The EMI holiday is applicable for both the principal of the loan amount and the interest. The moratorium will not provide a waiver and the interest will continue to accrue on your EMIs during this 3 month period (from March 1,2020 to May 31,2020) and it will also get added to your outstanding amount. If you have already made payments for the month of March, the EMI holiday will only benefit you for the months of April and May.

The EMI Payment holiday will include payments falling under the below category:

  • Principal and/or interest components
  • Lump Sum repayments
  • Equated Monthly Instalments (EMI's)
  • Credit card dues

This EMI holiday was introduced for people who wouldn’t have a regular cash flow during the lockdown, so they would be able to handle their finances better. However, people who are able to keep up with the regular schedule of paying their EMIs need not opt for an EMI holiday.