People are living in uncommon circumstances where lock downs might have been witnessed by many people, but the closing of business for more than 2 months is something everyone must have happened for the first time. It was a tough time as everyone has faced crash crunches due to a salary cut off or receiving a Half salary from their Organization. The Borrowers who have loans for which they are servicing the regular monthly EMI’s are facing temporary issues. As the salaried people are facing unemployment and pay cuts, the condition is much more painful for unemployed and non-salaried people with no regular income.
The RBI and the Government have come up with various relief measures to protect the Indian economy from the adverse repercussions of the Covid-19 crisis. The announcements will directly or indirectly benefit the common people of India.
Banks like State bank of India, Punjab National Bank, Union Bank of India, Indian Overseas Bank, and few more are offering COVID-19 Loans. Few banks are only providing moratorium of up to three months on personal loan EMI payments that are due between March 1, 2020, to May 31, 2020.
As the name hints, it is not about some other loan like business loans, but it’s all about personal loans with some relaxed norms. The Normal rate of interest for personal loans usually starts from 12% and can go up to 20%, depending on the credit score and income of an individual. The Government has relaxed the Rate of Interest lower than the normal rate, which is between 7% to 10%.
The Bank will lend only to the borrowers who have a decent repayment track record and a good credit score. Various banks have various criteria for how much an individual can borrow.
As the lock down provoked the economic slowdown, the Reserve Bank of India has decided to ease the loan repayment and increased the moratorium period on all loan EMIs and credit card dues till August 31, 2020. So, from 3 months the total moratorium period of personal loan will be now for six months.
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