New delhi sources stated that Shaktikanta Das also announced a moratorium of three months of EMIs on all outstanding loans. The statement says: "All commercial, regional, rural, NBFCs and small finance banks are being permitted to allow 3-month moratorium on payment of instalments in respect of all term loan EMIs outstanding on march 31."
For the next three months, no EMI would be deducted from the account of anyone who has a loan outstanding. In addition, this will not affect the CIBIL credit scores, he said. EMIs will resume after the moratorium period gets over. This is going to be a huge relief for all EMI payers, especially for those employed and whose income had become uncertain in the wake of the lockdown.
The 3-month moratorium applies to all term loans- corporate loans, home loans, personal and car loans. Credit card dues will not be part of this moratorium as it’s not a term loan.Make no mistake, it is a fight never seen before, the rbi governor warned while outlining the risks to indian economy from coronavirus. He stressed upon the need to keep the credit flowing to the stressed areas of the economy.
