Your loan EMI will not be deducted this time? Learn the answers to your 8 questions here

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Your loan EMI will not be deducted this time? Learn the answers to your 8 questions here: Locked down for 21 days due to Corona virus. In this situation, those people are getting the most tension whose EMI of home, car or personal loan goes every month. However, the Reserve Bank took a press conference on Friday to take steps to address this concern, but still many questions are going on in the minds of the people. Today, we will remove your confusion by answering 8 such questions.

1. Question- What has the RBI said?

Answer- Actually, the RBI has advised up to 3 months relief to people paying EMI of loans from banks.

2. Question- Will my EMI money be deducted in April?

Answer – This is to be decided by the bank that is running your loan. Please tell here that the RBI has advised banks not orders. In such a situation, the ball is now in the court of banks. Understand in easy language, now the banks have to decide whether they are giving a discount on EMI to the common people.

3. Question- What should I do?

Answer – In this situation the customer has to request the bank and show that due to Corono virus your income has been affected. However, the final decision has to be taken by the bank itself. If the bank does not approve, like every month this time your EMI account will be deducted.

4. Question- If the bank has accepted my point?

Answer- You will not have to pay EMI for the loan for the next 3 months. But this does not mean that EMI of this period will be waived. After the corona virus outbreak, banks will also recover EMI for these three months from you.

5. Question- Then 3 months talk EMI burden will increase too much?

Answer- No, it will not happen. Yes, it is possible that banks will increase your monthly installment. Apart from this, you can also get the option of extending a few months of tenure or one time settlement. 6 to 9 months can be found for one time settlement.

6. Question- What kind of loan will get 3 months relief?

Answer- If you look at the statement of RBI, other types of retail or consumer loans are included, apart from home loan, personal loan, educational loan, car loan. However, the situation regarding business loans is unclear. This benefit will be available to all customers taking term loans from public and private sector banks, regional rural banks, cooperative banks or any housing finance company.

7. Question- Will there be relief on credit card payment?

Answer- Actually, credit cards do not come under term loans and are considered revolving credit. In such a situation, you are not expected to get any relief on their bills.

8. Question- Credit score will also deteriorate if loan EMI is not given?

Answer- No, your credit score will not be affected in these three months period. RBI has clarified that you will not be a defaulter during this time.

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