You may not have to pay EMIs for next 3 months, here’s why
RBI allows banks to give relief to borrowers of all loans; final call with banks In a major relief to borrowers across the spectrum, the Reserve Bank of India on Friday (March 27) permitted banks to allow a moratorium of three months on the payment of instalments in respect of all term loans outstanding as on March 1, 2020. Accordingly, the repayment schedule and all subsequent due dates, as also the tenor for such loans, may be shifted across the board by three months, the RBI said. However, the decision on the rescheduling of home, auto, and other loans will finally be taken and conveyed to customers by individual banks. Who can avail of these benefits? Individuals and companies who have availed term loans — such as home loans, car loans, corporate loans — can benefit from this move. Therefore, any temporary disruption in their income or cash flows caused by the lockdown will not affect their repayment schedule for the next three months, at least. Moratorium facility is now available...
