No need to worry if the EMI payment is late, the fine is also paid! | Now no need to worry if EMI payment is delayed, no penalty can be paid

Bengaluru, April 17: Say no EMI facility on anything yet. From daily use phones to big car purchases, there is an EMI system for everything. If you buy an item worth 5 lakhs, you can bring the item home with a down payment of only 50% of that amount. EMI is the way to pay the remaining amount in installments every month as you like!

So once we are subject to IMI rules it is very important to make emi payments for receivables on due dates. Maybe EMIs have an automatic option. On the specified date, the fixed amount of EMI will automatically be deducted from our bank account. Someone must have saved enough balance in our account.

If you have fixed your EMI date on 8th of every month, assuming you have purchased a car in this MI on 8th of every month, you should ensure that amount is in your account on 8th of every month. Otherwise, if you fail to pay the EMI, you will be charged a fine, and it will also affect your CIB report. Now the Reserve Bank of India has decided to change this rule and implement a new rule.

Good news for EMI payers!

This rule is applicable to those who have availed the loan after April 1. The Reserve Bank of India has clarified that this rule is applicable after June 30 for those who want EMI of earlier loans. According to this rule, RBI has implemented a rule that if the IMI is not paid on the due date, no additional charges will be levied.

This is the rule that if for some reason the balance is not maintained in the account on the specified date, the bank has to fine the customer on the pretext of providing an opportunity to pay this MI through an alternative system.

So, from now on, if your EMI payment is late, if the bank charges you a fine, ask the bank staff without paying any fine. Bring to their notice the new rules of RBI. This rule applies to you if your loan is due after April 1. If these previous loan EMIs are after June 30, the rule is also applicable to you.