Should you opt for three-month EMI moratorium? Here's all you need to know

THE ECONOMIC TIMES Sat, Apr 04, 2020 | 12:10 PM IST All you need to know about EMI moratorium

RBI's loan EMI moratorium proposal for borrowers: Here's all you need to know Sunil Mehta, Chief Executive, Indian Banks' Association (IBA)answers some common questions regarding the 3-month moratorium on loans announced by the Reserve Bank of India EMI moratorium: Missing two instalments may add 10 months to your loan Missing two instalments could extend your loan by 6-10 months. Moratorium on loan EMIs, credit card dues will have an interest cost People have a lot of misconceptions about what has been promised. Keep these things in mind when you make financial decisions basis the announcements in the relief package. No pain, shame if you miss EMIs till May 31 Those who choose to take a three-month break from repayments will also not damage their track record with credit information bureaus. RBI governor Shaktikanta Das on Thursday directed banks to ensure that they do not report delayed payments as a default. Podcast: Should you opt for EMI moratorium? Here is the math A 3-month EMI moratorium on term loans has been announced by the RBI, along with other relief measures to target the financial stress caused by Covid-19. In this episode of ET Wealth Wisdom, we try to decode it for you. Opting for EMI moratorium? Be ready to pay more Borrowers have been advised to give instructions in advance to stall the debit, even if they have no money because the bank where they have their savings account might charge them for failure of standing instruction. Watch: EMI moratorium for borrowers: All your questions answered One of the measures announced by RBI last week, as part of its relief measures was a term loan EMI moratorium for borrowers, for three months, i.e. till June 30th, 2020. This move however led to a lot of confusion and frenzy among borrowers and even among banks, right from the execution of the process to its implications. In this video, Shambhavi Mehrotra of ET Online takes you through the borrowers' FAQs responded to by the Indian Banks' Association. SBI loan EMI moratorium: All you need to know Here is a look at the details of the country's largest lender, State Bank of India's (SBI) moratorium on loan EMIs. These are details as published on the bank's website. HDFC Bank loan EMI moratorium: Terms, conditions and charges Here is a look at the details of HDFC Bank's moratorium on loan EMIs. These are details as published on the bank's website. ICICI Bank credit card dues moratorium: How it works and the charges ICICI Bank, along with issuing details on availing the moratorium on loans, also issued a set of FAQs on moratorium for credit card dues.

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