Private banks, NBFCs to continue EMIs, if not informed

New Delhi: Unlike the public sector banks, customers of private banks and non-banking financial companies (NBFCs) would continue to pay EMIs on their term- loans unless a specific instruction is issued, as per the Covid-19 RBI package. Several private banks and NBFCs informed their customers on Wednesday that auto debit facility for loan instalment won’t […]

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New Delhi: Unlike the public sector banks, customers of private banks and non-banking financial companies (NBFCs) would continue to pay EMIs on their term- loans unless a specific instruction is issued, as per the Covid-19 RBI package.

Several private banks and NBFCs informed their customers on Wednesday that auto debit facility for loan instalment won't be cancelled. If a customer wants to hold equated monthly instalments (EMIs) for three months, they will have to specify that by sending an e-mail to the bank/NBFCs.