Borrowers face hurdles from EMI moratorium3 min read 29 Jul 2020, 09:43 PM IST
Some borrowers on moratorium saw EMI deduction and the levy of ‘bounce’ charges
Many customers are facing problems due to lack of standard procedures followed by lenders
When Noida-based Sriram Natarajan, 33, who works in the hospitality sector, faced a salary cut of 40% in March, he applied for a moratorium from March to May on his personal loan. He got a refund for March. He once again applied for the moratorium when the Reserve Bank of India (RBI) extended it till August. But Natarajan’s bank allowed him to apply for the extension only two days before his equated monthly instalment (EMI) due date of 5 June. His EMI was deducted by the bank for the month of June and he got the refund a month later, that too after several emails and multiple follow-ups.
Select your Category