RBI EMI Policy – Big Relief To Indians!! (Check Complete Details)
RBI EMI Relief To Indians – In the View of Coronavirus (COVID-19) Outbreak, the Indian Government has urged RBI to pause the EMI and loan repayments for 3 months. The Finance Minister has written to RBI stating the scenario in India and suggesting a moratorium of few months on EMIs, interest, and loan repayments.
This 3-month moratorium has to be strictly followed by all the banks including private non-financial banking like Bajaj, and many more. If any auto-payment happens then, the banks will be severely punished with large fines. So, it is definitely a piece of good news for all middle-class people. For confirmation, we would like to note that this relief is for all types of loans including Home Loans, car loans, and others.
Also, citizens need not worry about their CIBIL score as not paying the amount will not affect your scores. It is official that no banks can pressurize their customers for a loan or EMI payments. People can pay them after 3 months. RBI has also reduced the REPO RATE and Reverse REPO RATE through which this late payment can affect your monthly interests. So, this means RBI has cut down the interest rates. Hence, no need to pay any loans or EMIs for 3 months. Just relax and need not worry much about the loans.
Due to the Coronavirus Outbreak, the business activities have reduced and that resulted in layoffs and salary cuts. Hence, our Indian Government has taken the decision to defer EMI and loan repayments. Also, the Finance Minister, Nirmala Sitaraman has announced a comprehensive package of Rs 1.7 lakh crore for economically backward classes. She also announced Rs 50 lakh medical insurance cover per person for healthcare workers, sanitation workers, paramedics, doctors and nurses who are exposing themselves to the virus.
People are advised to stay at home and relax. No need to worry about the loan repayments and EMIs for the next 3 months.
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