A: RBI has only allowed banks to allow a moratorium. Individual banks will have to allow suspension of EMIs. This means unless you’ve specific approval from your bank, Ur EMIs will still be deducted.
A: The RBI has not yet issued detailed guidelines on this. Once guidelines are issued, there will be more clarity specifically on this.
A: All banks will have to discuss the moratorium and get a decision approved at their board level. Once approved, they may reach out to customers informing them of the moratorium.
A: No. It will not.
A: All commercial banks (including regional rural banks, small finance banks & local area banks), co-operative banks, all-India Financial Institutions, & NBFCs (including housing finance companies and micro-finance)
A: This is not a waiver, but a deferment. RBI has recommended that the repayment schedule and all subsequent due dates as also the tenor for such loans may be shifted across the board by 3 months.
A: Yes. It does. If announced by your bank, you will be exempt from payment of your entire EMI, including payment and interest for three months. This will be applicable on all loans outstanding as on March 1, 2020.
A: RBI policy statement explicitly mentions term loans, which includes home loans, personal loans, education loans auto & any loans which have a fixed tenure. Also include consumer durable loans such as EMIs on mobiles, fridge etc
A: Since credit cards are defined as revolving credit and not term loans, they are not covered under the moratorium.
A: The moratorium has been allowed on any loan classified as term loans. If the bank is convinced that you are not in a position to pay the EMIs, you will get a deferrment.
A: RBI has allowed deferment for interest payments for all working capital loans taken by businesses. This will be applicable in respect of all working capital facilities outstanding as on March 1, 2020.