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| Despite relaxation of 3 months on EMI payments, installments deducted from accounts automatically | | | Early Times Report
jammu, Apr 17: Though the Reserve Bank of India (RBI) has already announced the relaxation of three months to the borrowers to pay the EMI installments of the loans, the borrowers have been complaining of deduction of amount automatically from the bank accounts.
Several borrowers have complained that the lending banks have not even bothered to ask them about their choice of taking the relaxation of three months or not.
Talking to Early Times, a loan holder said that he has a loan from a bank and on 4th of April, the bank automatically deducted Rs 1436 as EMI installment from his bank account. "I was of the impression that the Bank would not deduct the EMI installment for the month in view of the relaxation of three months but the bank didn't even attempt to ask me," the loan holder said.
Explaining a similar story, another loan holder said that the bank automatically deducted the EMI installment from his account despite the announcement of the moratorium. "When I visited the bank, the employees informed that a customer can avail the benefit of the three months EMI relaxation but the loan holder has to pay the interest on which there is no relaxation," the loan holder said, adding that he has taken Rs 10 lakhs from the bank and the monthly interest accounted for around 12 thousands.
"The RBI has given relaxation on EMI installment but not on the interest rate. So I have to pay Rs 36,000 as interest for three months relaxation period along with the compound interest on the amount," the loan holder said.
Contrary to their view, a loan holder said that the lending bank had taken their consent for payment of the EMI installment for this month. "The lending bank give an option of paying the EMI or avail relaxation benefit but I opted for payment of EMI as there is no relaxation on the payment of interest rate," the loan holder said.
The loan holders said that the relaxation of the three months on EMI installment was insufficient. "The lender banks as well as RBI should have announced relaxation in their interest rate also, which will be very much beneficial for all the loan holders," the loan holders said, adding that the loans have been mostly taken by the businessmen and in the lockdown they have been facing severe financial hiccups with no income but equal investment in the form of salaries of the employees, electricity bills along with other fees. The government should consider the plight of the loan holders and should waive off the interest on loans also for three months. |
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