Udayavni Special

RBI Moratorium: Skipping three EMIs? Here is what you should know

Team Udayavani, Apr 7, 2020, 4:49 PM IST

The Reserve Bank of India (RBI) has instructed banks and non-banking financial companies to allow borrowers to get the three-month moratorium. The moratorium is to help people who are facing financial problems due to the lockdown.

Well, here is what you should know before skipping EMIs

One needs to understand that moratorium will only allow you to pause EMI payments for three months, but it does not mean that the loan tenure will only get extended for three months.

RBI has said that interest will continue to increase during the period and will be added to your outstanding loan amount which will increase the interest burden for you over the loan tenure. But, the interest amounts will not be high as only three EMIs are deferred.

This makes it clear that borrower does not gain anything from it, but it will help you in dealing with the financial crunch due to the lockdown

Top News

Karnataka: Hotels and restaurants to open in few days

COVID-19: 3 Qatar returnees in DK, 3 Maha returnees in Udupi test positive; state toll rises to 2282

Cyclone Amphan a blessing in disguise for lockdown-hit jobless labourers in West Bengal

COVID-19 death toll in India climbs to 4,167

WHO suspends COVID-19 trials of HCQ over safety issues

Udupi: Three-month-old video goes viral; DC clarifies

Bengaluru: Govt schools in Malleshwaram to soon be exposed to e-learning, says Ashwath Narayan

Related Articles More

What are Locusts and why should India be worried?

Hubli based Engineer develops face masks using plastic bottles

Lakshadweep: The only place in India with zero COVID-19 cases

Colombia: Amid rising Covid-19 cases, Company develops hospital bed that converts into coffin

Gilead’s remdesivir helped healthier Covid-19 patients:Study


Tragedy and chaos: Former MIA director recalls Mangalore Air Crash

Lockdown relaxation: Long queues outside liquor stores in Mangaluru

Indian Coast Guard thank Covid-19 warriors

#WeFeed – Feeding stray animals during lockdown!

Mysuru-origin doctor honoured with parade for her service in treating COVID-19 patients in US

Latest Additions

NCP says Maharashtra govt stable, slams BJP over President rule rumour

Squash player Fadte returns to Goa after being stuck in UK

Karnataka: Hotels and restaurants to open in few days

Gowda quarantine row: Karnataka revises SOP; exempts ministers, officials from quarantine

Against right to freedom of movement: DKShi on Yogi’s plan for permission from state to hire local workers

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.