The Reserve Bank of India last week announced an extension in the moratorium on payment of all the term loans by another three months.
Owing to the hardships faced by the borrowers in the wake of coronavirus pandemic, the loan moratorium now extended till August 31.
Earlier, the central bank had allowed a three-month moratorium on repayment of all term loans due between March 1, 2020 and May 31, 2020.
Term loans includes all kinds of retail loans such as personal loan, auto loan, home loan, agricultural term loans as well as crop loans.