EMI Moratorium Cost Implication – Home Loan & Credit Card

EMI Moratorium Cost Implication – Home Loan & Credit Card

Finances News

EMI Moratorium is announced by RBI as a regulatory package against COVID-19. As per RBI circular, all term loans including retail, agriculture and crop loans taken from commercial banks, co-operative banks, and NFBC are permitted to grant 3 months of EMI Moratorium between March 1, 2020, to May 31, 2020. Additionally, credit card dues are also included in these benefits. This means if you opt for moratorium you will be allowed to defer your EMI payments and credit card dues up to 3 months. In the first instance, it seems to be a very good option to take EMI Moratorium