RBI permits banks to allow 3-mth moratorium on EMI payment
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https://www.desidime.com/discussions/rbi-permits-banks-to-allow-3-mth-moratorium-on-emi-payment?page=1#post_6579437
I read somewhere that interest will be charged for the period, that way we can avoid people misusing it ie. being capable of paying but not paying just because they can.
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1. It is optional. The customer needs to apply.
2. Its not universal. The banks will decide what class of people to offer. Most bank is expected to insist on some proof in reduction of income.
3. Its for term loan so not applicable on credit card dues.