What does it mean to not pay installments in three months? Know this
New Delhi: Last week, the Corona virus announced a concession on the monthly installment of the loan due to the economy and lockdown, to the annoyance of the general public. Banks have begun to deliver this relief to the people. Several banks tweeted this information so that the lender could breathe a sigh of relief on EMI. Some banks are providing this relief automatically, while many banks are providing this facility when demanding creditors.
That's all you have to do to push EMI
The bank is providing this facility, but it is important to understand how to avail it. It depends on which bank you are a customer on and your bank's EMI has already been withdrawn or the bank will do so upon receiving your call. In both cases you will need to contact the bank for relief. If you are a loan holder of Canara Bank then EMI will be available only if you inform the bank. For this you will have to choose NO to pay EMI and SMS NO to the bank.IDFC First Bank loan holders will have to break the EMI by email. Along with this, PNB and SBI have provided automatic relief over EMI. If you want them to issue EMI payment to the customer then they have to pay it at the branch.
Installing installment paths due to corona virus
In view of the Corona virus epidemic, it was decided to avoid interest on all installments and cash credit facilities of term loans from March 1, 2020 to May 31, 2020. Several other banks also - such as the Moratarium - introduced a loan installment. These include Indian Bank, UCO Bank, Central Bank of India, Indian Overseas Bank and IDBIM.
Following the directive of the Reserve Bank, the banks started operations Banks have avoided loan holders' EMI for three months. This will prevent them from paying the loan installment for three months. The banks have taken this step following the Reserve Bank's directive, asking for a three-month moratorium on loan repayment of all banks. Messages from EMI to customers are being withdrawn by banks.
Banks finally start moving on 3-month loan EMI deferment, after push from govt and RBI
Some banks offer clarity