Moratorium is hoax: Skipping EMIs comes at a cost
Millions of Indians await the EMI relief amid lockdown, uncertainty and cash crunch. As the new EMI cycle has already started, banks seem to be unprepared
Millions of Indians await the EMI relief amid lockdown, uncertainty and cash crunch
As the new EMI cycle has already started, banks seem to be unprepared
Banks have not yet announced the details of the relief package
Top lenders like SBI, ICICI and HDFC have have kept the customers clueless about the moratorium
Borrowers are confused as many received text alerts regarding their EMIs
Banks are not ready yet to implement the special facility created by the RBI
RBI announced that banks can allows borrowers to avoid paying three EMIs
Most bank branches have not received any instructions from their headquarters
Bankers suggested, deferring EMIs is no beneficial for those who can pay.
Sources told, the SBI will offer borrowers to repay failing which the EMIs will be deferred.
HDFC will reach out to borrowers over the next few days, a spokesperson said
Borrowers will also have the option to continue with the EMIs.
Another private bank executive said that the whole thing will take time
Until the banks decide,most banks will charge penalty for non payment
Sources reveal that, missing two instalments could extend the loan by 6-10 months...
...or increase the EMI amount by 1.5%. The borrower may be given three options by the lender:
Option I: One-time payment in June of the interest that accrues in April and May
Option II: Add the interest to the outstanding loan and increase EMI for remaining months
Option III: Keep the EMI unchanged but extend the loan tenure.
Panic and confusion among borrowers is increasing with delay in communication by banks
The RBI's EMI relief turns to be hoax as banks seem to be in no mood to relax the payments
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