Between the lockdown and the corona crisis, the Reserve Bank of India (RBI) has announced a big relief for those who pay EMI of any kind of term loan like personal loan, home loan and car loan. Central Bank Governor Shaktikanta Das on Friday announced to continue the Moratorium for three more months till August 31 on EMI. Earlier RBI had given relief to creditors from paying EMI till 31 May. However, if you are running a term loan and you want to choose the option of moratorium on EMI, then it is important for you to know various things first.
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According to the financial experts about this matter, you will get an interest burden on choosing this option because you will have to pay interest for the same period of time for which you have opted for Moratorium. If your income is not affected and you have enough funds, then you should pay EMI. Tax and investment expert Balwant Jain says that there is nothing wrong in choosing the option of moratorium facility. However, before that you should assess that when something is normal, then you will have an additional amount, which you can use to pay the interest of the loan. According to Jain, those people who have the possibility of going to jobs or salary cuts can choose this option.
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Different banks have taken all kinds of steps for this. For example, many banks have given an option on their portal, where you can enter your loan number and choose the option of moratorium. On the other hand, many banks have implemented this for all their customers. However, if you do not want moratorium on the loan then you can contact the bank.