RBI earned big praise when it came up with the much-needed decision of putting on hold EMI payments on all term loans for three months as the central bank joined the Modi government’s effort to combat coronavirus. Now, some borrowers are too happy about EMI postponement decision that they will get time of 3 months more to completely repay the loan amount but some borrowers don’t want to defer the EMIs because they can manage to pay EMIs even during coronavirus lockdown. However, some borrowers are confused – should I postpone EMIs by 3 months or pay now? Don’t worry, we have the best advice for you!
Speaking on the EMI decision of RBI, renowned expert of personal finance and money related matters, Jitendra Solanki advised, “First of all it’s EMI postponement…means if your choose EMI deferrment then your loan tenure will be extended by 3 months. Also, that will attract interest too. And, if you have funds available with you, it’s best to pay, and don’t opt for 3 months moratorium…
