Question

application for 3months relaxation of EMI due to lockdown​

Answer 1

Explanation:

o fight the Covid-19 crisis, as a measure of solidarity, RBI has permitted all Indian Banks / Indian Financial Institutions to offer its customers up to 3 months moratorium on their EMI payments falling due between March 1, 2020, to May 31, 2020.

If you choose EMI moratorium, the bank will not ask for any EMI Payment till May 31st 2020. But the interest on your EMI will continue to accrue on the principal outstanding for the period of the moratorium at the contracted rate of the loan.

Only the tenure of your loan will get extended by the corresponding period for which the moratorium has been availed. If you want to get this EMI moratorium, you have to provide your consent to the bank.