Many people face financial difficulties during business or emergencies. At such times, people decide to take out loans from banks. However, many face difficulties in repaying them. In this situation, the RBI has provided relief to borrowers. This will provide assistance with installment payments. To learn exactly what assistance will be provided, read the news to the end.

What is the new change?

Until now, if you needed a loan installment waiver, customers had to visit the bank in person. The bank would then verify and provide assistance. However, under the new regulations, this process has completely changed. Now, banks will extend your EMIs if needed or in response to natural disasters like floods, earthquakes, and cyclones.

Who will be eligible?

Disasters will be identified based on the criteria of the National Disaster Response Force (NDRF) or State Disaster Response Force (SDRF). Once an area is declared disaster-affected, banks must initiate the relief process within 45 days. Accounts must be standard and active. If installments are more than 30 days overdue, you will not be eligible for this benefit. Furthermore, if a customer does not want this discount, they can apply to the bank within 135 days and refuse it.

What are the new rules for borrowers?

1. Borrowers will get more time to pay EMIs.

2. Installments will be postponed for a few days.

3. Borrowers will be restructured.

4. Citizens whose income is affected during any disaster will get great help.

PC: News18 Hindi