# Good news for all debtors
# No loan payment for three months
# RBI Instructs banks
#No EMI to car loans
All those who have taken bank loans can take a sigh of relief as the government have put a moratorium on all bank loans for three months, which means you do not have to pay the equal monthly instalments for three months.
RBI governor Shaktikanta Das on Friday announced that banks are permitted to allow a three-month moratorium for on payment of EMIs on all term loans that were outstanding on March 1.
However, this means that the final decision to provide such a relief is in the hands of the banks.
This is one of the key takeaways from RBI’s announcements as many people have been financially affected due to the lockdown implemented to prevent novel coronavirus from spreading in India. But it remains to be seen as to what extent this helps customers.
This will go a long way for the small and medium enterprises as they have a loan and monthly instalments during this lockdown period would have ruined the business of all.