The economic blow that the country will go through due to this total lockdown is beyond calculation, say analysts. But as it is a threat to humanity itself, the economic ups and downs are not taken into consideration anymore.
Amidst this chaos and confusion, the Reserve Bank of India has delivered a good news to all the bank customers. Also many other packages were announced additionally by the Finance Minister.
For about 3 months from now, EMIs need not be paid by any bank customer towards any kind of loan. This rule will be applied on all kinds of outstanding loans irrespective of the Bank and the commodity that they have taken loan on.
Even banks that fall under Commercial Banks, Gramin Banks, NBFCs and also Small Finance Banks also avail this relief.
This comes as a huge relief for everyone as the number of people who have EMIs to be paid on a monthly basis is very high in our country.
Many people are not sure if they will even get their salaries paid this month end as the operations have come to a halt in all businesses. So, in a situation like this, the EMIs tension being removed is very helpful for middle class and lower middle class.
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