Q2.5-What will happen if you
pay an EMI of Rs.2000 and the
rate of interest is reduced by
0.5%?
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Answer:
reaching out to customers to know if they want to avail of the loan repayment moratorium announced by the Reserve Bank of India (RBI) in an attempt to tackle covid-induced distress. Before we go any further, readers should know that this is only a grace period, and not a waiver of the loan.
If you do not pay the next two equated monthly instalments (EMIs) of your loan, you will not be blacklisted. However, the bank will charge interest for the unpaid amount. Missing two instalments could extend your loan by 6-10 months or increase EMI amount by about 1.5%.
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