New Delhi: The headache of borrowers in banks has now begun. The EMI exemption period, which was issued in the wake of the lock down, will expire and repayment of loan instalments by June. The RBI has again contemplated an EMI exemption for next three months.
Yes, a fourth-level lock down order is in effect in the wake of the Corona virus infection. People are worried. Many people are suffering without food. Against this backdrop, RBI has granted a three-month exemption for repayment of loan instalments during the first phase of lock-down. Lock down 4.0 has been implemented since then. Thus, people who are not working have got into a hardship to repay the loan. But RBI is looking forward to helping people in distress once again.
The RBI will make a significant announcement in the first week of June, and most importantly, the EMI exemption for another three months. RBI is seriously considering this. If suppose RBI extend exemption for next three months, customers who have taken the loan can be stress free until August 31.