Thursday, April 2, 2020

Moratorium on loan EMIs - Moratorium is for payment of EMIs, not on interest



FACTS
Moratorium is for payment of EMIs, not on interest: Under the relief package, the government has instructed banks to give borrowers a grace period of three months for payment of EMIs. If you have a loan going, you need not pay the EMI for March, April and May. However, this does not mean that three months’ EMI have been waived. It is only a grace period, not a waiver of the loan. 



మనం SBI  కి EMI  కట్ చెయ్యొద్దు అని ఇచ్చే లెటర్ లో ఈ క్రింది విధం గ ఉన్న CONDITIONS  కి వొప్పుకుంటున్నట్లు సంతకం చేస్తున్నాము . కనుక పై మూడు పద్ధతుల్లో ఏదో ఒకటి చేసినపుడు మనం అంగీకారం తెలిపినట్లే .


I/we understand that: 

a)The repayment duration of my loan will get extended by the above period of deferment.
b) Interest will continue to accrue to my loan account during the period of deferment and this could result in increase in the amount/number of my EMIs.
c) I also authorize you to recover the deferred instalments/ EMIs in future through NACH along with the interest in as many EMIs as may be required. 2. Please refund the amount of Installments already recovered for the month of (March/April/May 2020) 

Yours faithfully, 

Signature of 1st Borrower.             Signature of 2nd Borrower






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