Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Who is Stormy Daniels and what is Trump accused of doing?

    March 31, 2023

    King gets stuck into making cheese – then eats cake shaped like crown

    March 31, 2023

    After volunteering to do so, Orioles CEO John Angelos indicates he will not be sharing club’s finances after all

    March 31, 2023
    Facebook Twitter LinkedIn
    Trending
    • Who is Stormy Daniels and what is Trump accused of doing?
    • King gets stuck into making cheese – then eats cake shaped like crown
    • After volunteering to do so, Orioles CEO John Angelos indicates he will not be sharing club’s finances after all
    • UK to join Indo-Pacific trade bloc in biggest trade deal since Brexit
    • David Pastrnak’s OT goal lifts B’s to club-record 58th win
    • God Of War Ragnarok sweeps BAFTA Games Awards as indie sleeper hit takes top prize
    • Dansby Swanson stars in his Chicago Cubs debut, a 4-0 opening-day win against the Milwaukee Brewers: ‘I’m really soaking up these moments’
    • Gwyneth Paltrow wins case against man who claimed she crashed into him while skiing
    Facebook Twitter LinkedIn
    Business KhabarBusiness Khabar
    • World
    • Auto
    • Business
      • Industries
      • Opinion
    • Market
    • Money
      • Finance
      • Insurance
      • Investment
      • Schemes
    • Sports
    • Other
      • Stories
      • Career
      • Entrepreneurship
      • Property
    • Web Stories
    Business KhabarBusiness Khabar
    Home » New RBI guidelines on loan moratorium: What options do borrowers have
    Finance

    New RBI guidelines on loan moratorium: What options do borrowers have

    Archana SharmaBy Archana SharmaSeptember 26, 2020Updated:September 26, 2020No Comments
    Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    New RBI guidelines on loan moratorium

    The current uncertainty caused by the Corona epidemic is not only related to health, but it has also caused financial losses. The 6-month loan moratorium ends on 31 August 2020. Even when the period of the moratorium was continuing, there were different things about further increasing the tenure, levying interest during the period of the moratorium, and the total financial instability occurring through it. By reaching the Supreme Court, the uncertainty still remains in the mind of the general borrower.

    Faceless Appeal: Taxpayers will get ease, lack of litigation; How will the new system change?

    Let us know about RBI’s new guidelines on loan moratorium and what options the lender currently has.

    Legal status at present

    There is no hope of moving beyond the deadline of August 31, 2020, before the moratorium period has passed. The concession was taken well initially but later lost its luster. The Moratorium came to such a situation at a time when they were disrupting the financial functioning of the bank and NBFC and causing instability and shortage of cash. The loan holders were also not benefiting much because their interest liability was getting compounded.

    But this does not mean that your options as a borrower are over. Realizing the economic difficulties faced by the epidemic, RBI has offered a one-time debt solution window on its behalf which will help the lenders without disturbing the cash flow of the banks. This settlement plan has been announced during the Prudential Framework of June 2019, which allows lenders to implement a resolution plan. RBI is confident that the new debt solution framework will cover about 50 to 55 per cent of the banking system, including personal loans as well as small business loans.

    Where the RBI is offering this framework, the final decision will be taken by the Supreme Court when it will hear the case related to Moratorium on 28th September.

    With RBI allowing lenders to restructure, loan holders will be allowed to take advantage of the loan restructuring option once it is ready. Under the scheme, a person will be able to take advantage of the Moratorium for two years by restructuring his loan.

    A Survival Guide for Startups in the Era of Tech Giants

    Ability to resolve new debt

    RBI has set some qualifications if you want to opt for a new debt solution.

    First, the financial impact due to an epidemic should have a direct relation to the impact on the repayment of your loan. So if you have lost your job or lost business, you can take the new facility.

    Along with this, the loan should not be left for more than 30 days on 1 March 2020.

    Once the loan structure is final, if you are eligible under the scheme, you can go to your bank. While restructuring the loan will not affect your credit score or CIBIL, it will be reported.

    New rule from October 1: TCS will be sent more than Rs 7 lakh sent out of the country

    (By Nisary M, Founder, Hermoneytalks.com)

    Source: www.financialexpress.com

     

    #RBI #guidelines #loan #moratorium #options #borrowers

    loan moratorium loan moratorium new guidelines Lone moratorium RBI rbi guidelines on loans rbi new guidelines RBI's new guidelines Reserve Bank of India
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Archana Sharma
    • Website

    Related Posts

    European banks and the price of safety

    March 30, 2023

    How rare-gas supply adapted to Russia’s war

    March 30, 2023

    The Rarest Dog Breeds

    March 30, 2023
    Top Post

    More than just patriotism needed for government to keep up with rivals in net-zero race

    March 31, 2023

    Boston’s COVID data continues to fall, Massachusetts virus cases and hospitalizations trending down

    March 31, 2023

    Used car prices back on the upswing 

    March 31, 2023

    Priyanka Chopra froze eggs before meeting Nick Jonas, worried she’d never find Mr. Right

    March 31, 2023
    Don't Miss
    Sports

    Cactus League report: Tim Anderson reflects on ‘cool’ WBC experience — and would the Cubs open with no lefties in the bullpen?

    By Bhagyashree SoniMarch 24, 2023

    With opening day solely six days away, the Chicago Cubs and White Sox have some…

    Share Market

    LIC raises Rs 5,627 crore from anchor traders, 71% of general anchor guide subscribed by home MFs

    By Business KhabarMay 3, 2022

    Insurance behemoth Life Insurance Corporation of India (LIC) on Tuesday introduced that it has raised…

    Finance

    Home Improvements & Taxes: CPA Explains What's Really Deductible

    By Nisha ChawlaJuly 6, 2022

    The reworking growth soared in 2021 as a consequence of plenty of causes, together with…

    Tech

    Xiaomi 2021 New Product Launch: The company will launch a new fitness band with smartphones on March 29, know what will be special in it

    By Damini SharmaMarch 27, 2021

    China’s smartphone maker Xiaomi is going to launch a new fitness tracker on March 29…

    About Us
    About Us

    Business Khabar: Read latest business news, auto news, technology news, personal finance, industries news, investment & insurance news, startups & success stories.

    We're accepting new partnerships right now.

    Email Us: [email protected]

    Facebook Twitter LinkedIn
    In Case You Missed

    Minnesota train derailment, ethanol fire renew safety fears

    March 31, 2023

    Google ‘not truthful,’ tried to ‘subvert’ court process by deleting evidence in monopoly case, judge rules

    March 31, 2023

    More than just patriotism needed for government to keep up with rivals in net-zero race

    March 31, 2023
    Last Minute Read

    European banks and the price of safety

    March 30, 2023

    How rare-gas supply adapted to Russia’s war

    March 30, 2023

    The Rarest Dog Breeds

    March 30, 2023
    Facebook Twitter LinkedIn
    • About us
    • Contact
    • Contribute for us
    • Privacy Policy
    • Disclaimer
    © 2023 Business Khabar. Designed by ThemeSphere.

    Type above and press Enter to search. Press Esc to cancel.