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Reserve Bank Of India Extends Moratorium On Loans For 3 More Months:- Due to the Coronavirus crisis, previously in march the Reserve Bank of India as given a Moratorium on loans payment that a three-month Moratorium on all term loans from March 1, 2020 to May 31, 2020. By this announcement, there is a huge relief for the loan borrowers.
Today, RBI Governor Shaktikanta Das has extended the moratorium on loans payment by another three months which is till August. Due to the nationwide lockdown, there has been drastically hit for the income of many self-employed and businessmen, employees, workers. Thats why the Reserve Bank has decided the moratorium on loans to extend for another three months.
With this fresh extension, the repayment schedule of the loans and all the subsequent due dates and also the tenure for such loans were shifted across the board by another 3 months i.e, till Aug 31, 2020.
As a result, the moratorium will give relief on EMI repayments of loans to the Loan borrowers and EMIs will not deducted from the borrower's bank accounts, providing the much-needed liquidity. The EMIs will be restarted once the extended moratorium time period expires on August 31, 2020.
