You may not have to pay EMIs for next 3 months, here’s why

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.

Lockdown has slowed the country's economy. The RBI has made a number of major decisions to prevent this situation from happening to the common people. For example, efforts have been made to reduce the loan and MI burden by reducing the repo rate. As well as the banks, the customers who give loan EMI every month have also received relief signs.
In fact, the RBI has advised banks to provide relief to people who are offering loan EMI for three months. In simple terms, the ball is now with the banks. Banks now have to decide whether they allow the general public to do so.
If the banks implemented the RBI advice, hopefully you will not have to repay the loan for the next three months. But that doesn't mean that EMI can be forgiven.

Also, the bank can have a one-time settlement option for customers at a special deadline. The deadline can be from six to nine months. This means that you may have to make a payment together at a particular time.
Let's say that banks have to decide if they are going to discount a loan. This means that there is still some kind of confusion for people who want to buy retail, commercial or other types of loans. 👉ગુજરાતી ભાષામાં જાણવા માટે ક્લીક કરો