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Moratorium period and grace period are two terms that are often confused to be the same. These two terms, however, have many key differences.
With the continued impact of the Covid-19 pandemic on the economy, the Indian government announced multiple timely measures to offer relief to millions of individuals and small businesses.
In a significant relief to borrowers, the Finance Ministry recently announced the waiver of interest on interest for small loans up to Rs. 2 crores. The Supreme Court on 14th October approved the scheme and instructed the central government to implement the scheme as early as possible.
The RBI recently announced that it would allow a one-time restructuring of loans across all sectors. This move has been hailed as a much-needed lifeline for borrowers struggling to repay their EMIs due to the economic fallout of the Covid-19 pandemic.
In a bid to give some relief to taxpayers and homebuyers amid the Covid-19 crisis, the Reserve Bank of India (RBI) had some time back directed all banks, NBFCs and housing finance companies (HFCs) to allow three months’ moratorium on the EMI payments of various retail loans, including home loans, as well as working capital loan instalments which were due for payment between March 1, 2020, and May 31, 2020.
Dewan Housing Finance Limited (DHFL) is one of the key players in the housing loan market in India. It has been offering affordable housing loans to its customers for many decades now.
India went into a nation-wide lockdown in March as a preventive measure to curb the spread of the deadly Coronavirus. As a result, millions of businesses – big and small – that do not fall into the category of essential services had to pause their operations.
The Reserve Bank of India announced in June that it is extending the moratorium on loan EMIs and credit card bills for three months.
The ongoing Covid-19 pandemic has created massive financial stress for individuals and businesses, across all sections of the society. To ease borrowers' burden during these challenging times, the RBI (Reserve Bank of India) has issued a directive to all commercial banks and NBFCs to offer customers an interim relief in their loan repayment schedules.
The government of India has launched several measures to help citizens deal with the economic blowouts caused by Coronavirus-lockdowns and restrictions. One such relief measure is the – moratorium on loan payments.
After the onset of Covid-19 pandemic, the Reserve Bank of India announced a 3-month moratorium on term loan repayments as part of its economic relief measures. This moratorium applies to all payments between March 1-May 31, 2020 and also covers credit card dues.
If you wish to avail the moratorium announced by the RBI for term loan EMIs and credit card dues for the next three months, from June 2020 to August 2020, then you need to take action quickly.
The Reserve Bank of India recently announced an extension of the 3-month moratorium given to borrowers due to the uncertainties caused by the Covid-19 outbreak. Initially, the RBI had announced the moratorium from March 2020 to May 2020.
In view of cash flow and income disruption due to the ongoing COVID-19 pandemic, RBI has announced the extension of the Moratorium period for up to 31st of August. Although it will ease the repayment worries for the borrowers, it will certainly increase the debt burden as they will need to repay with additional interest on the outstanding loan amount
The Reserve Bank of India (RBI) recently allowed banks in the country to provide a three-month moratorium on fixed-term loan and EMI payments to help millions of people with bank dues during the novel coronavirus pandemic.
With India being in lockdown currently to contain the spread of COVID-19, the Reserve Bank of India has announced several measures, to tide over the economic fallouts.
The ongoing Coronavirus pandemic has brought the whole world to a standstill. With more than 1600 cases in India, the entire country is in lockdown. With factories shutting down production, hotels, malls, restaurants and other entertainment complexes closed, millions of Indians find themselves facing a massive economic crisis on top of the ongoing health crisis.
The Coronavirus pandemic has forced the entire nation to go into lockdown mode. Millions of Indians are struggling to make ends meet as they find themselves on the verge of losing their job or having to do with reduced salaries and incomes.
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