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

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