The RBI’s loan moratorium has helped several people during this pandemic. But many people are confused about how to repay the due amount. While the RBI has recently issued a circular and according to it, each bank will have its own loan recast scheme. Although this hasn’t cleared the confusion, I think here is how you can repay the EMI after the RBI loan moratorium ends
Lump-sum
You can choose to pay the total amount (the amount during the moratorium period) with the interest in a lump-sum amount. This will not affect the loan amount or tenure.
Extend the loan tenure
Another way is that you can increase the loan tenure. For example, if your tenure is 240 months, your amount will be added to this and it might come up to an extension of 30 months, so it would now be 270 months.
Increased EMI
Lastly, you can choose to increase the EMI if you don’t want the other two options. The rate of interest will be changed depending on the moratorium period. This new interest will be applied every month and you would be paying the renewed EMI amount.
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How to pay the EMI after the RBI loan moratorium ends?
Vishnu
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September 21, 2020
2020-09-21T18:39:02+00:00 2020-11-11T19:10:47+00:00Comment
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