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Old 18th April 2020, 20:17   #91
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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 PADAS View Post
Attachment 1994471

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.
Update : Finally the amount is credited to my loan a/c today (18/Apr).

Now what remains to be seen is if this will reflect as late payment in my cibil report. I have had an issue with SBI before when they failed to deduct the amount from my account and I made a payment directly after consulting the branch. Few months later I found that there was a late payment entry made in my cibil report for the same. Tried my best to get it corrected by raising multiple disputes, contacting SBI branch & RACPC, etc. But did not succeed and I gave up after few tries.
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Old 19th April 2020, 00:47   #92
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

HDFC has credited back both the EMIs of Personal Loan and Bike Loan. Both will have an impact of 50% of one full month EMI which is still fine considering the cash crunch in the current situation.
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Old 19th April 2020, 06:14   #93
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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 PADAS View Post
Update : Finally the amount is credited to my loan a/c today (18/Apr).

Now what remains to be seen is if this will reflect as late payment in my cibil report.

Any late/ non payment will not have any impact on the CIBIL during the moratorium period.
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Old 5th May 2020, 00:05   #94
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

RBI may extend moratorium on loans by another 3 months - Link
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Income stream will not resume due to the continuation of nationwide lockdown, the sources said, adding that so many entities and individuals will be unable to service their debt in this circumstances at the end of the present moratorium period ending on May 31.

So, extension of moratorium by another three months would be a practical approach from the regulator, a senior public sector bank official said.

RBI Governor Shaktikanta Das on Saturday held a meeting of held meeting with public and private sector banks where the issue of loan moratorium was also reviewed.
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Old 13th May 2020, 17:11   #95
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

Received SMS from SBI saying my installments are rescheduled for March-May. Shouldn't we opt for that ? T

Checked the loan account and its showing transfer, debit interest as usual. Hopefully there is nothing for which I have to call them !

Last edited by srishiva : 13th May 2020 at 17:15.
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Old 14th May 2020, 09:38   #96
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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RBI may extend moratorium on loans by another 3 months - Link
Any official word on this after the announcement made by PM, FM in the last couple of days?

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Originally Posted by srishiva View Post
Received SMS from SBI saying my installments are rescheduled for March-May. Shouldn't we opt for that ? T

Checked the loan account and its showing transfer, debit interest as usual. Hopefully there is nothing for which I have to call them !
All SBI loan account holders got this by default. This should have gone only to customers who have opted for the moratorium. I called up the branch, they asked me to ignore.
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Old 14th May 2020, 10:18   #97
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

Bank of Baroda has not debited the EMI from the account while their webpage clearly stated that we need to manually opt for moratorium.

And CanFin -for which we need to send an email/sms to opt out of moratorium by default hasn't debited the amount even after sending message/email.
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Old 17th May 2020, 21:41   #98
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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
I just had a word with my SBI loan branch manager.

Even I don't have an SBI account, only loan.
This month (May 2020) I have noticed a strange issue in my SBI maxgain homeloan account. The EMI got credited as usual but the drawing power (principal outstanding) did not get reduced. Do you keep track of it? Please check if you do.
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Old 18th May 2020, 01:07   #99
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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
This month (May 2020) I have noticed a strange issue in my SBI maxgain homeloan account. The EMI got credited as usual but the drawing power (principal outstanding) did not get reduced. Do you keep track of it? Please check if you do.
Mine is a car loan. But I usually check balance and statement once in a quarter when I do some prepayment. This month I checked and the balance did reduce as it should.

Drawing power is not the actual outstanding principal amount. It's the amount that should have been balance if you stuck to the actual EMI schedule. But if you go for prepayments, your DP will be more than your actual balance. So keep an eye on your actual balance. That's the real pending principal amount
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Old 20th May 2020, 15:08   #100
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

Despite of all my efforts to continue paying the EMIs, SBI has decided to not let me. I did not opt for the EMI holiday (which as per SBI communication, had to be done through their portal if I wanted to. Default was opt out.) and even mailed the branch & RACPC managers to let them know that I am opting out. The EMIs were deducted from my salary account and credited to the SBI Max gain A/c for month of Apr & May. Things were fine, but as of this week, I see that SBI have reversed the principal amounts credited for both months and added it to my "Drawing Power" in my Max Gain A/C.

Despite of all efforts and paying EMIs for two month, now I have to pay additional interest for the principal credited back once the moratorium ends. In all probability, this (EMI deducted, but principal not reduced) will continue now for the entire moratorium period .
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Old 20th May 2020, 15:17   #101
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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 PADAS View Post
Despite of all efforts and paying EMIs for two month, now I have to pay additional interest for the principal credited back once the moratorium ends. In all probability, this (EMI deducted, but principal not reduced) will continue now for the entire moratorium period .
Same happened with me, though for April only. I might be at fault also as the default option in ICICI was no moratorium but they also mentioned opt-in/ out on the web which I tried to do. So, even though they deducted EMI, return came after 3 weeks. Next day, I paid the same plus a little more as pre-payment.

All in all, it will be a loss. I think Banks messed intentionally.
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Old 20th May 2020, 16:50   #102
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Originally Posted by Turbanator View Post

All in all, it will be a loss. I think Banks messed intentionally.

Banks are smart. On the face of it, Moratorium is supposed to help out those with genuine short term cash flow issue, but banks don't lose anything. They will only be happy to collect additional interest coming their way later.
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Old 22nd May 2020, 10:30   #103
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

Moratorium extended for another 3 Months.
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Old 22nd May 2020, 10:39   #104
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Default Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

RBI lowers the interest rate by another 400 basis points (0.40%). The Repo rate is now 4.00%. This will reduce the EMI outgo for those having their loans linked to the repo rate.
Also, the moratorium has been extended till 31st August.

Last edited by sahil624 : 22nd May 2020 at 10:41. Reason: Addition of information.
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Old 22nd May 2020, 13:13   #105
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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 PADAS View Post
Despite of all efforts and paying EMIs for two month, now I have to pay additional interest for the principal credited back once the moratorium ends. In all probability, this (EMI deducted, but principal not reduced) will continue now for the entire moratorium period .
Since you have already communicated to bank, they cannot force you to avail moratorium. You can always contest stating that it was done without your permission. I think it should be fine in your case, just keep a copy of your communication for record.
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