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Md Omar farooq   27 March 2020


can employees get EMI moratorium benefit as declared by RBI


 6 Replies

Raghav Arora   27 March 2020

The benefits of the Moratorium declared by RBI is on the EMI of Loans and not the EMIs on Credit cards which are not considered as loans. Any other loans will get an extension of 3-months. However, the guidelines are not very clear and before assuming anything, you should talk to the customer care once.

G.L.N. Prasad (Retired employee.)     28 March 2020

In what way the borrower gets any benefit depends on the occupation of borrower and his income source.  Though it may appear as good immediately, there is no benefit ultimately as loan has to be paid today or tomorrow and the only advantage is that lender can not bring pressure and confiscate the assets acquired through raising loans.  (Transport vehicles mainly)

T. Kalaiselvan, Advocate (Advocate)     28 March 2020

You may go through the announcements made by government in this regrade recently to overcome the crisis of EMI repayment etc.,

If you are not sure of the exact law or rules ion this regard, you may just wait for more announcements to follow. 


Vishnu P Sopanam   30 March 2020

please give a request to your bank as I did.The EMI deferment is at sole discretion of the bank as per the banks policies approved by the board.otherwise EMI will be deducted as usual

G.L.N. Prasad (Retired employee.)     30 March 2020

If you want complete details always search in google and go through actual orders/circular on any issue and also FAQ.  This forum can only provide basic guidance on simple and general litigation matters and members can not provide guidance on each and every issue because someone has raised a query on issue not related to litigation/law.

As per the RBI circular, the moratorium applies to all lending institutions, and at the request of the borrower, the LI may consider for such postponement of EMI after convincing of the genuine reasons as per borrower's request.

If the query is on loan granted to an employee by the employer for purposes such as housing, vehicle, etc. I am afraid that it is not applicable even when the employer is LI.

T. Kalaiselvan, Advocate (Advocate)     30 March 2020

You may be aware that the EMI payment will not be waived, but this 3 months EMI stopped now due to the present crisis shall be deducted from you either by extending the loan repayment tenure or it may added to the loan interest and collected after that as interest


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