The Governor of Reserve Bank of India, Shashikans Das Gupta (Shaktikanta Das) has not given exemption in filling EMI from this time. Keeping in mind the outbreak of Coronavirus, the Reserve Bank had earlier announced relaxation in EMI. So for three months, customers were taking advantage of the Moratorium loan, but it will be necessary to fill EMI from September. Not doing so may affect the credit score. However, along with this, the central bank has also issued another new scheme for the customer.
Shashikant Das has released another scheme for loan settlement in the new announcement. Customers can get their loan settlement done through this scheme also. The good thing is that the defaulters will be deprived of the benefits of this scheme. The Governor of Reserve Bank of India announced the debt restructuring facility in the meeting of the Monetary Review Policy. After getting the approval of loan restructuring, now banks can reschedule their loan repayment schedule. Under this, banks can increase the repayment period or can also give relief in payment. Under this restructuring, banks will be able to decide whether to reduce the EMI, increase the loan period, or simply charge interest.
Bank customers can reduce the EMI by increasing their loan tenure. This will pay them installments regularly, but the amount will be reduced. Knowledgeable about the loan related to the banks, Sunil Singh says that up to 70 percent of the customers had included their loans in the Moratorium scheme. Through the banks, the government had given relief to the customers during the Corona period, but will have to pay the installment from September. The relief is that the EMI can be reduced by increasing the time period of the loan. Banks can do restructuring at their level only. This will not spoil the customer's cibil score.