New rule by banks: No EMI - but interest accrues!
Posted on: 02/Apr/2020 4:41:28 PM - No. of views : (3130)
Following the announcement of the Reserve Bank of India that 3EMIs need not be paid with the current lockdown period, the banks have released a new announcement!
As lockdown is imposed presently against the spread of the raging coronavirus, people from all walks of life and every field have all been put to severe hardships! In this situation, the Reserve Bank of India announced that the individuals, industries, and private organizations need not pay EMIs for 3 months for the loans availed!
The public was somewhat relieved with this RBI announcement! Now, the State Bank of India has come up with an announcement! It has mentioned that though EMI need not be paid for 3 months, interest for the same must be paid!
With this, the loan-takers are constrained to pay an additional 3 months� interest! At the same time, SBI has informed that for those who do not follow the 3 EMIs waive, no additional interest will be charged!
