Have you taken any kind of loans from banks? Then it is essential that you pay attention to this. You could borrow money to buy a home or a car. This month is going to be a very important one for the borrowers.
You may have to repay a large loan. Many people take out loans for different purposes. The loan has not been repaid for the last six months. Because the Reserve Bank had declared a Moratorium.
The lockdown was announced following the spread of covid-19 and people lost their livelihoods. When such a situation arouse, the Reserve Bank declared a Moratorium. This was a very useful things for ordinary people.
You will definitely have to pay interest on the period for which the Moratorium was taken. Sometimes you have to pay that interest with your loan amount. Otherwise you will have to pay this interest in installments. From September onwards, you will have to repay the normal installments of your loan.
The chances of getting a Moratorium are very low. So you need to find a refund from next month. So you should contact your bank and find out how to pay the installments.