Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>The Reserve Bank of India (RBI) is likely to extend the moratorium on repayment of loans for three more months, according to an SBI research report.</li><li>On Sunday, the National Disaster Management Authority (NDMA), the nodal department, announced lockdown 4.0 till May 31 to check the spread of the novel coronavirus </li><li>In March, RBI had allowed a three-month moratorium on payment of all term loans due between March 1, 2020 and May 31, 2020. </li></ul>With the government extending the nationwide lockdown up to May 31, the Reserve Bank of India (RBI) is likely to extend the moratorium on repayment of loans for three more months, according to an SBI research report. On Sunday, the National Disaster Management Authority (NDMA), the nodal department, announced lockdown 4.0 till May 31 to check the spread of the novel coronavirus. The lockdown was first announced by Prime Minister Narendra Modi on March 24 for 21 days in a bid to combat the COVID-19 pandemic. It was first extended till May 3 and again till May 17. In March, RBI had allowed a three-month moratorium on payment of all term loans due between March 1, 2020 and May 31, 2020. "With the lockdown now extended up to May 31, we expect RBI to extend the moratorium by three months more," SBI's research report- Ecowrap said. The report said the moratorium for three more months will imply that companies need not pay till August 31, 2020, and this means that there is almost minimal possibility of companies being able to service their interest liabilities then in September. Failing to repay the interest liabilities will mean the account might be classified as non-performing loans as per the RBI norms. "Thus, the RBI needs to give operational flexibility to banks for a comprehensive restructuring of the existing loans and also a reclassification of 90 day norm," the report said. The RBI's June 7 circular is stringent and gives little flexibility to banks. "The revised restructuring norms should give banks to restructure like say converting interest liabilities up to March 2021 into term loans, repayable in 3-5 years for working capital and at the end of the tenor in case of term loans," the report said. RBI also needs to also clarify whether working capital expansions classify as COVID-19 debt, it said.

RBI may extend moratorium on repayment of loans for three more months: Report

<ul><li><keyword id="12153018" type="UNKNOWN" weightage="60" keywordseo="sofi-stock" source="Orion">SoFi stock</keyword> fell 10% on Thursday after the Biden administration extended the freeze of student loan payments.</li><li>The freeze was set to expire on May 1, but has instead been pushed back to August 31.</li><li><keyword id="11898791" type="UNKNOWN" weightage="60" keywordseo="sofi" source="Orion">SoFi</keyword> said it expects an additional loan payment freeze to occur beyond August 31 as the midterm elections approach.</li></ul><a href="https://markets.businessinsider.com/stocks/sofi-stock">SoFi</a> stock fell as much as 10% on Thursday after <a href="https://www.businessinsider.com/biden-extends-student-loan-debt-payment-pause-through-august-2022-3">the Biden administration extended its freeze of student loan payments</a> to August 31.The freeze in student loan payments was set to expire on May 1. The freeze was originally implemented during the height of the COVID-19 pandemic in March of 2020, as a form of relief for consumers who were struggling economically.Due to the extension of the loan payment freeze, SoFi lowered its full-year 2022 adjusted net revenue and adjusted EBITDA guidance to $1.47 billion and $100 million, respectively. The company had originally guided for $1.57 billion and $180 million in 2022 adjusted net revenue and adjusted EBITDA.SoFi maintained its original guidance of $280-285 million adjusted net revenue and $0-5 million adjusted EBITDA for the first quarter of 2022.SoFi receives a lot of business from student loan refinancing, but that's a key product that consumers don't really need as long as the payment freeze remains in place. SoFi's student loan refinancing business has operated at less than 50% of pre-COVID levels for the past two years, according to the company.While SoFi gains new customers by helping them refinance their <keyword id="11896050" type="UNKNOWN" weightage="60" keywordseo="student-loans" source="Orion">student loans</keyword> at a lower interest rate, they are then able to upsell them to different financial services, including investment management and banking.And SoFi <a href="https://investors.sofi.com/news/news-details/2022/SoFi-Updates-2022-Annual-Guidance-to-Reflect-Latest-Extension-of-Federal-Student-Loan-Payment-Moratorium/default.aspx#:~:text=SoFi's%20updated%20Adjusted%20Net%20Revenue,billion%20and%20%24180%20million%2C%20respectively.">doesn't expect the student loan payment freeze to end</a> on August 31, given the upcoming midterm elections. "Management now expects that a number of factors including the impending fall midterm elections will precipitate a likely seventh extension beyond August 2022 by the Administration. Accordingly, Management's updated 2022 guidance assumes that the student loan moratorium will not in fact end during the course of 2022," SoFi said.<div type="image" title="SoFi stock" height="520" width="628" msid="90712553" hostid="261"></div>

SoFi drops 10% as Biden's extended student loan payment moratorium forces the company to lower earnings guidance

New Delhi, May 22 () Hours after the Reserve Bank of India (RBI) extended the moratorium on repayment of loans for three months on Friday, Union minister Hardeep Singh Puri said this step will offer relief to aviation sector companies like airports, airlines and ground handlers and help them improve their cash flow position. The aviation sector has been hit hard due to the coronavirus-triggered lockdown. Consequently, during the last few weeks, all Indian airline companies have either fired employees, sent them on leave without pay or cut their salaries. "The RBI announcement to permit lending institutions to extend the previously announced moratorium by another 3 months, i.e., from June 1, 2020 to August 31, 2020 in view of further extension in the lockdown offers relief to civil aviation stakeholders," Puri said on Twitter. "These announcements will also benefit aviation sector companies, including airports, airlines, freight operators, ground handlers, MRO (maintenance, repair and overhaul) etc., who have availed such term loans &amp; will enable them to improve their cash flow position," he added. All scheduled commercial passenger flights have been suspended in India since March 25, when the Modi government imposed the nationwide lockdown to curb the spread of the deadly virus. Earlier this week, Civil Aviation Minister Puri had announced that domestic passenger flights will resume in a calibrated manner from May 25. The RBI on Friday unexpectedly slashed benchmark interest rates to their lowest levels since 2000 and extended the moratorium on repayment of loans for three months to ramp up support for the economy, which is likely to contract for the first time in over four decades. DSP KJ

RBI's extension of moratorium on repayment of loans will help aviation companies: Puri

<ul><li>The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword>’s (RBI) <keyword id="9861168" type="UNKNOWN" weightage="20" keywordseo="six-month-moratorium">six-month moratorium</keyword> came to an end on August 31, and payments are set to come due, starting today.</li><li>The Supreme Court is yet to announce its verdict on whether the interest accrued during that time will be waived, leaving many borrowers wondering what they should do. </li><li>Those who aren’t in a position to make payments, waiver or not, have the option to go for a one-time restructuring of loans.</li></ul>The Reserve Bank of India’s (RBI) pause on repayment of interest on loans for the past six months came to an end yesterday, August 31. Even though the government is yet to take a stand on whether or not the interest accrued during the moratorium period will be waived off, the payments for borrowers are going to start coming due from today. <div type="Article" hostid="261" msid="77758597" title="Loan moratorium still ends on Aug 31 while Supreme Court gives the government another week to clarify if accrued interest should be waived" mstype="2" mssubtype="0"></div> As a borrower, you fit into one of three categories: <ol><li>Someone who didn’t avail the moratorium</li><li>Someone who availed the moratorium and is still facing financial difficulties</li><li>Someone who availed the moratorium but only for the sake of keeping liquidity on hand</li></ol>Someone who didn’t avail the moratorium If you’re a borrower that did not avail the moratorium facility offered by the RBI over the last six months, nothing changes. Your monthly payments continue as is, and there is no change in your overall loan payments scheme. Someone who availed the moratorium but can afford to pay Not everyone who availed the moratorium was facing a financial crisis. Someone did it to ensure that there was some extra cash on hand in case things took a turn for the worse. Even with the matter of interest waiver pending with the Supreme Court, banks are likely to recommend a one-time payment rather than letting interest accrue further. According to the RBI, an interest waiver could lead to a loss of ₹2 lakh crore for banks in India. “If you have taken a moratorium, the bank will suggest depositing as much amount as you can,” a bank manager at one of India’s leading public sector banks told Business Insider. According to them, even if the Supreme Court decides to waive interest, the amount will go towards advance loan paid. Someone who availed the moratorium and is still facing financial difficulties Not every business has been impacted equally during the coronavirus lockdown — some have taken a bigger hit than others. Take the tourism industry as an example. India’s gross domestic product (<a href="https://www.businessinsider.in/policy/economy/news/indian-economy-contracts-23-9-in-the-april-june-quarter/articleshow/77854401.cms">GDP</a>) data released yesterday shows how the trade, hotels, transport &amp; communications showed the biggest dip in real gross value addition (GVA). So, if you’re one of the many who is still not in a position to make payments, you have the option to approach your bank to restructure your loan. This could mean smaller payments over a longer period, an extension of the moratorium, or relaxation of interest rates. “We look at restructuring of loans as a last resort. It’s only for customers you really need it, and there are no other options left to explore,” said the source. <div type="Article" hostid="261" msid="77391894" title="If you have a bank loan that you are unable to pay, restructuring is on its way" mstype="2" mssubtype="0"></div> All types of loans, whether its a personal loan or a corporate loan, can apply for restructuring provided they meet the RBI's eligibility requirements — like you should not have defaulted on your loan payments as of 1 March 2020 or within 30 days of that day. The outstanding amount of debt at that point of time will be considered for restructuring. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/loan-moratorium-still-ends-on-aug-31-while-supreme-court-gives-the-government-another-week-to-clarify-if-accrued-interest-should-be-waived/articleshow/77758597.cms">Loan moratorium still ends on Aug 31 while Supreme Court gives the government another week to clarify if accrued interest should be waived</a> <a href="https://www.businessinsider.in/tech/enterprise/news/rise-in-work-from-anywhere-will-lead-to-more-outsourcing-thats-an-opportunity-for-tcs-infosys-and-hcl-tech/articleshow/77864248.cms">Rise in 'work from anywhere' will lead to more outsourcing — that's an opportunity for TCS, Infosys and HCL Tech</a> <a href="https://www.businessinsider.in/stock-market/markets/news/dollar-index-is-at-a-two-year-low-and-heres-how-much-it-may-hurt-tcs-infosys-hcl-tech-and-others-if-it-stays-weak/articleshow/77843868.cms">Dollar Index is at a two-year low⁠ and here’s how much it may hurt TCS, Infosys, HCL Tech and others if it stays weak</a>

Loan repayments will become due starting today — here are the options that borrowers have

<ul class="summary-list"><li>President <keyword id="60973" type="UNKNOWN" weightage="60" keywordseo="biden" source="Orion">Biden</keyword> extended the pause on student-loan payments for the fourth time, through August 31.</li><li>The GOP slammed the extra relief, saying it would cost taxpayers and hurt the <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword>.</li></ul>Student-loan borrowers are likely grateful for the <a href="https://www.businessinsider.com/biden-extends-student-loan-debt-payment-pause-through-august-2022-3">extra four months of relief</a> that President Joe Biden just gave them, but lawmakers in Congress wanted the president to do either more or less.Leading up to May 1, when student-loan payments had been scheduled to resume, Democrats and Republicans had been pressuring Biden to either extend the payments pause or have borrowers resume paying off their debt.The president did the former, answering pleas from Democrats and advocates who argued that borrowers did not have enough to foot another monthly bill amid the pandemic and rising inflation."This pause will help 41 million people keep up with their monthly bills and meet their basic needs," Vice President <keyword id="11939049" type="UNKNOWN" weightage="60" keywordseo="kamala-harris" source="Orion">Kamala Harris</keyword> said in a <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/04/06/statement-by-vice-president-kamala-harris-on-extending-the-pause-on-student-loan-repayment-through-august-31st-2022/">statement</a>. "It will give borrowers some urgently needed time to prepare for a return to repayment."She added that she and Biden "understand that student loan debt adds stress for borrowers and their families."So far, Biden has <a href="https://www.businessinsider.com/student-loan-debt-cancellation-payment-pause-borrowers-disabilities-defrauded-2021-6">canceled</a> about $17 billion worth of <keyword id="11896049" type="UNKNOWN" weightage="60" keywordseo="student-debt" source="Orion">student debt</keyword> for some groups of borrowers, like those who were defrauded by for-profit schools. While for many the fourth extension of the pause on student-loan payments was a welcome relief, some Republicans and Democrats have said that continually extending the pause is just <a href="https://www.businessinsider.com/aoc-cancel-student-loan-debt-instead-of-extending-payment-pause-2022-4">prolonging uncertainty</a> for borrowers.Here's what lawmakers on both sides of the aisle have argued when it comes to broad action on the $1.7 trillion student-debt crisis.<h2>Republican lawmakers slammed the 'outrageous' extension of student-loan relief</h2>Republican lawmakers <a href="https://www.businessinsider.com/student-loan-debt-forgiveness-not-solution-higher-education-costs-gop-2022-3">did not hold back</a> about how they felt about extending relief for student-loan borrowers. They <a href="https://www.businessinsider.com/broad-student-loan-forgiveness-troubling-massive-mistake-virginia-foxx-2022-1">cited</a> the $150 billion <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fgovernment-losses-on-student-debt-climb-above-100-billion-amid-pause-on-payments-11642029455%3FAID%3D11557093">cost</a> to taxpayers in the form of lost federal revenue with the previous pauses, and they said that cost would grow with further relief.Rep. <keyword id="12205029" type="UNKNOWN" weightage="60" keywordseo="virginia-foxx" source="Orion">Virginia Foxx</keyword>, the top Republican on the House education committee, <a href="https://www.businessinsider.com/biden-extending-student-loan-payment-pause-is-outrageous-virginia-foxx-2022-4">called the latest extension "outrageous,"</a> adding that she worried it was "setting the stage for blanket loan forgiveness.""Hardworking taxpayers are fed up with having their backs broken by this administration," Foxx said.Sen. <keyword id="12205030" type="UNKNOWN" weightage="60" keywordseo="richard-burr" source="Orion">Richard Burr</keyword> of North Carolina said in a statement that the Biden administration "wants to have their cake and eat it, too.""They want to tout America's return to normal following the pandemic, but also want to keep extending emergency relief policies," Burr said. "It's long past time for student loan repayments to resume as normal. Extending the freeze on student loan repayments, yet again, contradicts reality and exacerbates the moral hazard this Administration has created."Some economists have also urged against further student-loan relief. The nonprofit Committee for a Responsible Federal Budget <a href="https://www.crfb.org/blogs/its-time-wind-down-student-loan-moratorium">argued in a report in August</a> that the payment moratorium should end, saying it had cost the government $52 billion annually in addition to taxpayer costs.Larry Summers, a lead economist in the Obama administration, <a href="https://twitter.com/LHSummers/status/1511424479611826179">tweeted this week</a> that the extension "is a macroeconomic step in the wrong direction," describing the approach as "regressive, uncertainty creating, untargeted and inappropriate at a time when the economy is overheated."<h2>Democrats say student-loan borrowers don't need 'quick fixes'</h2>While Democrats say student-loan borrowers need certainty, they don't think relief must end.While Biden heeded Democrats' calls by extending the pause on payments, an additional four months of relief was not quite what those lawmakers were asking for, and they're pushing the president to implement permanent, meaningful relief."I'm glad they took action today, but there's much more to do," Sen. Patty Murray, the chair of the Senate education committee, <a href="https://www.businessinsider.com/student-loan-borrowers-dont-ned-quick-fixes-sen-patty-murray-2022-4">said in a statement</a>. "This pause is urgently needed and will take stress off the shoulders of so many borrowers, but we need long-lasting change and a student loan system that actually works for students and borrowers—not just quick fixes."Murray was one of the <a href="https://www.businessinsider.com/biden-cancel-meaningful-amount-student-loan-debt-extend-pause-democrats-2022-3">many Democrats</a> urging Biden to extend the pause through at least 2023 to give him time to fix forgiveness and repayment programs and to use his executive authority to cancel some student debt.Democrats believe that, contrary to Republicans' arguments, canceling student debt would <a href="https://www.businessinsider.com/cancel-student-loan-debt-payments-paused-two-years-economy-2022-1">stimulate the economy</a> and <a href="https://www.businessinsider.com/warren-student-debt-cancellation-benefits-low-income-more-than-rich-2021-6">help low-income borrowers</a> the most. A <a href="https://www.businessinsider.com/warren-student-debt-cancellation-benefits-low-income-more-than-rich-2021-6">report</a> from the Roosevelt Institute published last year found that 61% of students from households with incomes up to $30,000 who began college in 2012 graduated with student debt, compared with 30% of students from households with incomes over $200,000.Given that the "economy didn't implode" over the two years payments have been paused, as Rep. Mondaire Jones <a href="https://www.businessinsider.com/cancel-student-debt-economy-didnt-implode-mondaire-jones-data-progress-2022-2">put it</a> last month, Democrats say there's no reason the government can't continue to extend that relief.Rep. Jamaal Bowman of New York <a href="https://twitter.com/RepBowman/status/1511799654832238597">tweeted on Wednesday</a> that Biden's latest payment-pause extension "isn't enough.""Instead of continuously extending the pause under pressure," Bowman said, "he needs to cancel all student loan debt."

Congress isn't satisfied with Biden's extension of the student-loan payment pause — Democrats want more, and the GOP wants less

<ul class="summary-list"><li>Sen. <keyword id="11977287" type="UNKNOWN" weightage="60" keywordseo="mitch-mcconnell" source="Orion">Mitch McConnell</keyword> criticized <keyword id="60973" type="UNKNOWN" weightage="60" keywordseo="biden" source="Orion">Biden</keyword>'s extension of the student-loan payment pause on Fox News.</li><li>He said, "we ought to remind people that we all pay our debts."</li></ul>The Senate Minority Leader doesn't think student-loan borrowers should continue getting relief."I think in this country we ought to remind people that we all pay our debts," Mitch McConnell <a href="https://twitter.com/PoliticusSarah/status/1513151309268062215">told</a> Fox News on Sunday."And with regard to extending the moratorium, quoting <keyword id="12507661" type="UNKNOWN" weightage="60" keywordseo="larry-summers" source="Orion">Larry Summers</keyword> again, he said it's exactly the wrong thing to do in the middle of this overheated <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword>, reducing this rapid <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword>," McConnell added. "This administration just can't seem to get their act together on the economy."McConnell was likely referring to a <a href="https://twitter.com/LHSummers/status/1511424479611826179">tweet</a> from Larry Summers, a lead economist for former President Barack Obama, who wrote that another extension of student-loan relief is "regressive, uncertainty creating, untargeted and inappropriate at a time when the economy is overheated."Last week, President Joe Biden <a href="https://www.businessinsider.com/student-loan-debt-cancellation-payment-pause-borrowers-disabilities-defrauded-2021-6">extended</a> the pause on student-loan payments, with waived interest, through August 31. It's the fourth time he's extended while in office. First implemented by former President Donald Trump as a form of pandemic relief, the pause was intended to give federal borrowers financial breathing room as they dealt with the impact of COVID-19. While Biden answered the calls of many Democratic lawmakers who were pushing for another extension, Republicans argued that with inflation on the rise, continuing to pause payments will only hurt taxpayers and the economy, criticizing broad relief measures.For example, as Insider <a href="https://www.businessinsider.com/democrats-and-gop-arent-satisfied-with-bidens-student-loan-relief-2022-4">reported</a>, Republican lawmakers have long been urging Biden against not only another extension of the payment pause, but broad student-loan forgiveness, as well. Rep. Virginia Foxx, the top Republican on the House education committee, <a href="https://www.businessinsider.com/biden-extending-student-loan-payment-pause-is-outrageous-virginia-foxx-2022-4">called the latest extension "outrageous"</a> and said she worried it was "setting the stage for blanket loan forgiveness."Arkansas Sen. Tom Cotton wrote on Twitter that Biden's "perpetual student loan payment moratorium is an insult to every American who responsibly paid debts."Republicans have <a href="https://www.businessinsider.com/broad-student-loan-forgiveness-troubling-massive-mistake-virginia-foxx-2022-1">cited</a> the $150 billion <a href="https://www.businessinsider.com/reviews/out?platform=browser&amp;postSource=bi%7C624ede10ed6d0d5fdd65e2a6&amp;sc=false&amp;type=LINK-WITH-REVIEW-SLASH-OUT&amp;u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fgovernment-losses-on-student-debt-climb-above-100-billion-amid-pause-on-payments-11642029455%3FAID%3D11557093&amp;sessionid=1649687795221pglvctj8" rel="nofollow sponsored noindex">cost</a> to taxpayers in the form of lost federal revenue with the previous student-loan pauses, and some of them also said that further relief should not still be tied to the pandemic, going so far as to <a href="https://www.businessinsider.com/republican-bill-block-student-loan-debt-payment-pause-extension-may-2022-3">introduce legislation</a> that would block the Education Secretary from using the pandemic as a reason why an extension of the payment pause is warranted.Democratic lawmakers have argued the opposite. Many of them have <a href="https://www.businessinsider.com/democrats-and-gop-arent-satisfied-with-bidens-student-loan-relief-2022-4">maintained</a> that broad student-loan relief would stimulate the economy, and they said it's a cost the government can afford to pay. For example, Chair of the Congressional Progressive Caucus Pramila Jayapal recently <a href="https://twitter.com/MeetThePress/status/1512170030624030720">told</a> Meet the Press that "a lot of this money is money the federal government makes and that these debt collectors make on interest rates that are higher than what we actually need to be charging.""If you look at the whole issue, why would we work against ourselves if the objective is to get as many people educated as possible with the highest qualifications, whether it's a community college, a four-year college, or a trade school and get them into jobs where they can support themselves and their families?" she added.Still, it's unclear what type of relief student-loan borrowers will be getting once the current pause on student-loan payments expires. White House Press Secretary Jen Psaki <a href="https://www.businessinsider.com/biden-hasnt-ruled-out-canceling-student-loan-debt-broadly-psaki-2022-4">said</a> last week that Biden "has not ruled out" canceling some amount of <keyword id="11896049" type="UNKNOWN" weightage="60" keywordseo="student-debt" source="Orion">student debt</keyword> by executive action, but she later <a href="https://www.businessinsider.com/student-loan-borrowers-will-pay-debt-sometime-biden-jen-psaki-2022-4">told</a> Fox news that borrowers will likely have to pay off their debt "sometime" while Biden is in office, prompting uncertainty surrounding the actions the administration will pursue.

Mitch McConnell slams Biden's student-loan payment pause extension: 'We ought to remind people that we all pay our debts'

<ul class="summary-list"><li>A major <keyword id="870612" type="PERSON" weightage="60" keywordseo="spending-bill">spending bill</keyword> and compromise COVID-19 relief legislation is finally within sight, but will probably take at least another week to iron out, two sources familiar with the matter <a href="https://www.cnn.com/2020/12/05/politics/congress-covid-relief-government-funding/index.html">told CNN</a>.</li><li>Stalled negotiations on Capitol Hill have delayed the legislation for months. </li><li>Two notable barriers between Democrats and the GOP in relief negotiations are liability protections for businesses and federal funds for state and local governments.</li></ul>After months of <a href="https://www.businessinsider.com/stimulus-programs-cares-act-economy-covid-19-pelosi-mcconnell-trump-2020-11">stalled stimulus negotiations on Capitol Hill</a>, <keyword id="1575" type="ORGANIZATION" weightage="60" keywordseo="Congress">Congress</keyword> had a major breakthrough last week, with a major spending bill and compromise COVID-19 relief legislation finally within sight.But Congressional lawmakers will likely need at least another week to iron out differences and reach an agreement, <a href="https://www.cnn.com/2020/12/05/politics/congress-covid-relief-government-funding/index.html">according to two sources who spoke with CNN</a>.While the $2 trillion Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, which <a href="https://www.businessinsider.com/senate-passes-coronavirus-economic-relief-bill-payments-small-business-loans-2020-3">provided an economic lifeline</a> to laid-off employees and businesses affected by COVID-19 and easily passed both houses of Congress with bipartisan support in March, passing another large stimulus package has proved elusive.According to CNN, talks "moved slowly" on Saturday regarding the spending bill needed to keep government running and to provide for a new stimulus relief package.The two biggest barriers between Democrats and Republicans in a relief package are liability protections for businesses, a top GOP priority, and federal funds for state and local governments, <a href="https://www.businessinsider.com/coronavirus-aid-bill-congress-gop-state-local-government-economy-recession-2020-8">which Democrats have said is a necessity</a> with so many states and localities facing massive budget shortfalls as a result of the coronavirus.<a href="https://www.cnn.com/2020/12/04/politics/stimulus-negotiations-state-of-play/index.html">In a previous CNN report</a>, congressional aides revealed that members are working in small teams to dedicate themselves to particular parts of the bill.While Democratic Sen. Dick Durbin of Illinois and GOP Sen. John Cornyn of Texas are hashing out a compromise for liability protections, GOP Sen. Mitt Romney of Utah and Democratic Sen. Joe Manchin of West Virginia are devising a formula for state and local government funding, with possible disbursement caps, according to CNN. The caps would prevent larger states from receiving funding amounts similar to what was doled out months ago.The current stimulus proposal features $300 federal weekly enhanced unemployment benefits, an extension of the freeze on federal student loan payments, an <keyword id="9865732" type="UNKNOWN" weightage="60" keywordseo="eviction-moratorium">eviction moratorium</keyword>, and additional Paycheck Protection Program (PPP) funds for small businesses, among other measures.According to the aides, GOP Senate Majority Leader Mitch McConnell has requested to see a proposal on Monday.President-elect Joe Biden on December 3 <a href="https://www.businessinsider.com/joe-biden-support-behind-908-billion-compromise-relief-package-2020-12">endorsed the $908 billion compromise relief package</a>, saying that "it should be passed," while noting that he will seek additional federal aid after he takes office on January 20, 2021. <a href="https://www.reuters.com/article/us-usa-biden/biden-promises-help-to-u-s-workers-hit-by-pandemic-trump-hints-at-2024-run-idUSKBN28C1GM">During an economic roundtable</a> last week, Biden said that the relief plan "at best, is only going to be a down payment for what's going to happen early next year."He added: "My transition team is already working on what I will put forward for the next Congress to address the multiple crises we're facing, especially the economic crisis and <keyword id="8764262" type="UNKNOWN" weightage="60" keywordseo="covid">COVID</keyword>."Lawmakers will also have to come to an agreement on the $1.4 trillion spending bill to avert a shutdown and keep government running past December 11. With the deadline fast approaching, Congress is looking at a weeklong, stop-gap spending bill that would extend government funding through December 18.Congressional Democrats and Republicans are both looking to attach a coronavirus relief package to the spending bill.

Stimulus and government funding talks will likely require an additional week for an agreement: report

<ul><li>Reserve Bank of India (RBI) governor has extended the moratorium for repaying terms loans by another three months. </li><li>This includes retail loans like those taken out for cars, home and education, along with corporate loans. </li><li>This means that the total amount of interest across these six months will only be due after the expiry of the deferment period on August 31.</li></ul>RBI governor <keyword id="6359111" type="UNKNOWN" weightage="20" keywordseo="Shaktikanta-Das">Shaktikanta Das</keyword> announced some more relief for borrowers by extending the <keyword id="9266253" type="UNKNOWN" weightage="20" keywordseo="moratorium-on-loan-repayments">moratorium on loan repayments</keyword> by another three months. Now they will have will August 31 to meet their repayment requirements. <div type="Article" hostid="261" msid="75883601" title="Reserve Bank of India cuts interest rates to the lowest in over 2 decades⁠ as the central bank expects the GDP to contract this financial year" mstype="2" mssubtype="0"></div> “In view of the extension of the lockdown and continuing disruptions on account of COVID-19, the earlier measures are being further extended by another three months from 1 June till 31 August,” said Das. This includes paying my loans across the board, including retail loans on cars, homes and education. “This will allow borrowers to manage their finance and manage their cash flow in a gradual manner,” he added. This brings the total moratorium periods to six months, from 1 March to 31 August. This means that the total about of interest across these six months will only be due after the expiry of the deferment period. <div type="Article" hostid="261" msid="74841767" title="No EMI payments for home, car, and corporate and other loans for 3 months says RBI" mstype="2" mssubtype="0"></div> According to Das, this will help further ease the stress caused by coronavirus pandemic and the ongoing lockdown by providing relief on debt servicing and improving access to working capital. Under normal cicircumstances, the deferment of loan repayments has an impact on the borrower's credit history and risk classification. This can make it difficult to get other loans later on. However, with a moratorium in place, the borrower's credit rating will not be adversely impacted in any way. "The rate cuts combined with the further extension of loan moratoriums by 3 months up to August 31, 2020 augurs well for the real estate sector in the times to come," said Anuj Puri, Chairman of Anarock Property Consultants. "Home loan interest rates have already gone down substantially over the last year, and are presently at an all-time low averaging between 7.15% to 7.8%," he added. Most banks are not making the deferment automatic instead giving borrowers to choice to opt-in. While some have made the option available online, others will have to call up their banks in order to inform them that they wish to delay their repayment, especially in cases where the loan repayment is cut automatically from their associated account. Finance Minister Nirmala Sitharaman, in her slew of announcements last week, had provided indirect relief for the common man by deferring the filing of income tax returns till 30 November 2020. <div type="Article" hostid="261" msid="75717906" title="Deadlines for tax returns deferred⁠— and other tax reliefs announced by Nirmala Sitharaman" mstype="2" mssubtype="0"></div> SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/rbi-news-reserve-bank-of-india-governor-shaktikanta-das-cuts-interest-rates/articleshow/75883601.cms">Reserve Bank of India cuts interest rates to the lowest in over 2 decades⁠ as the central bank expects the GDP to contract this financial year</a> <a href="https://www.businessinsider.in/defense/news/india-china-point-fingers-for-border-issues-along-lac/articleshow/75883231.cms">‘Not accurate’ and ‘nonsense’ — India and China in a war of words in New Delhi while flexing muscles across the Ladakh border</a>

No EMI payments for six months as RBI extends moratorium on loans repayments till August 31

<ul class="summary-list"><li>Two US economic-relief programs have started to expire in recent days: the federal <keyword id="6356416" type="UNKNOWN" weightage="60" keywordseo="eviction">eviction</keyword> <keyword id="117489" type="PERSON" weightage="60" keywordseo="moratorium">moratorium</keyword> that ran out on Friday, and the extra $600 weekly <keyword id="6358907" type="UNKNOWN" weightage="60" keywordseo="unemployment">unemployment</keyword> benefit that concludes this weekend.</li><li>In the coming months, there are additional expirations the US faces that could derail the economic recovery if extensions aren't put in place. </li><li>Detailed below are four other economic-relief programs set to run out by the end of September.</li></ul>The US is facing a number of expiring policies that could spell disaster for the economic recovery as the country continues to grapple with the coronavirus pandemic.Over the past few days, two major policies protecting consumers have hit expiration, potentially putting millions of Americans in danger of losing housing and income amid the sharpest economic downturn since the Great Depression.On Friday, the federal eviction moratorium expired, ending a four-month period where roughly 12 million Americans that rent were protected from eviction, <a href="https://www.washingtonpost.com/business/2020/07/24/faq-federal-eviction-moratorium/">the Washington Post reported</a>.Today, the extra <a href="https://www.businessinsider.com/unemployment-boost-what-happens-if-600-jobless-americans-runs-out-2020-7">$600 weekly unemployment benefit will start to expire</a>, with some states concluding the program on Saturday and others on Sunday. As of Friday, Republicans said they plan to roll out their <a href="https://www.businessinsider.com/gop-coronavirus-relief-bill-after-600-weekly-unemployment-benefit-expiration-2020-7"> initial coronavirus relief bill next week</a>, although the new version is expected to <a href="https://www.businessinsider.com/trump-republicans-weekly-unemployment-benefits-cut-70-percent-lost-wages-2020-7" target="_blank" rel="noopener">scale back weekly benefits</a> for unemployment workers."Because of the inability of the political sector to put in place another round of aid in a timely manner, investors should anticipate a significant slowing in household spending and another round of permanent job losses," Joseph Brusuelas, chief economist at RSM, wrote in a Wednesday note. Read more: <a href="https://www.businessinsider.com/stock-market-crash-david-rosenberg-warns-bear-market-isnt-over-2020-7" target="_blank" rel="noopener">'Castles built on sand': Famed economist David Rosenberg says investors are being too reckless as stocks rally — and warns that a vicious long-term bear market is far from over</a>Beyond these recent examples, other looming policy expirations suggest more pain to come — ranging from the end airline support to the deferment of <keyword id="1738329" type="PERSON" weightage="60" keywordseo="Student-Loan-Debt">student loan debt</keyword>. And they come at a troubling time for the economic recovery from the pandemic recession.The trillions of dollars in stimulus that the government has provided since enacting sweeping economic shutdowns initially showed signs of payoff in record job gains, a jump in consumer sentiment, and solid retail sales. But as states began to reopen their economies, signs that the initial rebound is slowing have mounted. For instance, <a href="https://www.businessinsider.com/us-jobless-claims-unemployment-insurance-filings-labor-market-coronavirus-recession-2020-7">initial jobless claims increased</a> this week for the first time since March, and <a href="https://markets.businessinsider.com/news/stocks/economic-outlook-consumer-sentiment-reverses-rebound-coronavirus-spike-university-michigan-2020-7-1029405698#">consumer sentiment slumped</a> in July following an uptick in new coronavirus cases.There are also <a href="https://www.businessinsider.com/economic-recovery-charts-suggest-us-coronavirus-pandemic-losing-steam-indicators-2020-7">signals from high-frequency indicators</a> such as restaurant reservations and data from Homebase — a scheduling app — that show the recovery is losing steam. The economic regression is directly tied to spiking virus cases, of which there are currently more than 4 million, according to data from Johns Hopkins University. The data also show there have also been 144,000 resulting deaths.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-13-firms-with-huge-dividends-bernstein-2020-7" target="_blank" rel="noopener">Bernstein says buy these 13 dividend-rich stocks built to capitalize on a trend not seen in 65 years</a>Still, it's possible that the upcoming expirations won't be an issue, as many of the deadlines have been pushed back amid the continued spread of the virus. But there's no guarantee that support will continue or eventually be without gaps, as evidenced by the conclusion of the $600 extra weekly unemployment benefit. Here's a list of upcoming expirations: <ul><li>August 8 — The Small Business Association's <a href="https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program">deadline to apply</a> for the Payroll Protection Program. </li></ul>The PPP program extends loans to small businesses that are forgivable if used to sustain employment near pre-pandemic levels. A recent analysis from ADP showed that the program has saved <a href="https://www.businessinsider.com/paycheck-protection-program-saved-millions-jobs-coronavirus-pandemic-economy-stimulus-2020-7">millions of jobs at small businesses</a>. In addition, in May, the government jobs report shocked when it showed the US had added 2.5 million jobs after the worst month of losses — many of those gains were <a href="https://www.businessinsider.com/may-jobs-report-sign-government-payroll-protection-program-working-unemployment-2020-6">likely due to the PPP program. </a><ul><li>August 31 — The foreclosure moratorium expires </li></ul>The CARES Act passed in March protected federally or government sponsored enterprise mortgages from foreclosure through the end of August. In addition, it established that homeowners can apply for <a href="https://www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/mortgage-relief/">forbearance</a> on mortgages, including suspended or reduced payments, if they experience difficulty paying due to the coronavirus pandemic. Once the moratorium expires, lenders will be able to take back the property if the homeowner has failed to make mortgage payments. In April, past-due mortgages spiked to the <a href="https://markets.businessinsider.com/news/stocks/delinquent-mortgages-spike-covid19-stress-freezes-payments-past-due-coronavirus-2020-7-1029405332#">highest level in 21 years, according to CoreLogic</a>.Read more: <a href="https://www.businessinsider.com/real-estate-investing-strategies-tips-how-to-get-started-experts-2020-7" target="_blank" rel="noopener">The ultimate guide to getting started in real-estate investing — according to entrepreneurs who built multimillion-dollar empires from scratch</a><ul><li>September 30 — Student loan deferral ends </li></ul>Roughly 44 million Americans hold more than <a href="https://fred.stlouisfed.org/series/SLOAS">$1.6 trillion in student loan debt</a> and will again owe payments on that debt starting September 30. In addition, interest rates — which were set to 0% during the pandemic, while payments on loans were deferred — may start again, growing the debt pile. <ul><li>September 30 — Payroll support for airline workers ends </li></ul>The US government pledged $32 billion through September 30 to <a href="https://www.rollcall.com/2020/07/10/as-payroll-support-nears-an-end-airline-unions-seek-renewal/">keep airline employees on payroll</a> as the pandemic slammed global travel demand. But even with the financial relief, airlines such as <a href="https://www.cnbc.com/2020/07/08/coronavirus-united-braces-36000-employees-for-job-cuts-as-pandemic-roils-travel-demand.html">United</a> and <a href="https://www.cnbc.com/2020/07/13/american-airlines-to-warn-pilots-this-week-about-potential-furloughs.html">American</a> have notified tens of thousands of workers that they may be furloughed or laid off — thousands more could be <a href="https://www.rollcall.com/2020/07/16/bipartisan-letter-urges-extension-of-airline-payroll-support/">out of the job if aid isn't extended. </a>Read more: <a href="https://www.businessinsider.com/stock-picking-strategy-how-to-find-big-winners-paul-andreola-2020-7" target="_blank" rel="noopener">Paul Andreola has a long track record of finding tiny stocks that deliver 10-times returns. He lays out the 4 criteria he looks for when seeking the next explosive pick.</a>

The US's $600 unemployment boost expires today. Here's a list of 4 other programs set to end soon.

New Delhi, May 4 () With further extension of the nationwide lockdown, the RBI is considering a proposal for extending the moratorium on bank loans by another three months to help people and industry impacted by the ongoing lockdown to contain COVID-19.Suggestions from various quarters, including from Indian Banks' Association, have come for the further extension of moratorium and the RBI is actively considering them, according to sources.The government on Saturday extended the lockdown for further two weeks till May 17 with certain relaxations for red, orange and green zones.Income stream will not resume due to the continuation of nationwide lockdown, the sources said, adding that so many entities and individuals will be unable to service their debt in this circumstances at the end of the present moratorium period ending on May 31.So, extension of moratorium by another three months would be a practical approach from the regulator, a senior public sector bank official said.It will help both borrowers and banks in these difficult times, the official added.The Reserve Bank of India (RBI) had on March 27 allowed banks and financial institutions to offer a moratorium of three months on payment of instalments of all term loans outstanding as on March 1 to help mitigate hardship faced by borrowers."All commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, all -India Financial Institutions, and NBFCs (including housing finance companies and micro-finance institutions) ("lending institutions") are being permitted to allow a moratorium of three months on payment of instalments in respect of all term loans outstanding as on March 1, 2020," the RBI had said.Accordingly, it had said, the repayment schedule and all subsequent due dates, as also the tenor for such loans, may be shifted across the board by three months.As a result of this moratorium, individuals' EMI repayments of loans taken were not deducted from their bank accounts, providing much needed liquidity.The loan EMI payments will restart only once the moratorium time period of 3 months expires.RBI Governor Shaktikanta Das on Saturday held a meeting of held meeting with public and private sector banks where the issue of loan moratorium was also reviewed.Credit flows to different sectors of the economy, including liquidity to non-banking financial companies, microfinance institutions, housing finance companies, mutual funds, etc, and post lockdown credit flows including provision of working capital, with special focus on credit flows to MSMEs were also deliberated.The Supreme Court earlier this week directed the RBI to ensure that its March 27 guidelines directing lending institutions to allow a three-month moratorium to all borrowers is implemented in letter and spirit. DP BAL

You Searched For "loan moratorium extension" and got 10 results

RBI may extend moratorium on repayment of loans for three more months: Report

PTI

SoFi drops 10% as Biden's extended student loan payment moratorium forces the company to lower earnings guidance

Matthew Fox

RBI's extension of moratorium on repayment of loans will help aviation companies: Puri

PTI

Loan repayments will become due starting today — here are the options that borrowers have

Prabhjote Gill

Congress isn't satisfied with Biden's extension of the student-loan payment pause — Democrats want more, and the GOP wants less

Ayelet Sheffey

Mitch McConnell slams Biden's student-loan payment pause extension: 'We ought to remind people that we all pay our debts'

Ayelet Sheffey

Stimulus and government funding talks will likely require an additional week for an agreement: report

John L. Dorman

No EMI payments for six months as RBI extends moratorium on loans repayments till August 31

Prabhjote Gill

The US's $600 unemployment boost expires today. Here's a list of 4 other programs set to end soon.

Carmen Reinicke

RBI may extend moratorium on loans by another 3 months

PTI

Popular Keywords

Buying Guides