{"id":5168,"date":"2020-04-02T20:16:17","date_gmt":"2020-04-02T14:46:17","guid":{"rendered":"http:\/\/blog.ruloans.com\/?p=5168"},"modified":"2020-04-02T20:16:17","modified_gmt":"2020-04-02T14:46:17","slug":"important-facts-for-personal-credit-card-home-car-loan-borrowers-post-rbis-moratorium-announcement","status":"publish","type":"post","link":"https:\/\/www.ruloans.com\/blog\/important-facts-for-personal-credit-card-home-car-loan-borrowers-post-rbis-moratorium-announcement\/","title":{"rendered":"Important facts for Personal, Credit Card, Home &#038; Car Loan Borrowers post RBI&#8217;s moratorium announcement"},"content":{"rendered":"\n<p>Last week, RBI the apex body that controls the issue\nand supply of the Indian rupee made an important announcement. This was related\nto the after-effects of the Covid-19 i.e. the Coronavirus that has more than\n750,000 cases worldwide.<\/p>\n\n\n\n<p>With airports, businesses and countries shut, the\nIndian economy has taken a huge hit. We are now under a 21-day lockdown. RBI\nGovernor Shaktikanta Das made an announcement where it would try easing this\neffect on the Banks and NBFCs.<\/p>\n\n\n\n<p>Here are some of the key announcements made:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The repo rate will be deducted from 5.15% to 4.40%.<\/li><li>The reverse repo rate will be deducted from 4.90% to 4.00%<\/li><li>CRR Balance reduced from 90% to 80%.<\/li><li>A 3 month moratorium period on all term loans.<\/li><\/ul>\n\n\n\n<p>After these announcements, people have been confused\nas to what to expect. Hence we will clear all your doubts with these 4\nimportant factors.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Clarity\nis the key:<\/strong><\/li><\/ul>\n\n\n\n<p>The main confusion among people is if they have to\npay EMI for the next 3 months or no. The answer is &#8220;YES&#8221;. You will\nhave to pay your loan EMI like you have been doing.&nbsp;<\/p>\n\n\n\n<p>RBI has given the decision of a 3-month moratorium\nto the Banks and NBFCs. Only if your bank sends you a notification, you will\nget this benefit. If no, then you will continue paying off your loan EMI every\nmonth.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>3\nmonth moratorium doesn&#8217;t mean EMI free holiday:<\/strong><\/li><\/ul>\n\n\n\n<p>If your Bank gives you this 3-month benefit, it\ndoesn&#8217;t mean you will never have to pay for this. Your loan tenure will be\nshifted ahead by 3 months. Hence it is wise to not cancel your auto-debit of\nloan EMI from your account. Also, confirm with your Bank in case interest\ncharges will be applied for this 3-month moratorium period.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Borrowers\nthat are struggling with their EMIs:<\/strong><\/li><\/ul>\n\n\n\n<p>The 3 months are given because everyone is at home\nand expenses will arise. Also, there is a chance of loss of income. Hence you\ncan utilize the EMI money for these expenses. We request you to save as much as\nyou can and not spend unnecessarily. Cost-cutting will help you save money as\nonce this period ends, you will have to repay the loan EMI again.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Borrowers\nthat can afford their EMIs:<\/strong><\/li><\/ul>\n\n\n\n<p>If you&#8217;re sorted with your EMI&#8217;s then it is time to\nrestructure your savings plan. You can increase your emergency fund or even\ntake health insurance for your family. Also, even though the 3 months is\napplied for credit cards, it would be nice for you to pay them off first as\nhigh-interest charges (36-42%*) can be applied to them.<\/p>\n\n\n\n<p>So here are some important things every term loan borrower must know. If you&#8217;re looking for the best loan deals in Mumbai today, <a href=\"https:\/\/www.ruloans.com\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Click Here (opens in a new tab)\">Click Here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last week, RBI the apex body that controls the issue  [&#8230;]<\/p>\n","protected":false},"author":1,"featured_media":5169,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"footnotes":""},"categories":[98],"tags":[978],"class_list":["post-5168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rbi-moratorium","tag-rbi-moratorium"],"rttpg_featured_image_url":{"full":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement.jpg",714,246,false],"landscape":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement.jpg",714,246,false],"portraits":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement.jpg",714,246,false],"thumbnail":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement-150x150.jpg",150,150,true],"medium":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement-300x103.jpg",300,103,true],"large":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement.jpg",714,246,false],"1536x1536":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement.jpg",714,246,false],"2048x2048":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement.jpg",714,246,false],"blog-large":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement-669x246.jpg",669,246,true],"blog-medium":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement-320x202.jpg",320,202,true],"recent-posts":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement-700x246.jpg",700,246,true],"recent-works-thumbnail":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement-66x66.jpg",66,66,true],"fusion-200":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement-200x69.jpg",200,69,true],"fusion-400":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement-400x138.jpg",400,138,true],"fusion-600":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement-600x207.jpg",600,207,true],"fusion-800":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement.jpg",714,246,false],"fusion-1200":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement.jpg",714,246,false],"portfolio-full":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement.jpg",714,246,false],"portfolio-one":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement-540x246.jpg",540,246,true],"portfolio-two":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement-460x246.jpg",460,246,true],"portfolio-three":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement-300x214.jpg",300,214,true],"portfolio-five":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement-177x142.jpg",177,142,true],"menu-24x24":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement.jpg",24,8,false],"menu-36x36":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement.jpg",36,12,false],"menu-48x48":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement.jpg",48,17,false],"web-stories-poster-portrait":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement.jpg",640,221,false],"web-stories-publisher-logo":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement.jpg",96,33,false],"web-stories-thumbnail":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/04\/RBI-announcement.jpg",150,52,false]},"rttpg_author":{"display_name":"admin","author_link":"https:\/\/www.ruloans.com\/blog\/author\/admin\/"},"rttpg_comment":1,"rttpg_category":"<a href=\"https:\/\/www.ruloans.com\/blog\/rbi-moratorium\/\" rel=\"category tag\">RBI Moratorium<\/a>","rttpg_excerpt":"Last week, RBI the apex body that controls the issue 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