EMI Moratorium (COVID 19)
https://www.fundstiger.com/emi-moratorium-covid-19/ On March 27, the Reserve Bank of India (RBI) said that all lending institutions, including banks and housing finance companies, will have to give its borrowers a three-month moratorium on term loans. The moratorium was for payment of all instalments falling due between March 1, 2020 and May 31, 2020. According to the RBI, the deferred instalments under the moratorium will include the following payments falling due from March 1, 2020 to May 31, 2020: (i) principal and/or interest components; (ii) bullet repayments; (iii) equated monthly instalments (EMIs); (iv) credit card dues. If you do not pay the next two EMIs of your loan, you will not be blacklisted. But the bank will charge interest for the unpaid amount. Missing two instalments could extend your loan by 6-10 months or increase EMI amount by 1.5% Who can avail? RBI has included all term loans dues under the moratorium. Term loans include vehicle loans, home loans,