The RBI has announced a 3-month moratorium on all the loans. Lakhs of borrowers will get relief fr next three months. They can repay after 3 months.
The repo rate has been reduced by 4 per cent. The EMIs can be paid after 3 months time. This is because of the lockdown declared by the central government on account of Corona.
This is the right decision taken by the RBI for the benefit of the account holders and also investors apart from the borrowers. It may be recalled that yesterday teh FM Nirmala has announced some sops to the poor and common man part from teh farmers.
This is very comforting for the borrowers. The CIBIL score will not get affected in the process. One must appreciate the decision taken by the RBI at this point in time.
The Common man will be very happy with the decision of teh RBI. This will apply to all kinds of loans. The dues supposed to be paid from the March are rescheduled by three months.
It is applied to due on credit cards also.
