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Old 31st March 2020, 16:44   #31
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Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

Just to clarify.
Will this delay in EMI happen with Car loans as well or only home loans ?
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Old 31st March 2020, 16:44   #32
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Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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Originally Posted by Turbanator View Post
Thanks, so it’s automatic like what SBI is doing ( heard on TV). Have the announced what will be ROI in the delayed EMi? Will it be same like existing and they simply change the loan period ?
It looks like ROI will remain same, tenor and emi amount will be readjusted. From FAQ:

Quote:
Interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period and will be added in the loan amount outstanding which might result in marginal change in EMI. Post completion of the relief period, the repayment schedule for such loans as also the residual tenor, will be shifted across the board by three months after the moratorium period.
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Old 31st March 2020, 17:06   #33
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Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

What will happen to Home loans like mine where the EMI is deducted from Citibank and get deposited in SBI, automatically?

Will Citi stop the process for three months?

Last edited by fordday : 31st March 2020 at 17:07. Reason: typo
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Old 31st March 2020, 17:46   #34
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Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

There has been no communication from HDFC regarding EMI deferral. I guess they are not implementing it. And they are not alone. Many banks are completely silent on this. Most probably, they too are not implementing it.
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Old 31st March 2020, 18:10   #35
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Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

PSU banks have announced loan EMI moratorium for customers via tweets.

List of Banks who have reached out/implemented the scheme

- SBI
- Punjab and Sindh Bank
- IDBI Bank
- Canara Bank
- Andhra Bank
- Indian Bank
- UCO Bank
- Syndicate Bank
- Indian Overseas Bank
- Bank of Baroda
- Central Bank of India
- Oriental Bank of Commerce (OBC)
- Punjab National Bank
- Allahabad Bank
- Bank of India
- Union Bank of India
- Corporation Bank


No communication so far from any of the major private banks as yet.

https://economictimes.indiatimes.com...w/74912488.cms

Last edited by Trojan : 31st March 2020 at 18:21. Reason: Added Bank names
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Old 31st March 2020, 18:50   #36
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Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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Originally Posted by n_naik View Post
There has been no communication from HDFC regarding EMI deferral. I guess they are not implementing it. And they are not alone. Many banks are completely silent on this. Most probably, they too are not implementing it.
HDFC was running a banner on their website till yesterday, it went on something like: "We have received guidelines from the regulator on term loans, we are reviewing it and will inform customers shortly".

This has been taken down today and there is no further update.
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Old 31st March 2020, 18:58   #37
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Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

Here we go with Canara Bank. No such automatic stop of deducting EMI.

In our case, the EMI was deducted and then an sms comes the next day if we wanted to opt out. I have opted out for now. But no guarantee that they will not deduct the EMI. Just wanted to check how it works.

Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more-screenshot_20200331_162641_com.microsoft.android.smsorganizer.jpg

Nothing from HDFC bank yet. No expecting any such moves from Private Banks. I believe the RBI guidelines mentioned some board approval for such scheme to be implemented.
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Old 1st April 2020, 00:37   #38
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Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

I have a loan with Indusind Bank, no intimation, nothing from them regarding 3 months of full stop to the loan.
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Old 1st April 2020, 06:02   #39
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Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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Originally Posted by m8002? View Post

The best bet is to take a loan insurance that covers job loss.
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 ?
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Old 1st April 2020, 07:24   #40
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Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

ICICI website is now updated

https://moratorium.icicibank.com/?IT...ooseYourOption

And FAQ

https://www.icicibank.com/managed-as...um-m_Clickhere

Last edited by Turbanator : 1st April 2020 at 07:27.
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Old 1st April 2020, 07:48   #41
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Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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.
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Old 1st April 2020, 08:45   #42
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Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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.
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Old 1st April 2020, 09:04   #43
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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.
Login to the website and transfer from your savings account to loan account manually. I haven't done it, but guess it works.
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Old 1st April 2020, 09:26   #44
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Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

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Originally Posted by speedmiester View Post
Also the interest rates for home loan has reduced.
Which category of interest rates are you in? EBR, MCLR or Base rate?
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Old 1st April 2020, 09:38   #45
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Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

Quote:
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 ?
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.

Last edited by m8002? : 1st April 2020 at 09:47.
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