Covid-19 relief: You can defer 3 EMIs but that may be a very costly option
After
RBI allowed commercial banks to provide their customers a moratorium of three
months for repayment of term loans, public sector banks have sprung into
action. Public sector banks have informed their customers about deferment of
EMIs and interest dues to help soften the blow due the coronavirus crisis. The deferment may come at
a price though.
The
country's largest lender State Bank of India on Wednesday warned borrowers that
deferment of equated monthly instalments (EMIs) offered under the RBI's relief
package on account of COVID-19 could put an additional cost on them. The lender
also advised borrowers to repay their loans if they are in a position to do the
same.
SBI
said on its website that deferring the EMIs for a home loan of Rs 30 lakhs with
a remaining maturity of 15 years, the net additional interest would be
approximately Rs 2.34 lakhs, which is equal to eight EMIs. In other words, if
customers defers three EMIs then they will end up paying 8 EMIs more. Read More
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