(Deepshikha Gautam, Intern Journalist) New Delhi: If borrowers affected by the covid-19 epidemic avail of the EMI moratorium scheme, they may find it difficult to transfer loans. Bank may reject loan transfer applications in view of the capital crisis of the customer. According to Bankbazar.com customers often transfer long term loans like home loans to other banks for less interest.
The RBI had given a 6 months moratorium from March to August in view of the epidemic and lockdown crisis. Customers who lacked the capital to repay the loan have availed this facility. If such customers apply for a loan switch to another bank, then it can be rejected. In fact, the bank feels that the borrowers who own the moratorium do not have enough funds, and his ability to repay the loan could be affected in the future. If the customer is not satisfied with the payment to the banks, then the chance of getting his application approved is getting reduced.
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