The CORONA Pandemic impact has forced RBI to step in to offer relief to borrowers who obviously are facing huge Liquidity crunch.
- IS THIS A WAIVER OF LOAN?
Please understand, Moratorium means DEFERMENT. So, suppose your loan was supposed to end in June 2021, it will now end in September 2021 (3 months postponement).
- Will my CREDIT CARD dues be deferred?
Yes. That can be deferred. But, don’t forget the INTEREST!
You will be charged interest for the 3 months and you do know the Interest that Credit card companies charge !!!!
- My EMI gets deducted by ECS every month…. So in April will there be no deduction ?
There could be!!!!
Note….RBI has not “Instructed” but only “Allowed” the Banks to give this 3 month EMI Holiday. It’s up to the Bank to give or not..
Hence you need to request the bank for the deferment
- Is my HOME LOAN covered for deferment?
Yes. All types of Term Loans are covered for deferment.
Home Loan, Education Loan, Car Loan, even BUSINESS LOAN is covered.
But, make sure to contact your Bank and request for deferment
- My loan is not with any Bank but with a NBFC. Am I eligible?
Yes. Indeed, you are. RBI has very clearly mentioned that it has ALLOWED all Banks and Financial Institutions to grant EMI Holiday based on their discretion.
- It looks like a huge benefit to me!
Home Loan = 50 lakhs
Rate of Interest = 8.5%
3 months Moretorium period
Additional interest will be
50 lakhs *8.5%*3/12 = 1.06 lakhs
Your additional burden will be Rs.1,06,000/-
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