Here we would like to clarify everything about RBI’s announcement to the Indians regarding the Monthly Installments, Repo Rate, Reverse Repo Rate. The first thing that everyone has been looking for MONTHLY INSTALLMENTS.
RBI announced a 3-month Moratorium for all Monthly Installments for all the citizens which should be strictly followed by all the banks of India which also includes all the non-banking Financial Institutions like Bajaj Finserv. This moratorium should be followed by all the banks and non-financial banks and apps that got registered under the RBI act. If they auto-debit your amount at any time during these 3 months, they will be severely punished with huge fines. This is a piece of very good news for Middle-class people.
Also would like to confirm that this EMI debit will include Home loans, car loans and all type of loans. Even if you don’t pay the amount it will not affect your CIBIL score. So, no need to worry. You can pay this amount any time after these 3 months during your payment period. No bank or financial institution has the right to threaten you or ask to pay EMIs during this moratorium period.
Also, the RBI reduced the REPO RATE & the Reverse REPO rate through which this would indirectly affect your monthly interest. That means your monthly interest rates would also cut during this period as announced by RBI. So, finally, your interest rate would be cut, and you don’t need to pay the EMI for 3 months and this will also not affect your CIBIL score. Just set back relax and spend some quality time with your family and take care of your health.
But make sure your bank or app or any financial institution is registered with RBI to enjoy these reliefs.