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As a relief measure during COVID-19 Lockdown, the Government of India introduced a moratorium on loan. The RBI has directed all banking institutions to allow a moratorium on loan to its borrowers who need it. To apply for a loan moratorium request, individuals would need to apply to the bank from which they have bought loan products. Not everyone will be eligible for loan moratorium during the lockdown period. Borrowers experiencing income loss during the lockdown period may apply for loan moratorium request for a period of three months.
Home loan moratorium calculator
A home loan is availed by a large number of salaried and self-employed individuals. A home loan is a loan availed for purchasing a house property. Home loans are repaid by EMI installments up to 20 years. Home loans are mostly long term loans. During the lockdown period, many home loan borrowers’ EMI repayment capacity has been affected due to partial or whole loss of income. If the borrower is facing a lack of funds, then the borrower may apply to the bank for a moratorium on the home loan. The bank will use a home loan moratorium calculator to calculate the revision in EMI amount or EMI tenure for a loan not paid for three months.Personal loan moratorium calculator
Personal loan products can be availed from banks and financial institutions for meeting personal expenses like wedding expenses, health care expenses, vehicle purchase expenses, and other expenses. Personal loans are the short term loans, and personal loan tenure can generally be up to five years. The rate of interest applied to a personal loan is higher than home loans. The bank may not grant moratorium request on personal loan. Individuals who have availed personal loans may be advised by the lending bank to return the unused amount of loan at the earliest to reduce loan responsibility. The personal loan amount is smaller compared to the home loan and business loan amount. Hence individuals will be encouraged to amortize the personal loan at earliest even with reduced income. Banks may encourage individuals to amortize personal loans with existing assets and savings. However, in rare cases, some banks may grant a moratorium on personal loans like in case of farmer loans, agriculture loans, and rural loans. Though agriculture and allied industries have been permitted to continue operation during the lockdown, the initial shock may have offset the loan repayment capacities. In such cases, banks may allow a moratorium on personal loans. Banks can apply personal loan moratorium calculator to assess the increase in EMI after the moratorium period. An increase in loan tenure may also be granted in some cases.Business loan moratorium calculator
A business loan can be for short term and long term. Business loans can have tenure from 5 to 15 years. Banks may not grant a moratorium on business loan repayment as quickly as for home loans. Lenders will be encouraged to repay the unused amount to make loans as minimum as possible. However, banks may grant moratorium in some instances when the lender has become cash strapped to service the loan due to lockdown. Banks would apply a business loan moratorium calculator to calculate the increase in EMI amount or tenure.Education loan moratorium calculator
Education loans have lesser interest rates than business loans and personal loans. Till student is undergoing course only simple interest on the loan is levied, which has to be paid monthly. EMI is charged on education loans after the student completes the course. Education loans are not long term loans and have tenure of 5 to 7 years. Banks may be reluctant to grant a moratorium on education loans. The lender would be required to maintain the monthly simple interest payment, at least. Banks may grant moratorium subject to constraints only in rare cases when borrowers severely lose the ability to service loans due to lockdown. Banks would apply an education loan moratorium calculator to assess the increase in EMI, interest, or tenure of education loan. The lender will have to service loans as per newly increased rates after the moratorium period is over.Other loans moratorium calculator
Other loans like credit card loans, car loans, PF loans may not be granted moratorium for most cases. The lender will be expected to make down payment and settle the loan at earliest.| Type of loan | Ease of moratorium grant |
| Home loan | High |
| Business loan | Medium to high |
| Personal loan | Low to medium |
| Education loan | Low to medium |
| Other loans | Low |
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