Urge Banks & Micro-finances to stop collecting EMIs until November 2021 in India

Urge Banks & Micro-finances to stop collecting EMIs until November 2021 in India

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KarthiKeyan Ponniah started this petition to Finance Minister of India and

Due to lock-downs and crippled rural economy in 2nd wave of covid-19, Loans taken from microfinance industry to women self help groups and unorganized sector loans became a huge burden for rural India.

Banks & Finance institutions has a habit of urging EMI payment on next day of lock-down relaxations. People are suffering to reboot their income for very basic and essential needs like food, house rent, electricity bill, petrol/gas, medical expenses. What ever savings or new revenue they generate post-lock-downs are not enough to handle above expenses too. But micro-finances, banks are urging to pay the EMI and threaten for recovery proceedings.

There is an another set of EMIs like bike, commercial vehicles, education loan, housing, car, SME loans are also digging a financial grave for everyone in India.

People of India need breathing time to regenerate revenue in post-lock-downs


Request 1:  Need an EMI holiday for 6 months from June 2021 to November 2021 , No Interest penalties, No compound Interest for non payments should be calculated.

OR

Request 2: Collect 50% of the Interest amount only as EMI and give EMI holiday for principal amount until November 2021.

 

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At 100 signatures, this petition is more likely to be featured in recommendations!