You must wondering what is moratorium and why the RBI is giving moratorium for 3 months, Moratorium – the period in which you need not pay the EMI or loan repayment instalments. The Reserve Bank of India has declared 3 months Moratorium period for the Bank term loans during the lockdown period due to the novel corona virus – Covid-19.Sponsored Links
Apart from not being paid the loan EMI for three months and it will not effect your CIBIL scores too. During the regular circumstances if one don’t pay the EMI on time then the Banks usually collect the interest and the individual’s credit scores will be effected. But during this Moratorium period the Banks will not charge any fines or extra for the unpaid EMI’s and your credit score will not be effected.
The RBI – Reserve Bank of India announced a 3 months Moratorium period for all the banks and NBFCs on all the term loan EMI’s or repayments as on 1st March 2020. During this three months term all the Banks will consider the moratorium declared by the RBI and will not collect the term loan EMI’s or repayments.
The Moratorium which is declared by the RBI will not affect the asset book of the banks as well as the credit score of the borrower and the tenure of such loans would be extended for 3 months more.Sponsored Links