User:Bajargrowth/sandbox

What are the impacts of moratorium on the interest amount and tenure?

Due to covid-19 epidemic, RBI has allowed full determination of the house. It has both term loan and working capital available. Facilities for term loan accounts .As per RBI instructions, 3 months exemption has been given on bank payment Here exemption means It is required to be paid after the moratorium period,. Now the question comes, what will be the interest earned after this period, then I would like to tell you this term loan. Interest will have to be paid on the outstanding portion of Even after the moratorium period. There will be no change in the classification of the account after the moratorium period EMI moratorium is available on retail loans Moratorium All retail loans mainly personal loan education loan Borrowing covers auto and any loan whose tenure is fixed. The lender has the option to postpone or continue the EMI when its EMI is due to be completed soon. There is no effect. Moratorium is not exempt but a delayed MI deposit is allowed. The repayment schedule and the due date for all such loans will also be postponed. The moratorium covers both principal and interest. You will be exempt from payment of your entire EMI of principal and interest for three months. This will apply to all loans If you take advantage of the moratorium then your credit history will not be affected. Also, unlike salaried people, there are many people who are not regular. Some of the salaried people may face salary cuts or delayed payments layoffs due to lockouts. So if you are facing a moratorium will benefit. After May 31, you can make payment to your bank or financial institution. post by bajargrowth

i think this answer helps you.