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Old 12th April 2020, 02:14   #76
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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
Current moratorium proposal is nothing but an eyewash and source of additional income for banks.
Add the GST/IT refund to the list. The government isn't responding in the way it is needed to. Giving a refund to citizen which he is entitled to, and showing that as a measure to help !
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Old 12th April 2020, 09:43   #77
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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 SoumenD View Post
Same issue here. My home & car loan EMI date is 5th of every month but its still not deducted.
So you might want to wait till tomorrow before making any transfers.
My EMI issue is not resolved yet. EMI amount was debited from my Citi account on 7th but did not get credited till today. Usually it takes one or two days to get credited.

Is my EMI amount in transit, or it is delayed due to the unusual circumstances or it could be the march ending thing or did it simply vanish?

What about yours?
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Old 12th April 2020, 17:49   #78
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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 humyum View Post
This is daylight robbery. Look at the money that needs to be paid if you defer, is this called relief by any chance?

Relief would have been, 3 months EMI not to be paid, your EMI tenure will extended by 3 months, no change in anything, just 3 months more duration.
Initially, even I thought in the similar lines, later realized that this is the maximum help that they can do. Even they(read banks) got payments to make which they neither can deny nor can differ. They have to pay salaries, rents, interests on deposits, and other expenses.

What is the benefit that the loan customers are getting? They can differ the EMIs for three months, save the cash for monthly running expenses, they don't get remarks in their CIBIL score, that's it.

Suppose, a customer got a monthly payout type Fixed Deposit with a bank, will he/she agree if the bank stops/differ their interest payout for three months citing corona virus effect? Most probably he/she will not agree for that, particularly in the current situation.

Banks have many things to strike balance with, considering all the factors, this is the maximum benefit that they can give.

They are not being tricky, but the situation itself is tricky.

Last edited by wheelguy : 12th April 2020 at 17:52.
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Old 13th April 2020, 14:24   #79
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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 fordday View Post
My EMI issue is not resolved yet. EMI amount was debited from my Citi account on 7th but did not get credited till today. Usually it takes one or two days to get credited.

Is my EMI amount in transit, or it is delayed due to the unusual circumstances or it could be the march ending thing or did it simply vanish?

What about yours?
Same here. It was debited on 7th but still not updated. I believe its better to give it some more days before worrying. Last week had 3 holidays(6th,10th & 11th) & they are anyways working lean in this situation. So probably its taking time. If they have debited, it will eventually be updated. The money is safe. Relax

Overall this Moratorium should be applied for, only if you depend entirely on monthly income and its affected now due to the shutdown leaving you with no option to pay the same. Else, its better to continue paying it.

Last edited by SoumenD : 13th April 2020 at 14:25.
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Old 13th April 2020, 14:56   #80
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

My house loan & saving account is from ICICI and gets Auto debited every month on 5th. This time, 5th being Sunday my saving account got debited on 6th however in my loan they automatically applied moratorium. So the bank has taken the money but has not credited in the loan account. Wonder if they might return it back to the account and keep charging Interest on the home loan?

A quick question for the finance experts- we all know PLR is way lower than regular interests, is it not possible that the Government issues a circular to Banks to charge only PLR to end customers for this period and in-lieu give the same money to the Banks for such period and amount?

Last edited by Turbanator : 13th April 2020 at 15:00.
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Old 13th April 2020, 15:40   #81
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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 Turbanator View Post
My house loan & saving account is from ICICI and gets Auto debited every month on 5th. This time, 5th being Sunday my saving account got debited on 6th however in my loan they automatically applied moratorium. So the bank has taken the money but has not credited in the loan account. Wonder if they might return it back to the account and keep charging Interest on the home loan?

A quick question for the finance experts- we all know PLR is way lower than regular interests, is it not possible that the Government issues a circular to Banks to charge only PLR to end customers for this period and in-lieu give the same money to the Banks for such period and amount?
1) No they won't. I had the same setup and I followed up with the branch manager a few times after my EMI wad deducted but adjustment not reflected. They were clueless for a few days and asked me to wait for a week. I finally decided to wait and check at a later date. The EMI is now reflected in my account. Please check your account now or may be tomorrow. It will come there sooner or later.

For home loans, default is 'Opt-out'.

2) It is possible but it will make no sense . The banks are in business to charge interest and make money. The deferral in payment is meant to help those who have cashflow issues currently and hence you get a choice to opt-in or opt-out. But in the end you have borrowed money from the bank and hence there is no question of anyone not charging you the interest on it. Agreed that the circumstances are unusual but think about it in capitalism terms. I won't let my bank or corporate house not pay me interest on my FD with them even if they are not doing any business for these 6-8 weeks right.
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Old 13th April 2020, 19:04   #82
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

I have a strange issue with my auto loan with SBI. I didn't get any communication from SBI about the moratorium and I assumed nothing has to be done from my side, since I wouldn't have opted for the moratorium anyway.

However, I have noticed that my EMI hasn't been debited yet (it usually gets debited from my bank account on the 10th and gets credited to the loan account on the 12th). I noticed that the money is still in my bank, so I'm not sure if I have been automatically added to the list of customers opting for the moratorium.

My home loan company atleast had the decency inform me through an email and SMS that the moratorium was automatic and I had to opt out explicitly (which I did), but SBI is at a different level completely .

Last edited by Newpunter : 13th April 2020 at 19:07. Reason: fixed grammar
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Old 13th April 2020, 21:17   #83
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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 Newpunter View Post
I have a strange issue with my auto loan with SBI. I didn't get any communication from SBI about the moratorium and I assumed nothing has to be done from my side, since I wouldn't have opted for the moratorium anyway.

However, I have noticed that my EMI hasn't been debited yet (it usually gets debited from my bank account on the 10th and gets credited to the loan account on the 12th). I noticed that the money is still in my bank, so I'm not sure if I have been automatically added to the list of customers opting for the moratorium.

My home loan company atleast had the decency inform me through an email and SMS that the moratorium was automatic and I had to opt out explicitly (which I did), but SBI is at a different level completely .
The same happened with my home loan at SBI. They just enable the moratorium by default. I manually tranferred my EMI amount and that would be treated.as a prepayment. I am fine with that.
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Old 16th April 2020, 12:33   #84
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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
The same happened with my home loan at SBI. They just enable the moratorium by default. I manually tranferred my EMI amount and that would be treated.as a prepayment. I am fine with that.
Unfortunately, I don't have an option to do a direct transfer, maybe because I don't have an SBI bank account, and this loan is my only contact with SBI, thankfully. I tried various options and then finally raised an online complaint through the portal.

Today, I got a message saying that my ticket has been closed and the solution offered is "The standing instruction couldn't be executed due to unavoidable reasons. Please contact the branch at XXX". So I called the branch and ofcourse no one picked up, as it is closed anyway .

So it looks like I will have to pay extra interest to SBI for no fault of mine. I don't know what else I can do now.
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Old 16th April 2020, 12:58   #85
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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.
I wanted to opt out after understanding the actual long term impact of this. Luckily according to HDFC I didn't complete my applications properly (I did, request application was very straightforward and simple.), so both Auto and Home Loan EMIs were deducted from my account.
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Old 16th April 2020, 13:02   #86
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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 Newpunter View Post
Unfortunately, I don't have an option to do a direct transfer, maybe because I don't have an SBI bank account, and this loan is my only contact with SBI, thankfully. I tried various options and then finally raised an online complaint through the portal.
.
Even I dont have an SBI saving account. I transferred from my salary account in Citi. Even my regular ECS was from Citi which was not initiated this month.

Why dont you just test an online transfer of 100 Rs to your loan account? If that works, just transfer the EMI amount.
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Old 16th April 2020, 13:27   #87
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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 Newpunter View Post
Unfortunately, I don't have an option to do a direct transfer, maybe because I don't have an SBI bank account, and this loan is my only contact with SBI, thankfully. I tried various options and then finally raised an online complaint through the portal.

I don't know what else I can do now.
We have (and had) loans from SBI and their group companies. Some were ECS, but most were non-ECS. Payment was made monthly via bank transfer. The loan account number is the account number and branch IFSC is the IFSC. We don't have SBI accounts linked to loans and Emis are paid from ICICI Bank account. Initial payments will go towards loan EMI and any excess for the month goto repayment.

Eg. For instance, we have Emi of 8000. First 8000 used to go towards Emi due and we used to put in an additional 2-3k as per savings to help close to the loan earlier.

When SBI group banks merged with SBI, we had an issue as the branch IFSC changed and our EMIs used to bounce. Due to this we missed paying 2 EMIs. Bank said not an issue, pay 2 EMIs in one go and there would be no interest levied.
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Old 16th April 2020, 13:40   #88
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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
Even I dont have an SBI saving account. I transferred from my salary account in Citi. Even my regular ECS was from Citi which was not initiated this month.

Why dont you just test an online transfer of 100 Rs to your loan account? If that works, just transfer the EMI amount.
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Originally Posted by blackwasp View Post
We have (and had) loans from SBI and their group companies. Some were ECS, but most were non-ECS. Payment was made monthly via bank transfer. The loan account number is the account number and branch IFSC is the IFSC. We don't have SBI accounts linked to loans and Emis are paid from ICICI Bank account. Initial payments will go towards loan EMI and any excess for the month goto repayment.
Thanks. I was trying to see if there is any option from my SBI online access to make a transfer, so looks like I was looking at the wrong place . I will try doing a transfer from my bank account. Thanks for the suggestion.
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Old 16th April 2020, 20:19   #89
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more-screenshot-20200416-20.16.18.png

Received the above response for my query regarding EMI credit in my home loan account with SBI. In my case the SI was executed and EMI amount deducted from my ICICI A/C on 7/Apr. The amount is yet to reflect in my loan A/C.
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Old 17th April 2020, 10:40   #90
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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 fordday View Post
My EMI issue is not resolved yet. EMI amount was debited from my Citi account on 7th but did not get credited till today.
Quote:
Originally Posted by Newpunter View Post
However, I have noticed that my EMI hasn't been debited yet (it usually gets debited from my bank account on the 10th and gets credited to the loan account on the 12th). I noticed that the money is still in my bank, so I'm not sure if I have been automatically added to the list of customers opting for the moratorium.
.
I just had a word with my SBI loan branch manager. As per him there's some issue with their Mumbai ECS hub. Apparently due to some covid case, entire branch was put on quarantine. Hence the delays since last week. So he requested to hold on for some more time and ECS will be auto-deducted(for folks whose emi hasn't been) along with it reflecting in the online portals/apps thereafter.

Edit: As mentioned by the manager, My SBI loan account is now reflecting the EMI that was deducted on 7th April.

Quote:
Originally Posted by Newpunter View Post
Unfortunately, I don't have an option to do a direct transfer, maybe because I don't have an SBI bank account, and this loan is my only contact with SBI, thankfully. I tried various options and then finally raised an online complaint through the portal.
.
Even I don't have an SBI account, only loan. You can add the loan account as a normal beneficiary in your usual salary account and do IMPS/NEFT transfers. I do it from my other bank account for pre-payments.

Last edited by Sheel : 18th April 2020 at 19:44. Reason: As requested.
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