3 month moratorium on repayment of EMIs

[akram143]

RBI announces 3 months Moratorium on repayment of term loans aka EMI from March 1 to May 31 and they mentioned that there will be no affect on cibil scores as well but still there is no clear indication of how and which banks are going to implement it.

Source: https://economictimes.indiatimes.com/wealth/borrow/lending-institutions-to-allow-3-month-moratorium-on-all-term-loans/articleshow/74840850.cms

Is it applicable to current outstanding credit card dues as well?

[akram143]

After few days of this announcement now we got clarity on this issue, yes it is for every kind of loans which include home loan,credit card dues,personal loans and auto mobile loans.But this is not going to do any benefits for the consumers since we have to pay interest for this moratorium periods as well so if you skip 3 dues now which may resulted into paying 6 months at the end if you got 3 years left depends on the interest rates.

[Cryptogames999]

I had a Gold loan with Muthoot Finance, but today they messaged that you can pay using Their app, like that. I think we need to pay interest too for them. The Govt says to exempt, but we have to face the problem later I think.

[akram143]

I had a Gold loan with Muthoot Finance, but today they messaged that you can pay using Their app, like that. I think we need to pay interest too for them. The Govt says to exempt, but we have to face the problem later I think.

Government never exempt the interest rates so they are asking it, you can pay the loan in June but you have to pay the interest rate and penalty amounts as well if there is something mentioned in loan agreement.

[Cryptogames999]

I had a Gold loan with Muthoot Finance, but today they messaged that you can pay using Their app, like that. I think we need to pay interest too for them. The Govt says to exempt, but we have to face the problem later I think.

Government never exempt the interest rates so they are asking it, you can pay the loan in June but you have to pay the interest rate and penalty amounts as well if there is something mentioned in loan agreement.

Hi Thanks, I am going to pay using online payment method and most of them those who work for daily wages don't have enough money to pay the interest.

[akram143]

Hi Thanks, I am going to pay using online payment method and most of them those who work for daily wages don't have enough money to pay the interest.

Yes that is why RBI offered moratorium so people can pay their loans and interest later in june but the thing is they have to pay interest more for the skipped EMIs in the past, still it will turns out to be a great burden at the time of repayment.

[akram143]

Will there be an extension on the moratorium for loans? Because as Modi said there will be lockdown even after May 17 so its not possible for everyone to get salary for may and pay their debts in June 1. And also government not yet announced any direct stimuls like other countries did.