RBI provides major reprieve to the common man, by allowing deferment of all loan repayments for next 3 months. The move allows borrowers to not pay ANY EMIs for ANY loans until 30 June. This will bring relief for all loans- home loans, car loans, education loans, agricultural loans, personal loans etc. It will also be applicable on credit card dues. The reprieve will be available for loans taken from any financial institution for all loans outstanding as of 1 March 2020.
In addition, the RBI has clarified that the rescheduling of payments will not qualify as a default and there will be no risk of the account being classified as a non-performing asset. This means non-payment of EMIs for the next three months will not adversely impact the credit history of the beneficiaries. More at the print.com
