Updated By: LatestGKGS Desk
Note Ban: RBI gives 60 more days to repay EMI loans upto Rs 1 Cr
Note Ban: Reserve Bank of India declares to give 60 more days to repay home, car, house, agriculture and other loans worth upto Rs 1 Crore
This is applicable in the loans taken between 1st November and 31st December 2016.
Loans may be business, private, secured, personal etc. all are included in this relaxation but must worth less than Rs. 1 crore.
Banks and Loan complanies appreciate RBI move to give time extension in loan EMI
Due to demonetisation, the normal banking activities were affected as well as the creditors were not even have the money to pay so RBI has taken this step to repay the dues.
The EMIs were also due for the half of the month so for now these accounts would kept in safe even when the payment is not received.
The profit of the banks will also be affected due to this decision due to providing 60 days to pay EMIs.
