Soon the borrowers will be able to go to the bank or other financial institutions to reduce their EMIs. This trick will not have any negative effects on their CIBIL score as well.
New Delhi: Soon the borrowers will be able to go to banks or other financial institutions to reduce their EMIs. This trick will not have any negative effects on their CIBIL score as well. For the loan moratorium, the customers were given relief by the banks till August, where banks had exempted customers from filing installments for their loans. However, from September, such people will have to deposit their instalment with interest. They will once again be burdened with more EMIs.
Rbi took the decision
RBI Governor Shashikant Das has released another scheme for loan settlement in the new announcement. Through this scheme, customers can also get their loan settlement. The good thing is that defaulters will be deprived of the benefits of this scheme. The Governor of the Reserve Bank of India has announced the Debt Restructuring Facility at a monetary review policy meeting. Banks can now reschedule the loan refund schedule of their borrowers after receiving loan restructuring. Under this, banks can extend the loan repayment period or even give relief in payments. Under this restructuring, banks will be able to decide whether to reduce THE EMI, extend the loan period, or charge only interest.
RBI extends moretorium loan facility to customers during Corolla period
Prior to this scheme, the Reserve Bank had announced moretorium to customers for 3 months at the beginning of the lockdown but extended it for three months on May 22. After the central bank’s decision, banks were exempted from availing loan EMIs for customers for 6 months, but now the moreatorium loan period is going to end on August 31.
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The Reserve Bank said the restructuring would be in line with the Reserve Bank’s Frugal framework released on June 7, 2019. Earlier, Finance Minister Nirmala Sitharaman had said that the government is working with the Reserve Bank to help the industries which have been affected by the corona virus.
This is the option to reduce EMIs
Bank customers can reduce the EMI by extending the tenure of their loan. This will cost them the instalment regularly, but the amount will be reduced. Sunil Singh, who is an expert on bank loans, said that up to 70 per cent of customers had included their loans in the moratorium scheme. Through banks, the government had given relief to customers during the Corona period, but the instalment will have to be repaid from September. The relief is that the EMI will be reduced by extending the loan period. Banks can make the restructuring at their own level. This will not spoil the customer’s CIBIL.
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