3 Months EMI Waiver, clarification

3 Months EMI Waiver, clarification

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Deal Cadet
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RBI governor announced 3 months emi waiver, i want to know what type of EMI , personal loan, credit card based loan? and even credit card monthly payments also includes in this? Can someone clarify?

41 Comments  |  
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Deal Cadet
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If anyone having any information, please share.

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Blogger
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There is no mention about credit card monthly payments, but credit card EMIs are left to the discretion of banks. All other sorts of loans have moratorium.

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Deal Cadet
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No clarity as yet, it is just announced and it is not an order but a request to fin institutes, it will get more clear in a day or two,
i think similar announcements/communication from banks is necessary to be sure

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Deal Cadet
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Also another doubt whether the postponed 3 months EMI will be asked as a whole on the 4th month or the regular EMIs continue with the last 3 months added at the end of the loan period?

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Deal Subedar
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3 months Emi holiday for Car, Home, Personal and Education Loans

1. Repo rate reduced by 75 basis points to 4.4%
2. Rev repo reduced by 90 basis points to 4%
3. GDP growth for Q4 19-20 and FY 20-21 to be affected
4. Aggregate demand may weaken
5. Future outlook uncertain and negative
6. CRR reduced by 100 basis points to 3% for 1 year to release 1.37 lakh crores
7. Min daily CRR balance reduced from 90% – 80% till 30/06/2020
8. 3.74 lakh crore liquidity injected
9. 3 month moratorium on payment of instalments of Term Loan outstanding
10. Interest on WC facilities to be deferred by 3 months
11. Such deferment not to be classified as NPA
12. Revised DP calculations by reassessing WC cycle
13. All measures not to effect credit history
14. Total liquidity injection 3.4% of GDP

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hotchap wrote:

3 months Emi holiday for Car & Home loans only i guess

1. Repo rate reduced by 75 basis points to 4.4%
2. Rev repo reduced by 90 basis points to 4%
3. GDP growth for Q4 19-20 and FY 20-21 to be affected
4. Aggregate demand may weaken
5. Future outlook uncertain and negative
6. CRR reduced by 100 basis points to 3% for 1 year to release 1.37 lakh crores
7. Min daily CRR balance reduced from 90% – 80% till 30/06/2020
8. 3.74 lakh crore liquidity injected
9. 3 month moratorium on payment of instalments of Term Loan outstanding
10. Interest on WC facilities to be deferred by 3 months
11. Such deferment not to be classified as NPA
12. Revised DP calculations by reassessing WC cycle
13. All measures not to effect credit history
14. Total liquidity injection 3.4% of GDP

Term loan means, all types of loan isnt?

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Deal Newbie
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Varada wrote:

Term loan means, all types of loan isnt?

Predefined duration, not the Over draft one or Credit card one. I don’t know if Credit cards EMI will be coverd or not.

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(i) Rescheduling of Payments – Term Loans and Working Capital Facilities

2. In respect of all term loans (including agricultural term loans, retail and crop loans), all commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, all-India Financial Institutions, and NBFCs (including housing finance companies) (“lending institutions”) are permitted to grant a moratorium of three months on payment of all instalments1 falling due between March 1, 2020 and May 31, 2020. The repayment schedule for such loans as also the residual tenor, will be shifted across the board by three months after the moratorium period. Interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period.

https://www.rbi.org.in/scripts/NotificationUser...

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Blogger
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its deferment not waiver only for term loans and cc/od

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Deal Subedar
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What if I pay in time as per schedule? Any benefit?

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Deal Cadet
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yes, you wouldn’t have to pay additional interest.

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Blogger
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deal_panda wrote:

yes, you wouldn’t have to pay additional interest.

exactly

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Analyst
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Rbi later clarified that this includes all kind of loans, and credit card emi will also be included.
But remember this is just a deferment and you will have to pay the money with interest later on (Haven’t clarified if it will be paid in single installment or 3, but i think it depends upon each bank’s decision). So it’s better to pay now if you have the funds
Also, RBI has only allowed banks to defer. Hence, Your bank may or may not defer your emi. It is better to contact bank before thinking of deferment

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Blogger
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Awake wrote:

Rbi later clarified that this includes all kind of loans, and credit card emi will also be included.
But remember this is just a deferment and you will have to pay the money with interest later on (Haven’t clarified if it will be paid in single installment or 3, but i think it depends upon each bank’s decision). So it’s better to pay now if you have the funds
Also, RBI has only allowed banks to defer. Hence, Your bank may or may not defer your emi. It is better to contact bank before thinking of deferment

Also someone pointed out in a different thread that it won’t be applied to everyone by default. There will be some sort of criteria as to who might get the moratorium benefit. Like if you are salaried you won’t get any benefit unless you show them some proof of lost income. I didn’t read about this anywhere else though.

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rsai01 wrote:

Also someone pointed out in a different thread that it won’t be applied to everyone by default. There will be some sort of criteria as to who might get the moratorium benefit. Like if you are salaried you won’t get any benefit unless you show them some proof of lost income. I didn’t read about this anywhere else though.

I dont think rbi said that. But they did mention about board approved policies for deferment and hence i mentioned that it will vary from bank to bank. Hence as i said better to talk to cc before deferring

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Awake wrote:

I dont think rbi said that. But they did mention about board approved policies for deferment and hence i mentioned that it will vary from bank to bank. Hence as i said better to talk to cc before deferring

Are they available for talk? Chat?? You’ve tried?

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deb3l wrote:

Are they available for talk? Chat?? You’ve tried?

I don’t have a loan so haven’t tried.
Apparently banks are supposed to come out with policies, and maybe by tomorrow we can get better idea.

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Awake wrote:

I don’t have a loan so haven’t tried.
Apparently banks are supposed to come out with policies, and maybe by tomorrow we can get better idea.

They are currently not avl for anything except sos ones. Let’s hope for the best!

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Deal Cadet
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getting sms from Bajaj n idfc to pay the emi. Checked their official Twitter handle, no info there as well

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Deal Cadet
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Payment delay means no immediate payment needed. Interest rate would apply in background.
Don’t even try with credit card. 42% over 3 months will kill you even if they don’t ask you immediately.
Please don’t. Again Please don’t.

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jambui wrote:

Payment delay means no immediate payment needed. Interest rate would apply in background.
Don’t even try with credit card. 42% over 3 months will kill you even if they don’t ask you immediately.
Please don’t. Again Please don’t.

Yeah man! What a white lie been served.. just like the others. persevere



#JumlaInTheTimeOfCorona

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Deal Lieutenant
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deb3l wrote:

Yeah man! What a white lie been served.. just like the others. persevere



#JumlaInTheTimeOfCorona

Bahat log fas jayenge iss scheme mey…

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Simbha3 wrote:

Bahat log fas jayenge iss scheme mey…

its not a problem for home loan or car loan as roi is low and you wont borrow freshly.
Credit card is a sureshot trap. interest would be applied in background for every fresh purchase made. Just the minimum amount payable will be zero for 3 months.

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Deal Cadet
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Guys as long as you can ignore it , please pay the respective things ..

I saw people posting that they will not pay rent..

Unless you don’t have money that’s understandable but i am sure people here in dd ( if they are salaried ) will continue to pay their dues..

Atleast i will..

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Deal Cadet
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Bank will come with option whether u want to pay emi or use moratorium benefit. As discussed with axis bank branch manager

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