Axis Bank Issues New Guidelines for Moratorium 2.0 Till Aug; Check Eligibility

Axis Bank Issues New Guidelines for Moratorium 2.0 Till Aug; Check Eligibility

In order to ease customers’ cash flows due to ongoing lockdown & financial disruptions amidst spread of COVID-19, AXIS Bank has extended moratorium relief for term loan EMIs and interest repayment of working capital facilities to borrowers.

The bank has updated new guidelines online. The final decision is left at bank’s discretion. Not all customers are eligible to avail of new Moratorium.

As per bank’s website, the customers of following loan products & credit facilities can avail of Moratorium benefit starting from June 1, 2020 to August 31, 2020.

  • Retail Micro Finance (MFI)
  • Sponsored schemes
  • Kisan Credit Card (KCC)
  • Farmer Loans (Cash Credit & Over draft)

However Moratorium for customers of following category of retail loans ends on 31st May, 2020.

All other loans / credit facility(ies), like

  • Home loan, Auto Loan, Personal Loan, Credit Cards, Education loan, Loan against property 
  • Loan against shares, Gold Loans, Commodity Loans, Tractor Loans, Two Wheeler Loans, Commercial Vehicle Loans, Construction Equipment Loans,
  • Business Loans and Unsecured Small Business Banking Loans (overdraft and term loans) and Working capital & Overdraft products under Retail loans, Rural loans & SBB

Only those customers who are facing financial constraints due to Covid-19 pandemic are eligible for deferring payments falling due between June 1, 2020 to August 31, 2020. The customers of above listed products will be required to specifically request/ OPT-IN for EMI moratorium.

The customers can opt for moratorium by clicking link:

https://application.axisbank.co.in/webforms/axis-support/EMIConsentPage_v2.aspx

 

Also Read:  How to Opt for Axis Bank EMI Moratorium on Loan EMIs & Credit Card Dues?

 

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