News From Press Will you benefit by opting for EMI moratorium? Here's how much it will cost you

Will you benefit by opting for EMI moratorium? Here's how much it will cost you

Borrowers should remember that moratorium is not the waiver of the loan. It is only a grace period.

The Economic Times Apr 6, 2020

Banks are reaching out to customers to know if they want to avail of the loan repayment moratorium announced by the RBI. Before we go further, readers should know that this is only a grace period, not a waiver of the loan. If you do not pay the next two EMIs of your loan, you will not be blacklisted. But the bank will charge interest for the unpaid amount. Missing two instalments could extend your loan by 6-10 months or increase EMI amount by 1.5%.

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