RBI Asks Banks To Give 3 Months Moratorium To Pay EMI | CoronaVirus Lockdown

RBI EMI Policy relief moratorium

The entire country is under lockdown due to Coronavirus. In such a situation, people are facing difficulties in repaying their loan installments.

Given this, the Reserve Bank of India has asked all banks to give a three-month Relief to cover the installment. That is, if someone does not pay his/her EMI for three months, then there will be no negative impact on his credit history.

Not only this, after the announcement of RBI, what will be the effect on your loan, what will be the benefit through credit card. The answer to all these questions is also available here.

Can I Get Exemption on My Home loan EMI For The Month of April?

Yes, You will get Moratorium for your EMI For the month of April unless your source of Income is not effected by CoronaVirus Lockdown.

You have to request your bank to give the exemption as your source of income is effected by Coronavirus Lockdown.

Reserve Bank of India asks banks to give Moratorium for three months on all types of Termed Loans

Am I getting Exemption on my EMI or Postponed?

Your EMI is just postponed for some time, you are not exempted from it. You have to pay it in the future.

And RBI asks Bank to Conduct Board meetings to take the decision on it.

Is this Moratorium is only on Principal Amount or on Interest?

This Moratorium is on whole EMI, which includes Principal Amount and Interest.

Which Type of Loans is getting EMI Moratorium?

According to RBI Policy Statement, this moratorium is only on Termed Loans, like Home loan, Personal Loan, Auto Loan, Educational Loan and any other loans whose Term is fixed.

Does Credit Card Loans Come under this RBI EMI Decision?

Credit card loans don't come under termed Loans, So no relief on Credit card loans.

I Have Taken Business Loan, Can I get Relief on EMI?

This moratorium is applicable for retail loans not on business loans.

Am I getting Exemption on my EMI or Postponed ?

Your EMI is just postponed for sometime, you are not exempted from it.You have to pay it in future.

And RBI asks Bank to Conduct Board Meeting to take decision on it.

Am I getting Exemption on my EMI or Postponed?

Your EMI is just postponed for some time, you are not exempted from it. You have to pay for it in the future.

And RBI asks Bank to Conduct Board meetings to decide on it.

And RBI asks Bank to Conduct Board Meeting to take decision on it.

Is this Moratorium is only on Principal Amount or on Interest ?

This Moratorium is on whole EMI, which includes Principal Amount and Insterest.

Which Type of Loans are getting EMI Moratorium?

According to RBI Policy Statement, this moratorium is only on Termed Loans , like Home loan, Personal Loan, Auto Loan, Educational Loan and any other loans whose Term is fixed.

Does Credit Card Loans Comes under this RBI EMI Decision ?

Credit card loans doesn't come under termed Loans, So no relief on Credit card loans.

I Have Taken Business Loan, Can I get Relief on EMI?

This moratorium is applicable for retail loans not on business loans.

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