Personal Finance News

Interest Credit on Loans – Post-Moratorium Phase

For months now the covid-19 pandemic has taken our comfort in everything.

And everything will take a lot of time to get to normal and fall in line.

Everybody knows about the deal of RBI in which the moratorium was announced for three months and again it got delayed is now over.

Borrowers opted for a moratorium out of anxiety and fear of the unknown and now the government is trying to find a solution for the borrowers.

The amount will automatically be sent to the borrowers account.

And the Government is offering to those that are overdue for less than 90 days.

During the moratorium,

The borrower will pay the compound interest, which means,  interest on interest as interest will be added every month to the total loan amount.

November 5, 2020,

Is the time given by the government to all the lenders to give the amount to the eligible borrowers.

Now all the borrowers should take time to check their loans.

And many lenders will also increase their loan time by 2 to 3 years.

Repaying/pre-paying will ensure that your cash flows are now relaxed.

Your overall borrowing limits increase and you prove your intention of repaying.

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