EMI MORATORIUM : RELIEF OR BURDEN????

As per RBI Guidelines customers can opt of Emi Moratorium for 3 months (April , May, June). Banks are offering this facility to their customers. Customers are happy that they don’t have to pay the Emi for 3 months….. But it does not mean at all that these are waived off…. it means your tenure will increase …. and banks are charging interest on your current principal…

Example from HDFC Official site :

Illustration of Salaried Personal Loan: Loan amount Rs. 4 Lacs, remaining tenor 48M, Last EMI on 4-Mar-24, opting for 2 months Moratorium i.e. Apr-20, May 20 EMIs. The additional interest would be about Rs. 15,000/-, and the resultant tenor would increase by 1.4 EMI, and the last instalment (40% of regular EMI) would be on 4-Jul-24.

My Advice : If you have the liquidity ….. Pay your loan regularly otherwise this will be a burden for you in future.

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