27, the option was announced
On 27 March, the Reserve Bank of India (RBI) had asked banks and financial institutions to provide 3-month moratorium on the payment of EMI to the borrowers of all term loans outstanding by 1 March 2020. In this option, customers can hold their EMI for the months of March, April and May. However, during these three months of EMI moratorium, interest will be charged, which will have to be given as additional EMI later. Customers who do not want to hold their EMI, do not need to do anything. His EMI will continue to be cut as it was.
MORATORIUM 2.0 :-
These are unprecedented times and it is a time that we need to be together to fight this COVID-19 crisis.
We understand in this current situation there may be disruptions in business leading to low cashflows or the earnings of individuals and self-employed professionals may have been impacted. Our aim through implementing this relief package is to ensure that you can continue to take care of your family, your business and your own self and tide over this temporary situation.
We advise you to stay safe and healthy and continue to bank from your home through our digital banking services.
Do check below on details of the EMI moratorium package and also guidance on how you can avail the EMI moratorium.
Note: The EMI payments in the month of Jun 2020 will be processed on the due dates as per standard process. For customers who will apply for EMI Moratorium in June 2020, and their June EMI has already been deducted, they will get an EMI refund in 5 working days from the date of their successful EMI moratorium application. On your Credit Card, if you wish to avail the moratorium from June 2020, you may defer your outstanding payment (i.e. make NIL payment) or disable the Autopay from NetBanking.
links of different banks to apply moratorium
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