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