No EMI’s for 3 months till July 1st,2022

RBI has announced a moratorium of three months of EMIs on all outstanding loans was announced.

The statement says: “All commercial, regional, rural, NBFCs and small finance banks are being permitted to allow 3-month moratorium on payment of instalments in respect of all term loan EMIs outstanding on March 31.”

What does this mean?
No EMI’s will be deducted from your Bank account for the next 3 months and this is not only for Bank EMI’s and it’s also for NBFC’s like Bajaj FinServ, HDFC etc.,

RBI in it’s statement said
All commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, all-India Financial Institutions, and NBFCs (including housing finance companies and micro-finance institutions) (“lending institutions”) are being permitted to allow a moratorium of three months on payment of instalments in respect of all term loans outstanding as on March 1, 2020.