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Reserve Bank offers concession for paying EMIs for THE laons taken!
Posted on: 19/May/2021 11:51:46 AM
The raging resurgent coronavirus pandemic has caused colossal damage on all fronts in India! 100% lockdown has been imposed in most of the states as a retentive measure to cheek the fast & wide-spreading resurgent corona.
The basic lifeline of most of the public in various cadres has been severely affected! As such, the State Governments which haVE imposed lockdown regulations have also come forward to offer some relief in different forms for the public WHO FACES this huge hardship!
In the present lifestyle, most of the citizens have one big issue – ‘EMI’ or Equated Monthly Instalments which needs to be paid every month for loans taken on purchase of various commodities - house, 4-wheeler, 2-wheeler, etc.!
With the sufferings due to the resurgent corona as mentioned above, the public finds it extremely difficult to arrange the payment of EMIs!
In the above-trying circumstances for the Public, the country’s Premier Bank, The Reserve Bank of India, has come forward announcing some concessions!
In an interview given on 5th May, the Governor of the Reserve Bank of India had informed that just as it happened during last year when the 1st wave of coronaVIRUS was raging, the Reserve Bank of India had come up with some concessions which it intends to renew the concessions with some modifications for the current resurgent coronavirus pandemic conditions as well!
Now, the Resave Bank of India (RBI) has released the notification with the instructions that all the banks must ratify this proposal/offer in the meetings of the Board of Directors within text 4 weeks after the above order release!
RBI has further informed that this would be implemented under the Loans Streamlining Scheme and those customers who availed this concession last year will all be eligible to avail the same this year as well!
As per this, the clients who availed loans up to Rs. 25 Croresare all brought under the RBI’s Loans Streamlining Scheme.
The Reserve Bank of India has further announced that those who have been brought under the scheme last year can avail the benefit of extension of the loan repayment EMIs for another 2 years. The customers who availed this concession last year can avail for this year as well! However, RBI has advised that THOSE WHO HAVE NOT PAID THE EMI DUES UNTIL 31ST MARCH 2021 MUST NOT BE INCLUDED IN THIS CONCESSION!!
RBI has further informed that the clients may approach the banks where they have availed the loan or the non-banking organisation from which they have availed the loan before 30th September and apply for this concession. RBI has instructed the beaks must regularise the above applicications received within 90 days of the receipt of application!
In this concession, the customers need to pay the interest for the loans with flexibility. In other words, a time extension will be given to pa7y this interest! The interest will be calculated according to the extended time period. RBI has emphasised that NO CONCESSION WILL BE GIVEN TO THE CUSTOMERS IN THIS REGARD!
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