When an announcement has come earlier from Reserve Bank of India that there will be a moratorium on EMIs to be paid, everyone has enjoyed to the core, hoping that they need to pay three months of monthly loan installments. As April 1st is coming, now a tension started to build as no bank has sent any notice regarding the exemption of paying EMIs. So what to do?
On March 30th and 31st, as usual, messages kept coming from the various house loan, car loan and other consumer durable loan lending banks that funds be ready in accounts as ECS date is coming. That’s the shocker for middle-class now and also it clarifies that they have to pay EMIs as scheduled.
According to few financial and business newspapers and media, RBI has asked banks to take a decision on the moratorium. For individuals to get benefited by that, they have to approach the bank, showcase that their income got affected due to Covid-19 outbreak and the manager will take a call whether they should give EMI holiday or not.
In these lockdown times, it is not that easy to approach banks, submit these stuff to get necessary permissions in order to avail EMI holiday for three months. Also, the moratorium doesn’t cover any credit cards so naturally, the IT sector employees who have depended on swiping their credit cards might not get the needed respite.
All said and done, the ECS payments are going to strike your bank account on time as scheduled. So make sure that you fill the accounts with needed funds rather than facing late payment charges later.