The loan moratorium has now been extended till August 31 for 6 months

An extended moratorium will imply that companies need not repay loans until August 31, 2020. That, however, will result to a build-up in interest that companies may not be able to service in September

Observing the need gap, two start-ups LazyPay and Spocto have launched products that will help you figure if you require the moratorium or not

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Sa-Dhan, in its submission to the Prime Minister, has sought directions to all banks, DFI's (NABARD, SIDBI & MUDRA), and NBFCs that MFIs are eligible to get a back-to-back moratorium for the terms loans

There are many lenders who have gone for default EMI moratorium and not asked borrowers. Some have given the option to borrowers to contact the bank and allow EMI deduction

The RBI after observing that many lenders are charging EMIs as default option has asked lenders to charge only those borrowers who contact the bank and request for deduction of their EMIs

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Among private sector lenders, HDFC Bank and Axis Bank said they have been examining RBI measure and will inform customers soon

SBI has initiated process to defer EMIs and interest on term loan falling due between March 1 to May 31 and extend repayment period by three months

It only means no repayments for the three months, but interest on your credit card dues and loan outstanding will keep accruing each month.

The telecom operators have spoken in favour of raising mobile call and internet rates at the earliest, however, they will keep the prices stable during the lockdown period

The EMI holiday will not only give a big relief to salaried employees of struggling companies, fearing a delay in the salary, pay cuts and even job loss but also self-employed individuals staring at income loss

RBI's list of announcements included a repo rate cut of 75 basis points, Rs 3.74 lakh crore liquidity boost, and deferment of loan instalments for 3 months, among other things

RBI on Friday key cut interest rate by steepest -- 75basis points to 4.4 per cent -- in more than 15 years as it joined the Modigovernment efforts to tackle coronavirus impact

The three-month moratorium on payments of term loan instalments (EMI) and interest on working capital give much-desired relief, Sitharaman said

Prime Minister Narendra Modi said, 'RBI's announcements will improve liquidity, reduce cost of funds, help middle class and businesses'

With the RBI giving a green signal to defer loan repayment for three months, the ball is in the banks' court to pass on the benefit to people, many of whom have been affected to due job loss and salary cuts in wake of COVID-19 crisis

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