The Indian government is willing to bear the cost of the waiver of interest on interest charges on loans in the wake of the distress due to the pandemic. The proposal seems well thought and middle class borrowers would rejoice…
Centre ready to waive interest on interest during moratorium
The Centre has told the Supreme Court that it is ready to waive certain interest levies on loans of up Rs 2 crore under moratorium. This essentially means compound interest or interest on interest will be scrapped for loans taken…
My loan moratorium period is over. Can I ask for extension?
I was working with a BPO since July 2019 but I lost my job in July 2020. I took a loan from a housing finance company in September 2017 and I have paid EMIs till March 2020 regularly after which…
All you need to know about moratorium on loan EMIs
The Reserve Bank of India, in March this year, offered a relief measure to the borrowers in the form of EMI moratorium on all term loans for three months till May 31, 2020. This was further extended by another three…
Supreme Court extends Loan Moratorium period till September 28
The Supreme Court on Thursday virtually extended the loan moratorium period till September 28, granting relief to borrowers, by extending the interim order asking banks not to declare as NPAs accounts that are unable to make repayments. “Accounts not declared NPA as on August 31 shall not…
Loan moratorium over: You can still avail extension of two more years
In view of the pandemic of Covid-19, the RBI had, vide a Circular dated 27 th March 2020, permitted the lenders to allow a moratorium for three months of EMI (Equated Monthly Instalments), falling due between 1 st March 2020 and 31 st May 2020, for various categories of loans
Loan moratorium extendable for 2 years as per Covid impact, Centre tells SC
The Centre and RBI on Tuesday informed the Supreme Court that the moratorium period on repayment of loans amid the Covid-19 pandemic is “extendable” by two years. Solicitor General (SG) Tushar Mehta, appearing for the Centre and the Reserve Bank…
Opted for EMI Moratorium? You may not be able to transfer your loan
If you have availed of moratorium on your equated monthly instalments (EMI) and are planning to switch your loan to another lender offering a lower interest rate, it is likely that your application might get rejected. “Basis the credit policy…
Should you opt for the extended EMI moratorium?
Reserve Bank of India announced an extension of the previously announced three-month loan EMI moratorium by another 3 months to August 31, 2020. The central bank, in March had announced a three-month EMI holiday from March 1, 2020, till May…
RBI extends loan Moratorium by another 3 months
The Reserve Bank of India (RBI) announced an extension of the moratorium on loan EMIs by three months, i.e. August 31, 2020. The earlier three-month moratorium on the loan EMIs was ending on May 31, 2020. This makes it a…