- EMI not paid for 6 months, financial burden reduced in lockdown
- Even after non-payment of EMI, people’s CIBIL score was not affected, otherwise heavy loss happens
- Those who have loan outstanding they benefited from Loan Moratorium
A major hearing is going on in the Supreme Court regarding the Loan Moratorium. The Supreme Court had said on Tuesday that the hearing would continue on Wednesday as well and a decision would be taken after hearing both sides. The court may take a major decision in the case of interest on interest during loan moratorium. By the way, loan moratorium benefits were availed by crores of people of the country. Due to the economic crisis caused by the corona virus, people got relief from not paying the loan for 6 months. At the same time, he also got such an advantage that he never gets when he does not repay the loan, but it is a loss. Let us also tell you how the people of the country benefited from the Lone Moratorium.
Relief of not repaying the loan in financial crisis
Loan moratorium means that you will be given relief for a few months in the economic crisis in the country by not repaying the loan EMI. As of 31 August, the 6-month Loan Moratorium facility was provided to give relief to the economic crisis and the people who were fired from the country due to Coronavirus. During this time, the beneficiaries of this facility were relieved of not paying EMI. This does not mean that your EMI is waived. After the moratorium tenure is over, you have to pay the EMI along with the interest.
CIBIL score does not deteriorate
The CIBIL score of those who do not pay EMI during the loan moratorium does not deteriorate. That is, your CIBIL score will remain the same as what you had during the loan moratorium facility. If you do not repay the loan EMI after the loan moratorium, then there is a difference in the CIBIL score. The better the CIBIL score, the less interest you have to pay on the loan. Also, your bank and market credibility is equally good. Let us tell you that the loan moratorium tenure implemented by RBI in the country has ended on 31 August. Installments will start again from the month of September.
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