Loan Repayment Window Extended

The Reserve Bank of India (RBI) has asked lenders to provide borrowers 90 days for repayment of housing, car, farm and other loans worth up to 1 crore rupees, saying that the dispensation will apply to dues payable between 1st November and 31st December.

RBI  been decided to provide another 30 days over and above the existing 60 days. So, borrowers together get 90 days from getting the account classified under non-performing asset (NPA) category.

Running working capital accounts or crop loans with the sanctioned limit of 1 crore rupees or less would be eligible for this benefit.

In November 2016, the RBI had provided additional 60 days for repayment of loans worth up to Rs 1 crore.

RBI also came out this special dispensation for farm loan earlier.