Now the discount in loan installments can be made later, banks can refuse to give new loans to such customers
Have you availed installments for six months or three months on loan taken from the bank? If so, then in future you may face difficulties in loan. Home loans, car loans to corporate loans may have to face this problem. Banking sector experts say that banks may consider such customers as high risk customers in future and may refuse to give loans to them or the interest rate may be kept high. A banking sector expert said that taking moratorium directly means that the person concerned has faced the problem of cash flow and this may happen in future as well.
At present, banks decide the credit score of customers based on the reports of several credit agencies and decide on loan to them. Although taking a moratorium does not affect the credit score of a customer, but banks can look at this issue from their own side. They have the data of all the customers and they can consider the customers taking advantage of Moratorium in high risk category in terms of loan. It is clear that taking a moratorium of 6 months will increase the debt burden on the customer and affect his ability to take a new loan. Such customers can demand personal loans and credit cards from banks to deal with the crisis.
During this time, banks are accepting any type of loan as risky. In this case, they can check their data of Moratorium before issuing any new loan. Not only this, it is easy for Credit Bureaus to choose such customers who have taken advantage of Moratorium. Apart from this, banks can also consider many other aspects including old history, payment delay history, age profile.
The EMI Moratorium is expected to pose a significant threat as the number of customers who have taken advantage of it is high. According to RBI estimates, out of a loan of Rs 100 lakh crore in the market, Moratorium facility has been availed on a loan of Rs 38.68 lakh crore.