RBI has announced suspension of 3 months EMI of all loans that include Home Loan, Car Loan, Personal Loan, Corporate Loan, Credit card payments. This comes after the Government lock down for 21 days. Whether the automatic ECS would be stopped is still not clear. Hope Banks would stop all the automatic ECS Loan payments that would very much help people during this tough times.
This move from the RBI (Reserve Bank of India) would help easing the repayment of Loans by common people. This is a pause in the loan payment. including regional, small and co-operative banks - as well as lending institutions - such as housing finance companies and microfinance companies. The three-month moratorium means that no EMI would be deducted from the account of any loan borrower for the next three months, and this will not affect the credit score of the borrower
