The novel Coronavirus has already set foot on Indian grounds, it has altered many decisions by the Indian government. One such decision is to completely lock down the nation which has its own consequences. This forces the RBI (Reserve Bank of India) to give a relief of three months on term loan payments.
People might face problems due to coronavirus in repaying their loans while in nation quarantine. This will surely give relief to the people worried about repaying loans. As per the info, the people having retail loans for cars, two-wheelers, home, personal and corporate, education loans can avail the scheme and get paying the interest and principal interest delayed by three months.
This scheme is for the benefit of the customers but the decision lies with the respective banks. Regional banks, co-operative banks, rural banks, Finance Companies all eligible for taking the decision.
Availing the Offer
The customers having the loans have to approach their respective banks to avail of the relief. RBI also added that this will not hamper the credit history of the loan borrower. In addition, they also stated that the relief will not at all result in asset classification downgrade. On the contrary, the banks are allowed to increase the tenure of the loan by three months if the loan holder decides to take the scheme.
RBI is no doubt working in the favor of the customers. In the welfare of the customers RBI has also reduced the repo rate by 75 basis points to 4.4%. This is particularly done in order to help borrowers with loans linked to the repo rate. In addition, the interest rate will also go down by 0.75% applicable from the 1st of next month (April).
Also Read: Coronavirus: You Can’t Drive Without A Solid Reason Across India
GoMechanic requests everyone to stay indoors and stay safe. This shall pass!
