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No, you do not have to make EMI payments till May 31st, 2020. You will have to pay them afterwards.
For all term loans (including agricultural term loans, retail and crop loans), 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) are permitted to grant a moratorium (a temporary stay) of three months on payment of all installments falling due between March 1, 2020 and May 31, 2020.
Installments will include the following payments:
(i) principal and/or interest components
(ii) bullet repayments
(iii) Equated Monthly installments
(iv) credit card dues.
This does not mean that you can skip the payment, it means that the banks will notify you about the repayment schedule for such loans after May 31, 2020. Interest will still be accrued on the term loans during this period.
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