In light of the recent nationwide lockdown, the Reserve Bank of India (RBI) has allowed banks and other financial institutions to provide a moratorium of three months for all term loan installments which are due for payment between 1 March and 31 May, 2020.
What Is A Moratorium?
A moratorium period refers to a particular period of a loan tenure in which the borrower does not have repay anything. It is like a waiting period before the borrower will have to start paying the EMIs for their loan again.
What It Is Not…
A moratorium is NOT a waiver or a concession. It only means that you can let your EMIs get accrued to prevent a liquidity crisis with the same terms and conditions of your loan.
What You Should Know:
- The moratorium is on your entire EMI, including interest and principal repayment.
- Your credit score will NOT be impacted due to the moratorium.
- If you have already paid your EMI for March, you can avail the moratorium for the next two months i.e April and May, 2020.
Apply here for Deferred Payment