If you are a EMI Installment holder and you are happy about the relaxation given by the banks on your EMI then this news is for you. Actually if you will listen to the banking experts the relaxation on EMI given by the bank may be a relief for now but in coming future it will be a big burden for you.
Let us know how.
Burden of Installment: As per report of the economic news website Money control if you are not paying your EMI for the upcoming 3 months then it will be a big loss for you rather than the bank’s because after 3 months the banks will increase the amount of to be paid by the EMI holder you can understand it like this if you have to deposit 2000 rupee for 6 months then the total amount will be Rs. 12000 if the bank is giving you the relaxation of 3 months then they will try to recover it from you after three months the thing to observe is that RBI has not given any clear guidelines to the banks regarding the amount of EMI. RBI only directed them not to ask for the EMIs.
SBI’s 1 lakh 80 thousand is stuck: SBI chairman Rajnish Kumar said that relaxation given of SBI will stuck the 60000 crore per month in this way in 3 months the amount will be 1 lakh 80 crore which will not be received by the SBI in three months.
In this situation if you are not paying your EMIs then in the coming time the bank will raise the amount of interest in other commodities. In order the collect these amount the banks can change the rules in upcoming future.
I hope this article will be helpful to you