Moratorium on loan- Here is what you need to know

The reserve bank of India has put a three month moratorium on the repayments of all kind of retail loan such as personal, home, auto and education due to which you don’t have to pay anything till 3 months. It also includes the credit card dues.

How will it get benefited?

Since you do not have to pay anything to any retail loan for as long as three months, you can save that money and use it for something else. If you are someone who is not getting paid, then your credit history will not get suffered. No body is going to chase you for paying the bills and nothing will be reported to your Cibil report.

However, if you have money and you are in a situation to pay the due EMI, then please it is a request to pay the amount as it will be the best for you and you can save yourself from the interest as well. Treat it as a deferral and not a waiver.

There is no such news that it will get extended after three months too. The bank will take a call according to the situation. It will get into the effect from 1st March and will be applicable till May, 31st.