People getting the EMI reminders despite of three month moratorium

Despite of getting the three month moratorium on EMI, people are still getting their payment reminder which is disturbing for them who did not get the payment for their work this month.

In order to facilitate the best to the public, on 27th March, the reserve bank said that there will be a three month moratorium on loan repayments which means that you do not have to pay the EMI at all for three months. However, you have to keep paying after the month is over.

However, many borrowers, mutual fund investor and credit card users are still receiving the message reminders from the lenders which states that you need to keep the balance as the EMI will get deducted on the due date.

Be it SBI card user, ICICI bank user, HDFC one or American express credit card users, everyone is getting the reminder from their respective banks.

Since the board meetings are yet to done, many banks are still not sure whether they are following the same or not and hence, they are sending the messages.

One of a senior public sector banker said-“Wherever there is a standing instruction, the customer has to inform the bank that he or she wants EMIs to be deferred. Otherwise, installments will be deducted,”

One banker said- “This is not a loan write-off by the government. This is just an option to delay the payments for those customers whose jobs have been affected due to the lockdown or salaries been delayed because of the same.Ultimately, each customer has to clear his or her dues and even the interest component of the three EMIs (Equated Monthly Installments) during the moratorium period will accrue to the principal,”