Does the RBI EMI Moratorium Update have any Effect on Credit Card Users?


  • RBI’s EMI Moratorium gives 3 Months Suspension to the Credit Card users for Clearing the dues.
  • Benefits of this guideline on the Credit Card Users.
  • 3 Months EMI Suspension Guideline by RBI is Applicable to Credit Card Bills and Credit Card EMIs.

The Reserve Bank of India has given an update related to the suspension of EMIs on loan for three months. But there are some credit card users who are in the dilemma of whether this rule applies to the Credit Card EMIs or not. This rule is for all types of debt including the credit card bills and its EMIs. So, you can get a suspension for 3 months to pay your credit card bills or any EMI if it is running on the credit card. This guideline has brought relief for those individuals who are facing a financial crisis during lockdowns due to the Coronavirus Outbreak.

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RBI’s EMI Moratorium Guidelines

According to the Reserve bank of India, all the individuals having a running loan will get a suspension for three months for not repaying the EMI. It further clarifies that the individuals having an Outstanding credit card bill will also get the suspension for 3 months. But the individual has to show his losses that have happened due to lockdown and Covid-19 disease to the Bank. The bank will not deduct the EMI on the specified date and will provide 3 months suspension.

EMI Moratorium Calculator

The lending institutions will not charge any penalty for not paying the EMI and your Cibil score will remain untouched. This leverage is given by RBI to improve the financial position of your business.

Benefits of the RBI Guidelines

There are certain benefits of this RBI’s guideline in which it says that you can skip the payment of your credit card bills for 3 months starting from March till May.

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Relief from the Financial Burden

Due to lockdown in the whole country, many businesses are affected. Even some of the salaried employees have sent on leave without pay and salaries have been deducted. Therefore, it has become really difficult to manage the pending bills of the credit card and other expenses together. So, this guideline has given you a suspension for three months in which you can skip the repayment of your credit card bill and the bank will not charge a penalty or an added fee.

Chance to Manage Other Expenses

You can skip the credit card bills for 3 months and use that fund to fulfill your necessities during such a hard time. There are some household expenses where you can utilize the saved fund that you might have paid for clearing the credit card bills.

Clear Other Small Debts

Now you even have the chance to clear the other running debts like debt from family, friends, or a private lender. The 3 months suspension for the repayment of the credit card bill can be fruitful for you to manage the financial crisis that is going on just because of lockdowns.

CIBIL Score Remains Unaffected

The Reserve of India says that although you don’t pay the credit card dues for 3 months, your Cibil score will not be affected. But the applicable interest will be charged on the remaining bill of the credit card excluding the late payment charges.

No Extra Penalty

As per the RBI’s guidelines if you will not pay the credit card bills for 3 months then no extra penalty or fees will be charged for the late payment. You just have to pay the exact amount of your credit card bill without paying any extra charges.

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Now you have seen how this RBI’s guideline has a positive impact on the credit card users. You have got a chance to manage all other expenses for 3 months and not paying the credit card dues. Even the EMIs on the Credit Card is covered in this guideline that you don’t have to pay the credit card EMIs for 3 months. This rule will help you to manage the financial crisis and survive the lockdown period easily.

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