If you’ve been following our updates on Instagram, you’d already know about some of the relief measures announced by the Finance Ministry last week. Today, we’d like to add a few more quick updates to this list.
EMI Moratorium
In line with RBI guidelines, banks are now offering a three month EMI moratorium as a relief to customers. This means that if your loan installment or credit card payment is due, you may defer this payment for the months of March, April and May. As of now, the moratorium period ends on 31st May, 2020.
Interest on EMI
Interest, however, will continue to be calculated on the outstanding balance. We recommend that you continue to make your payments on schedule, unless you are facing a serious financial crunch.
Insurance Premium Extension
Any insurance premium due during the lockdown, between 25th March to 14th April, may be paid by 21st April. The cover will also be extended, despite the delay in premium.
Do take a look at all the other relevant updates here –> bit.ly/LockdownUpdates.
On another note, I’m curious, have you been able to start the lockdown exercises we talked about last week?
Until next time, stay safe, stay healthy, and stay home.
