RBI expands moratorium on EMIs by 3 months

By VARINDIA - 2020-05-22

RBI expands moratorium on EMIs by 3 months

The Reserve Bank of India (RBI) announced an extension of the moratorium on loan EMIs by three months, i.e. August 31, 2020. The earlier three-month moratorium on the loan EMIs was ending on May 31, 2020. This makes it a total of six months moratorium on loan EMIs starting from March 1, 2020.

 

The extension of a three-month moratorium on repayment of term loans by borrowers means that they would not have to pay the loan EMI instalments during the moratorium period. This period is also known as EMI holiday. Usually, such breaks are offered to help individuals facing temporary financial difficulties to plan their finances better.

 

As per the debt servicing relief announced earlier by RBI, interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period. Deferred instalments under the moratorium will include the following payments falling due from March 1, 2020 to May 31, 2020: (i) principal and/or interest components; (ii) bullet repayments; (iii) Equated Monthly instalments; (iv) credit card dues. It is likely these will continue for the extended period of the EMI moratorium.

 

Going by the RBI's previous statement on the first three-month EMI moratorium, availing such a moratorium would also not lead to a down grading of the borrower's credit rating or affect the risk classification of the loan. Further, availing the moratorium will not entail any change in the existing terms and conditions of the loan. If the existing terms and conditions of the loan contain conditions/charges related to a moratorium then these may apply depending on the moratorium policy adopted by the lending institution. As per the RBI, repayment of credit card dues can also be deferred under the moratorium mechanism.

 

As per RBI rules, any default payments have to be recognised within 30 days and these accounts are to be classified as special mention accounts.

 

RBI in a press conference dated March 27, 2020 announced that all banks, housing finance companies (HFCs) and NBFCs have been permitted to allow a moratorium of 3 months on repayment of term loans outstanding on March 1, 2020


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