You don’t have to pay term loan EMI for 3 more months: RBI

May 22 2020 04:29 PM
You don’t have to pay term loan EMI for 3 more months: RBI

New Delhi: Relief news has come from the Reserve Bank of India (RBI) for the movement of the country facing the lockdown in the Corona epidemic. RBI has announced a reduction of 0.40 percent in the repo rate. It has been reduced from 4.4% to 4%. This decision can reduce the EMI of the general public.

RBI Governor Shaktikanta Das has also announced an additional 3-month exemption on EMI payments. This means that if you do not pay the installment of your loan for the next 3 months, the bank will not put any pressure on you. Explain that earlier this concession was given from March to May. Now EMI payment concession has been extended till August. Let us tell you that during the lockdown, RBI has run the scissors for the second time at the repo rate.

Earlier, on March 27, the RBI governor announced a 0.75 per cent cut. After this, the banks had reduced the interest rate on the loan. In a press conference on Friday, the RBI governor said that due to the corono virus, the global economy had a big impact. He told that the Monetary Policy Committee (MPC) has agreed to a reduction of 0.40 percent in the policy repo rate. This will reduce the burden of loan installment on the people.

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