RectifyCredit

Stock brokers are advising clients to not pay EMI's for three months, invest that amount in the stock market. Of course the broker will "advise" which stock n they say earn more profits! BEWARE. Don't fall for such traps. 1/n

For all those sending yesteryears TV show quiz on WA. Bas Karo! Let's use this time to reinvent ourselves, work smarter and move forward as a country!

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A very clear, specific explanation for the CIC's is a welcome move. CIC= Credit Information Companies i.e. the Credit Bureaus. Please remember to get the approvals in writing from your bank. WA from the bank RM. Or the manager ain't good enough😁😀

We would be highly obliged if you consider the same. Also let me know what other documents you would need from our side. Request you to please acknowledge and confirm the above. 3/n

We would be highly obliged if you consider the same. Also let me know what other documents you would need from our side. Request you to please acknowledge and confirm the above. 3/n

Kindly note, we have been regular with our loan repayments and we wish to continue. Support from your side would be highly appreciated. Regards 4/n

Therefore, we request you to grant me 3 months moratorium period in loan tenure starting from the EMI due in April and also for the months of May and June. We will start paying the EMIs from July. Extension of tenure would be preferred. 2/n

Format for bank To, Manager, Bank Address Subject : Rescheduling of Loan EMIs for Loan A/c # Dear Sir/Madam, We have a loan with your Bank, A/c However, Due to nationwide lockdown it has become difficult to continue regular business activities and our cash flows are hit. 1/n

Please understand Moratorium is possible only if your bank approves it You have to seek approval with proof that you are affected by corona and hence unable to pay Credit card dues are not covered under this

Even if you opt for a morotarium be rest assured your credit profile will not get affected. You will not be seen as a defaulter or late paying borrower.

RBI has issued a notification that credit card dues is included too. However interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period.

MF, SIP payments what happens? Extension may not be the only solution. If cash flows are hit, one might not be able to pay for a month or two. What happens then? @amfiindia

No relief for common man,borrower. What happens to delayed loan payments? RERA nothing? If a borrower with clean record delays for March and April say for eg will banks pardon them?Delay in medical insurance premiums, will the cover vanish @nsitharaman @FinMinIndia

9. Collection calls to be stopped till lockdown is over. 10. No collection agents to personally visit the defaulters @nsitharaman @ChairmanIba

5. Credit card dues not to be penalized if the borrower was regular 6. Health insurance premiums if not paid, cover to continue 7. No loans against shares during this choppy times 8. ATM withdrawal using credit card no charges to be levied @nsitharaman

My suggestion to FM 1. Collect only the interest component in EMI's if poss 2. No penalty for non payment of SIP, premiums for 2 months 3. Rehab package by ARC's for defaulters 4. Builders not to cancel booking of homes for late payment @nsitharaman

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My bigger worry of the smaller banks going kaput are, these are the ones that lend to the MSME's, your local tailor, vendor, kirana guy. Credit cycle is hit n now no access to working capital either. Long time to recover now