Providing a major relief to bank loan borrowers in the 21-day nationwide lockdown, series of public sector banks including RBI, PNB, Bank of Baroda and others today announced deferment of EMI payments on term loans for a period of three months.
This comes after Reserve Bank (RBI)’s direction to all lending institutions including banks and housing finance companies, to allow 3-month moratorium to borrowers on term loans.
The moratorium is for payment of all instalments falling between March 1 and May 31, 2020.
Public sector banks have extended this facility to all borrowers on an umbrella basis while private sector banks have allowed this service to those customers who apply for such concession. In case of private banks, the customers will have to inform their respective banks via mail for seeking 3-month moratorium on term loans.
“In terms of RBI COVID-19 regulatory package, SBI has initiated steps to defer the instalments and interest/EMIs on term loans falling due between March 1, 2020 to May 31, 2020 and extended the repayment period by 3 months. The interest on working capital facilities for the period March 1, 2020 to May 31, 2020 is also deferred to June 30, 2020,” country”s largest lender SBI said.
PNB presents relief scheme for our customers. In view of COVID-19, it has been decided to defer payment of all installments on term loan and recovery of interest on cash credit facilities falling due between March 01,2020 and May 31 2020.@DFS_India @dfsfightscorona pic.twitter.com/dHRvu5luXb
— Punjab National Bank (@pnbindia) March 31, 2020
(2/3) Interest during the moratorium period will continue to be accrued @FinMinIndia @DFS_India @DFSFightsCorona @nsitharaman @vikramadityask
— Bank of Baroda (@bankofbaroda) March 31, 2020
Important announcement for all SBI customers.@guptapk @DFS_India @DFSFightsCorona#Announcement #SBI #StateBankOfIndia pic.twitter.com/hEWSXVxVIp
— State Bank of India (@TheOfficialSBI) March 31, 2020
In terms of Covid 19- RBI package, borrowers are eligible for moratorium/ deferment of installments/EMI for Term loans falling due from 01.03.2020 to 31.05.2020 & repayment period gets extended accordingly. SMS also has been sent to customers to avail the same. @DFS_India #COVID pic.twitter.com/NGuw1pARiv
— Canara Bank (@canarabank) March 31, 2020
ICICI, HDFC bank offer 3-month moratorium on loans
ICICI Bank and HDFC Bank have activated the options to avail the moratorium in their websites which is available on the home page. Customers have to fill in a simple form giving loan account numbers and others details to avail the moratorium on equated monthly instalments.
