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The Reserve Bank Of India has announced three months relief on vehicle loan EMIs in the country. The decision to provide exemption on loan repayment comes in the account of the current lockdown due to the Covid-19 outbreak in the country.
The Coronavirus pandemic has resulted in the reduction of businesses across the world. With the country announcing a nationwide lockdown to help tackle the deadly virus, all small medium and large scale businesses have suspended temporarily. As a result, the Indian government has decided to announce a three-month moratorium on loan repayments and change in repo rate.
The EMIs will be pushed back by three months and there is no need of paying any instalments on existing loans until June. This is surely going to benefit lakhs of vehicle owners who have running loans on their cars and bikes.
Other term loans have also made it to the three-month moratorium list. These include agricultural term loans, retail and crop loans; among others. The repayment schedule of the loans will be extended by three month and customers can repay the loan accordingly.
The moratorium also has reduced the repo rates, to help the banks at these unprecedented times. With the reduction in repo rates, banks can borrow money from various institutions at a lesser interest rate to support the three-month relief on loans provided to the people.
Apart from the exception of vehicle loan EMI repayment, the supreme court has also accepted the plea submitted by FADA and SIAM to reduce and extend the deadline for sales and registration for BS4 vehicles in the country.
According to the supreme court ruling, the deadline for sale and registration of BS4 vehicles in the country has been extended until April 24. However, the extension is issued with certain terms and conditions to be followed by the dealerships — to know more click here.
Not all are happy with the decision to extend the deadline for BS4 vehicles sold in the country. Mr Rajiv Bajaj, Managing Director, Bajaj Auto Ltd, has expressed his objection for extension of the deadline in the country — here are more details.
Thoughts About The Three Months Relief From Vehicle Loan EMIs Announced By RBI
The whole country was looking forward to this decision from the government. The business has been hugely affected in the country, and the decision would come as a huge relief during these difficult times. The Indian Government is ensuring that the people will have less financial burden while they are self quarantined at their houses.