Summary: Providing a major reprieve to the common man, the Reserve Bank of India (RBI) Friday allowed a deferment of all loan repayments. The move allows borrowers to not pay any equated monthly installments or EMIs for any loans until 30 June. This will bring relief to all borrowers. Including those who have home loans, auto loans and education loans to their names. The reprieve will be available for loans from any financial institution. For all loans outstanding as of 1 March 2020 as per Reserve Bank of India. However, the Reserve Bank of India moratorium won’t be applicable on credit card repayments as outstanding on such accounts is not classified as a term loan.
