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In wake of the country-wide lockdown due to the Covid-19 pandemic, economic activities have been severely disrupted. In view of the same, RBI has extended the moratorium on loan EMIs by three months, i.e. from June 1, 2020 to August 31, 2020 to provide relief since people have seen a pause in incomes and cash-flows due to a halt in business activities.
The earlier three-month moratorium on the loan EMIs was ending on May 31, 2020. This makes it a total of six months moratorium on loan EMIs starting from March 1, 2020.
This means truck owners will now get an additional grace period of 3 months for payment of EMIs on loans taken for trucks and working capital.
The RBI has further clarified that such treatment will not lead to changes in the terms and conditions of the loan agreements which is same as announced in the previous moratorium period.
It is important to note that interest on the outstanding principal amount will continue accruing during the period of the moratorium. At the end of the 6 months, the interest for 6 months would be added to the outstanding principal amount. This will either result in an increase in the EMI amount payable in future months, or else, in case the borrower is unable to bear the higher EMI, the loan tenure might be extended.
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