On the RBI’s appeal, public sector banks, as well as private banks, have postponed the EMI of their customers’ loans for three months. While government banks are giving direct relief, private banks are giving this facility on demand. To take advantage of Moratorium, for example, you have to email the bank and tell them that you want to take advantage of this facility.
If you talk about HDFC, then you will get this relief only. For this, you have to email. At the same time, ICICI Bank will also provide relief on some loans. For this, he is working now. IDBI has shown some relief in this matter and has given automatic relief. You have to email IDFC to ask for this relief.
Bank of Baroda has announced to postpone the payment of the installment of all loans including corporate, MSME, agriculture, retail, housing, auto, personal loans, which took place from March 1, 2020, to May 31, 2020, for three months. The same UBI also will not take EMI, as per the order of Union Bank of India, the loan installment/interest will not have to be paid for three months between March 1, 2020, to May 31, 2020.
PNB will not charge interest
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
On behalf of Punjab National Bank, a tweet said that due to coronavirus, it has been decided not to collect interest on all the installments of all term loans and cash credit facility from March 1, 2020, to May 31, 2020.
— State Bank of India (@TheOfficialSBI) March 31, 2020
The same State Bank of India (SBI) said that it has been decided to postpone EMI from March 1, 2020, to May 31, 2020. At the same time, it has been decided to postpone the interest on working capital facilities by June 30, 2020.
What does moratorium mean?
The moratorium is the period during which you do not have to pay EMI on the loan taken. This period is also known as the EMI holiday. Such breaks are usually offered to help individuals experiencing temporary financial difficulties recover from it.
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