EMI Moratorium for 3 months due to COVID19: RBI governor Shaktikanta Das today announced that public is allowed, not to repay the loan installments for three months. Even if the loan is not repaid for three months, no action will be taken against the customer.
This follows the announcement of the Reserve Bank moratorium. The proposal applies to banks and non-bank financial institutions.
The RBI has also instructed that credit history should not be affected even if the loan repayment is deferred. Do not assume that you have failed to pay back your intention. In short, if you haven’t repaid your loan for three months, it won’t affect your credit score.
The proposal applies to all financial institutions including commercial banks (regional rural banks, small finance banks), co-operative banks, non-bank finance positions (housing finance companies and micro finance companies).
In the event of a moratorium, the RBI has proposed to extend the loan repayment or adjust the repayment in the interest of the consumers.
Table of Contents
What is EMI Moratorium:
EMI moratorium means that is exempted from repaying their loan amounts for a selected period of time.
EMI Moratorium Eligibility:
EMI moratorium is applicable to all the loans such as housing loans, vehicle loans, personal loans, property loans
Applicable financial institutions:
EMI moratorium is applicable to all the financial institutions given below:
Banks: Private & Public sector banks (HDFC, ICICI, PNB, Canara Bank, Federal Bank, Union Bank, Indian Bank, SBI, IndusInd Bank, CSI Bank etc)
Co-operative Banks:
Micro Finance companies: Zestmoney, Kreditbee, Cash Bean, Smarcoin, Kissht etc
Credi Card EMI’s:
Credit Score:
Your credit will not be affected if you are not able to repay your EMI or loan installments during this moratorium period
