MUSCAT: The Reserve Bank of India (RBI) has announced a three months moratorium of EMIs on all outstanding loans as the country fighting to reduce the damage from Covid-19.
India is currently under complete lockdown for 21-days to prevent the spread of the coronavirus. This has brought all government and private sector establishments to a complete standstill.
On Friday, in an announcement by the RBI said all commercial, regional, rural, NBFCs and small finance banks are being permitted to allow 3-month moratorium on payment of instalments in respect of all term loan EMIs outstanding on March 31.
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This means, for the next three months, no EMI would be deducted from the account of anyone who has a loan outstanding. And all this without any hit on credit score. EMIs will resume after the moratorium period gets over.
“This is going to be a huge relief for all the people especially those who are self employed and their income have become so uncertain in the wake of the lockdown,” said a financial expert.
According to the RBI direction, the 3-month moratorium will apply to corporate loans, home loans and car loans. Personal loans will also qualify for this. “But credit card dues won’t be part of this moratorium as it’s not a term loan,” RBI added.
