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EMI Moratorium was announced by RBI during 2020 to provide temporary relief to borrowers who had faced difficulties in making their loan repayments in a timely manner on account of the Covid-19 crisis. People had faced financial distress due to various reasons like job loss, salary cuts, medical bills and so on. This made RBI come up with the EMI moratorium scheme for a period of 6 months between 1st March and 31st August 2020.
As it was a temporary relief scheme, it was advisable for borrowers to opt for the scheme only in case of a cash crunch, otherwise, they would have to end up having to pay more interest. This is so because the interest portion only gets deferred for the moratorium period, after the period ends, the same has to be paid including interest during the moratorium period. This scheme is no longer valid as the moratorium period has expired.
What is the EMI Moratorium – COVID-19 Relief on EMI for Loans & Credit Cards?
Home loan borrowers who had opted for the 6 month EMI moratorium did not have to pay interest for the moratorium period, resulting in reduced cash outflow. However, the home loan being a long-term loan, one should be prudent while opting for a moratorium on home loans. They should consider it only if there is a genuine cash crunch, otherwise, it increases the risk of increased interest burden and tenure could also increase accordingly.
The RBI EMI Moratorium relief scheme was also applicable on credit card dues for the above period of 6 months. This does not mean that the interest portion gets waived off. In fact, due to the credit card having a higher rate of interest, this interest keeps getting accrued for the six month moratorium period. This meant that once the moratorium period ended, the borrower will have to pay interest on this six month period also, along with the normal credit card dues, increasing cash outflow significantly. This interest charge is normally about 2%-4%.
It is therefore considered prudent to consider the EMI moratorium scheme only if you are facing a cash crunch, otherwise it will only entail higher interest costs.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
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Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
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Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
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It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
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