Moratorium Period Extension News
The Reserve Bank of India issued a circular on repayment of loans on August 6. The Centre told the Supreme Court that the repayment of the remaining loans would be extended for two years in installments from March 1 to August 31. This has brought relief to the borrowers. The risk of losing an EMI payment is very high and the bank will take drastic action that negatively affects an individual’s credit score. This credit score is essential for a person to get loans for cars, homes, and other personal products. A person needs a lot of scrutiny to avail of some loans that revolve around a large amount. The lower the credit score, the less likely to get a loan. The Reserve Bank of India should find a solution to provide relief to borrowers by extending the loan repayment for two years.