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Old 1st April 2020, 10:00   #46
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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Originally Posted by speedmiester View Post
I have a home loan and a car loan from SBI.
Usually I can see the interest component added to the balance on the last day of the month. I do not see it this month, looks like SBI has stopped all EMIs as informed by their Chairman.
Also the interest rates for home loan has reduced.
Exactly. Same with my Home loan account.

The surprising part is the non charging of interest. Is it because of the year ending?

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Originally Posted by fordday View Post
Which category of interest rates are you in? EBR, MCLR or Base rate?
Most likely EBR. In SBI, EBR is linked to Repo hence the reduction.
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Old 1st April 2020, 10:15   #47
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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Originally Posted by Warwithwheels View Post
Exactly. Same with my Home loan account.

The surprising part is the non charging of interest. Is it because of the year ending?



Most likely EBR. In SBI, EBR is linked to Repo hence the reduction.
Interest has not been added for me as well. But the rate is still the old one. How do you check which type of rate the loan is linked to?
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Old 1st April 2020, 10:18   #48
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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Originally Posted by m8002? View Post
What I understood at the time of discussion was that we need to show proof of loss of job and the insurance company will pay the EMI for 3-4 months on your behalf. Since the EMI gets paid, my guess is that it should not impact your credit score.

Please check if the insurance covers job loss. Thats an add-on. You regular/standard insurance will only protect your house from damage like fire/earthquake/etc.
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Originally Posted by sunishsamuel View Post
How does the insurance on loan work ? So if you are unable to pay due to job loss, unable to find suitable work etc, can you stop paying the EMI and will bank then invoke insurance and cover up the losses/close the loan ? I believe most folks did opt for insurance while availing personal loans, home loans etc. In such a scenario will it affect cibil score etc. ? Will there be any legal proceedings due to this affecting Aadhar/PAN or future credit ?
From what I understood when I read a bit about the policy on offer long back when I was taking my loan, the job loss EMI cover will not be applicable if you loose your job due to regular reason - getting fired. This is applicable only in case of an emergency such as accident, hospitalization (any reason), disability, etc.

So do read the T&C of the policy on offer. There are many add-on available in existing health covers as well which will cover your EMI based on certain conditions. Payment depends upon, again, on T&C. You may get it into your account or it might get paid directly to your loan bank. Will depend upon your T&C.

Last edited by sunilch : 1st April 2020 at 10:33.
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Old 1st April 2020, 10:30   #49
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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Originally Posted by sunilch View Post
From what I undersdtood when I read a bit about the policy on offer long back when I was taking my loan, the job loss EMI cover will not be applicable if you loose your job due to regular reason - getting fired. This is applicable only in case of an emergency such as accident, hospitalization (any reason), disability, etc.

So do read the T&N of the policy on offer. There are many add-on available in existing health covers as well which will cover your EMI based on certain conditions. Payment depends upon, again, on T&N. You may get it into your account or it might get paid directly to your loan bank. Will depend upon your T&N.
I was told that it would cover regular job loss ( M&A, downsizing, etc ) as well. What is not covered is job loss due to disciplinary/illegal/fraud actions.

But I agree in India, its a grey area since many companies ask you to voluntarily resign even during downsizing.
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Old 1st April 2020, 10:33   #50
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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Originally Posted by varunswnt View Post
What are the ways to instruct SBI bank to continue deduction of my EMI during this moratorium period?
Here is what is published on SBI website.

https://sbi.co.in/stopemi

Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more-screenshot_20200401103046.jpg

Last edited by varunswnt : 1st April 2020 at 10:47. Reason: Updating defunct url
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Old 1st April 2020, 10:35   #51
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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Originally Posted by varunswnt View Post
What are the ways to instruct SBI bank to continue deduction of my EMI during this moratorium period?
Has anyone done the same, please let me know.
Why would you need to do that? Unless you specifically ask for EMIs to be stopped, they would continue as usual. That is exactly what is happening for my car loan.
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Old 1st April 2020, 10:38   #52
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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Originally Posted by m8002? View Post
Interest has not been added for me as well. But the rate is still the old one. How do you check which type of rate the loan is linked to?
The product name should throw some light on the type of product. It is usually seen in the loan account statement.

Here's a detailed advisory from SBI regarding the EMI moratorium.

Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more-screenshot-20200401-10.31.58-am.png
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Old 1st April 2020, 11:24   #53
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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Originally Posted by ast.ggn View Post
HDFC was running a banner on their website till yesterday
They have put up an advisory on the same
https://www.hdfcbank.com/personal/pa...loan-repayment

Edit: Also on their netbanking login page
Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more-dgp.jpg

Last edited by procrj : 1st April 2020 at 11:40.
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Old 1st April 2020, 14:35   #54
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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Originally Posted by m8002? View Post
Interest has not been added for me as well. But the rate is still the old one. How do you check which type of rate the loan is linked to?
Please check the account once again. Interest has been added now. Looks like it is more of an year end process. Hence no moratorium on interest.
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Old 1st April 2020, 14:38   #55
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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Originally Posted by doxinboy View Post
Login to the website and transfer from your savings account to loan account manually. I haven't done it, but guess it works.
OT:

It works, I had a car loan from SBI. They never deducted a single EMI right from the beginning. I visited the branch a couple of times and they did not fix it. I simply set up standing instruction for the EMI amount to be transferred via NEFT every month to the loan account. It worked. SBI can be really different.
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Old 1st April 2020, 15:53   #56
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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Originally Posted by procrj View Post
They have put up an advisory on the same
https://www.hdfcbank.com/personal/pa...loan-repayment

Edit: Also on their netbanking login page
Attachment 1986905
I opted for the deferment for my Auto Loan and Home loan. Pretty straight forward process, got reference ids against the both the requestes.

The industry I work for has already lost lots of business, cashflows would be severly affected. No idea what future holds.
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Old 1st April 2020, 16:08   #57
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

Layman's question - can anyone tell me what the default option at ICICI for opting in or out? I am having trouble with their site and I don't want to avail it.

I have keyed in my phone number and PAN but haven't submitted. Not sure if submitting means opting-in.
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Old 1st April 2020, 17:09   #58
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

In case the request for deferment is not explicitally communicated to the concerned bank, the EMI deduction would keep happening in the usual manner.
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Old 1st April 2020, 17:16   #59
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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Originally Posted by BANDHAV View Post
I opted for the deferment for my Auto Loan and Home loan. Pretty straight forward process, got reference ids against the both the requestes.

The industry I work for has already lost lots of business, cashflows would be severly affected. No idea what future holds.
What is the process that you followed. I did not find any online links/pages for this process.
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Old 1st April 2020, 17:35   #60
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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Originally Posted by Aiel View Post
What is the process that you followed. I did not find any online links/pages for this process.
Go to hdfcbank.com

On the main landing page only you would see
'Corona Virus Guidelines and Support'.

Click on Financial Assistance and Loan Moratorium.

There is link under 7th Question. Click on this it would take you to Request submission page.

Have attached screenshot for your reference. I hope this helps.

Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more-screenshot_20200401172249_chrome.jpg

Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more-screenshot_20200401172300_chrome.jpg

Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more-screenshot_20200401172409_chrome.jpg

Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more-screenshot_20200401172933_chrome.jpg

Last edited by aah78 : 1st April 2020 at 20:14. Reason: Pictures inserted in-line. Please check Announcements on how to insert pictures within text. Thanks!
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