BIG NEWS FOR LOAN BORROWERS. ADDITIONAL 90 DAYS PROVIDED FOR PAYMENT OF EMI

Highlights

The Reserve Bank has issued a directive that the loan borrowers will be given an additional 90 days after the 3-month moratorium period so that they can resume EMI.

The RBI has currently changed the definition of loan defaulters. In his address, Governor Shaktikanta Das said that loan holders who have opted for the Moratorium period will be given an additional time of 90 days after 3 months so that they can resume EMI. During this time it will not be considered NPA.

If the loans were regular till February 29 and those who have opted for the three-month Moratorium option in March, then the loan will not be declared as NPA for 180 days. The bank will not declare NPA even if the EMI is not deposited in such loan till September.

Disclaimer : IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS INFORMATION. THIS HAS BEN SHARED FOR KNOWLEDGE PURPOSES ONLY.