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Sunday, 5 April 2020

You don’t have to pay any loan EMI for next 3 months, and it won’t hurt your credit history

New Delhi: Providing a major reprieve to the common man, the Reserve Bank of India (RBI) Friday allowed a deferment of all loan repayments.

The move allows borrowers to not pay any equated monthly installments or EMIs for any loans until 30 June. This will bring relief to all borrowers, including those who have home loans, auto loans, education loans, agricultural term loans, retail and crop loans to their names. It will also be applicable on credit card dues.

The reprieve will be available for loans taken from any financial institution for all loans outstanding as of 1 March 2020.

In addition, the RBI has clarified that the rescheduling of payments will not qualify as a default and there will be no risk of the account being classified as a non-performing asset. This means non-payment of EMIs for the next three months will not adversely impact the credit history of the beneficiaries.

In its morning statement, the central bank said, “All commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, all-India Financial Institutions, and NBFCs (including housing finance companies and micro-finance institutions) are being permitted to allow a moratorium of three months on payment of instalments in respect of all term loans outstanding as on March 1, 2020.”

The regulator added, “Accordingly, the repayment schedule and all subsequent due dates, as also the tenor for such loans, may be shifted across the board by three months.”

A notification issued later in the day clarified that interest will continue to accrue on the outstanding portion of the loans during the moratorium period.

“Instalments will include the following payments falling due from March 1, 2020 to May 31, 2020: (i) principal and/or interest components; (ii) bullet repayments; (iii) Equated Monthly instalments; (iv) credit card dues,” said the RBI notification.

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