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emi moratorium in india
Government banks’ message to postpone EMI, what customers of private banks should do
On Tuesday, customers of several governments banks and some financial institutions got the message of postponing the loan EMI for three months. Private banks can announce this for their customers today. The corona virus epidemic is spreading in the country and due to the lockdown, the business of people has stopped completely. In such a situation, there was a need to give relief to the borrowers.
After the Reserve Bank’s announcement to postpone the loan EMI for three months due to Corona, people were eagerly waiting for what message their bank would give about this. On Tuesday, messages from several governments banks and some financial institutions also got to customers. Private banks can announce this for their customers today.
Some government,banks gave relief on Tuesday. Banks have postponed the EMI of the loan of the borrowers for three months, so that they will not have to pay the loan installment for three months. Banks have sent messages about this to their customers. Some financial institutions like India Bulls Housing have also sent such messages to their customers.
But customers of major private banks like ICICI Bank, HDFC Bank are yet to receive such messages. These banks can announce this on Thursday. But if they do not, then its customers should contact the bank themselves and talk about it.
State Bank of India, Canara Bank, Punjab National Bank, Union Bank of India, Bank of Baroda, Indian Bank, UCO Bank, Central Bank of India, Indian Overseas Bank and IDBI Bank did not take the moratorium i.e. Three months on loan installment Is offered.
State Bank of India tweeted on Tuesday, saying, ‘In view of RBI’s Covid-19 regulator package, SBI has taken steps to postpone EMI paid for three months from March 1, 2020 to May 31, 2020. It has been decided to postpone interest on working capital facilities paid from March 1, 2020 to May 31, 2020 till June 30, 2020.
While presenting the monetary policy review ahead of time due to Corona, Reserve Bank of India Governor Shaktikanta Das had announced that banks were being allowed to recover EMI of customers for three months in case of term loans Postpone Banks will be given exemption for not holding this NPA account for non-refund of this loan.
It is worth noting that apart from home loan, personal loan, educational loan, car loan, many types of retail or consumer loans come in term loans.