Those who do not pay EMI for 3 months will have to pay additional interest for taking advantage of the government scheme.

7
2027

In view of the economic downturn in the country due to coronavirus, the Reserve Bank of India (RBI) has allowed lenders not to pay EMIs on their home or auto loans for the next three months. If you are also thinking of not paying EMI for the next 3 months, then you will have to pay more interest on your outstanding loan.


Will have to pay more interest
Analysts and experts say that not only the three installments of customers who take advantage of this scheme will increase, additional interest will also have to be paid for these three months period. Which will be added to your EMI at the end of the 3-month lockdown. This will increase your EMI. If you are paying an EMI of Rs 1000 and the bank is charging interest at the rate of 10 percent. So after 3 months, you will have to pay 25-25 rupees more on these three EMIs. This additional interest can be added to all your future EMIs.


How will the bank tell the customers to charge interest?
A financial sector analyst says that “whether customers have to pay this additional interest together or should be allowed to adjust it as additional EMI. The bank should tell this.”


What is the government’s announcement?
The RBI has given a three-month exemption to repay the term loan installment. All commercial, regional, rural, NBFC and small finance banks have been barred from recovering EMIs of all term loans. Customers can pay if they want to themselves, banks will not put pressure. Three months discount will also be applicable on payment of credit card dues. Under this, installment will not be deducted from the account of any person who has taken a loan for the next three months. This will not affect your credit score either. If you are unable to repay the loan installment for three months, then it will not be considered a default. Your EMI will resume after a period of three months. However, this does not mean that the arrears will never be repaid, the deferment is just three months. Just postpone three months, you will have to pay later. This step has been taken for the purpose that those who are really short of cash due to lockdown, then get some time to pay the debt.

READ  Facebook bans face mask ads to fight coronavirus price gouging

7 COMMENTS

  1. Inventive.co.in

    You are are making funds using this fake circular..
    Please tag govt webpage. Don’t keep the people in trouble. Let us know how you guys are coming with fake news..

  2. To,
    The Finance Minister,
    Government of India.

    SUBJECT: RBI 3 MONTH MORATORIUM ON LOAN EMI

    This is not the package for the middle class. This is the package for Banks & Financial Companies.

    Suppose, if we, the middle class citizens are paying our regular EMIs in this critical situations, Banks & Financial Companies will be flushed with huge amount of non-investable fund. In the current situation, who will borrow fresh fund?

    It’s an opportunity for them that their funds are automatically reinvested with us, without marketing.

    Through our experience, we have learnt that the middle class and relief are two opposites in the real world.

    Isn’t this rather a relief measure taken for their prosperity than ours’?

    RBI announced moratorium of 3 months of EMI’s. This will be an extra burden of compound interest which will be capitalised and will be added to the principal borrowed amount.

    “COMPLETE WAIVER OF INTEREST SHOULD BE GRANTED FOR THE NEXT 6 MONTHS ON BORROWED FUNDS AS MOST OF THE CITIZENS ARE EXPERIENCING TOTAL LOSS OF INCOME DUE TO THE ESSENTIAL LOCKDOWN.

    AFTER THE CURRENT SITUATION IS UNDER CONTROL, ONLY THEN START THE EMI AND CHARGE INTEREST FROM THAT TERM ONWARDS, NOT BEFORE THAT.”

    Note: We all should forward this message to the Finance Minister.

    🙏🏻Citizen of India🙏🏻

  3. Goverment is fooling self employed middle class people …we even don’t know whether the schemes announced will reach the poor people or not ..instead of giving 3 month of postpone Emi ..govt should have compulsory stopped for atleast 2 month emi …how does it make a difference ..how will the people pay after 2 month when the bussiness are completely stopped …we have to deal with office rent house expense employee salry from our saving and later emi also

  4. Rbi and govt should review their decision either the self employed guy whose bussiness is closed from last one month, eg travel agent etc will pay his rent or employee saley or his house loan or his bussiness loan or run his family or will commit suicide for sure … emi is not forgiven it has to be paid now next month or after 3 month ….what relief do u think this is ?please stop fooling people if u relly vare for people pls pls pls (3 time ) help with full support don’t play word games with middle class poor people ..

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.