Loan moratorium is a\nsolution that has helped many struggling customers to manage all their loan\nrepayments. Yes, this solution was passed by the RBI as of March 1st and is\nsupposed to end on 31st August 2020.<\/p>\n\n\n\n
But what happens post\nmoratorium period ends?<\/p>\n\n\n\n
You will start\nrepaying your monthly loan EMI<\/a> as you used to do earlier. This time, you will have to pay an interest\namount extra (for all moratorium months). <\/p>\n\n\n\n What if I cannot repay\nmy loan EMI post moratorium period?<\/p>\n\n\n\n Well, this will not be\ngood for your credit score. You will struggle with Banks as non-payment of EMIs\nis equal to being a defaulter in the eyes of the lender. And defaulters have a\ntough time getting any new loan approved in the future.<\/p>\n\n\n\n What if RBI extends\nmoratorium until 31st December 2020?<\/p>\n\n\n\n This will give you an\nadditional period of 4 months where you don’t need to repay loan EMI. But the\ndownside to this solution is that an interest amount will be charged for each\nmonth you opt for the moratorium. This is over and above all EMI that you pay.<\/p>\n\n\n\n What do you suggest\nregarding loan moratorium being extended?<\/p>\n\n\n\n Ruloans believes that\nit is a good idea to opt for moratorium only when you are not earning any\nincome and absolutely have no extra savings. But if you are earning and can\nmanage your household expenses, we suggest that you start repaying your loan\nEMI. This will help you reduce your loan burden and save you from repaying\nextra interest money.<\/p>\n\n\n\n But why should a\ncustomer not take the benefits of the moratorium period?<\/p>\n\n\n\n There is no such\nbenefit of this moratorium except for those who are not earning any income.\nYour loan EMI will increase and so does the tenure. This means you will be\npaying your EMIs for a longer tenure than before. <\/p>\n\n\n\n Hence as much as\npossible pay whatever you can as loan EMI. If you wish for another solution,\nlook for loan restructuring. This solution is best as you can discuss with the\nBank and change your loan repayment terms. Through this, tenure will increase,\nand loan EMI will decrease. Isn’t that a good deal?<\/p>\n\n\n\n Please do plan well in\nadvance and make a sound decision as loan repayments can take a long time to\ncomplete. As always, if you wish to find the best deals on home loans<\/a> or lowest interest rates on home loan balance\ntransfer in India<\/a>, visit\nour website and APPLY HERE<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Loan moratorium is a solution that has helped many struggling 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