What actually is an EMI grant for a three month period?
Yesterday RBI Governor Shashikant Das authorized banks to deferred home, car, and other loans to EMI for 3 months. Private, governmental banks and non-bank financial services or NBFC’S can take decisions on this suggestion. Home loan financing companies or providers would also be able to give customers convenience. The Banks are responsible for enforcing this note. When you skip the EMI, you will be fined both the bank from which the EMI is withdrawn, and the bank from which the loan is obtained. The CIBIL score falls dramatically, too. And if you skip the installment, it can be a major hit. The reserve bank, however, has indicated banks need not cut EMI for three months. Banks have been given the right to make decisions on it. so what would be the impact? The issue must have gone down. Let us see what happens. The RBI decision will come into effect as of 31 March. It will offer support from this day on for those who go to EMI. There is no penalty if a person has taken out a h