Loan & Advances

Whether Credit Cards Due are covered under RBI’s 3 Months Moratorium ?

The RBI has clarified that credit card dues, too, are covered under the moratorium flexibility. However, credit card users should also remember that since moratorium merely defers the payment, your dues will continue to accumulate interest during the moratorium or until you clear the bills.

While the burden could be manageable for home loan borrowers given the prevailing benign interest rate regime, this may not be the case with credit card users.

Being unsecured loans, the interest charged is exorbitant, upwards of 40 per cent per annum. Interest accrued on your credit card bill could balloon to an unmanageable amount if you do not make attempts to clear the dues.

Answer by Moneycontrol

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