People to get additional two months to repay loans
There is shortage of currencies throughout the country, RBI on Monday provided additional 60 days for repayment of car, housing, farm and many other loans.
Rs 500 and Rs 1000 demonetization was a step taken by Government of India on 8th November 2016. Restrictions were imposed inorder to withdraw money from ATMs and banks due to the view of money circulation has come down.
On Monday, RBI has provided additional 60 days for repayment of car, housing, farm and many other loans. This is said to be applicable between November 1st and December 31st. Above relaxation is running working capital accounts with any banks with the sanctioned limit of Rs 1 crore or less.
Term loans, secure or otherwise any business or personal loan sanctioned amount of Rs one crore or less on books of any bank or any NBFC to get benefit of this relaxation.
This will also include housing loans and agriculture loans,