If you are thinking of postponing your EMI for three months, then be ready to pay its price, SBI has cleared everything.
The 13 banks have announced a 3-month discount on EMI, which will actually cost you dearly. Banks have made it clear that if you postpone the EMI for these three months, then you also have to pay the interest. If you are thinking of postponing your EMI 3 months in this round of lockdown, then be prepared to pay its price. SBI has explained this thing prominently on its website.
SBI has said that if you have taken an auto loan of 6 lakhs and you have an EMI of 54 months, then you will have to pay around Rs 19000 as additional interest if you do not give 3 months EMI. Ie 1.5 EMI extra.
If you have taken a home loan of 30 lakhs and you have an EMI of 15 years, then you will have to pay 2.34 lakhs as additional interest, if you do not give 3 months EMI, you will have to pay eight EMIs extra.
JL Arora, former UCO Bank AGM, says that repaying EMI would be a better option during this crisis, if not very necessary. Defer EMI only when absolutely necessary.
On the other hand, the finance ministry has given relief to those taking health and third party insurance on Thursday. It is said that if the policy is ending then it can be renewed by April 21. In an important decision on Thursday, the Finance Ministry issued a notification and decided to keep the insurance policy and third party auto insurance policy holders.
The Finance Ministry said that if any health insurance or third party auto insurance policy is ending between March 25 to April 14, its renewal payment can be made by April 21.
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