In the wake of COVID-19, Bank of Baroda Extends Moratorium on Loans & Credit Card Dues

Updated on: 23 Jan 2024 // 2 min read // #mmm news
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In the wake of COVID-19, Bank of Baroda (BoB) is providing a moratorium of 6 months on payments of all instalments falling due between 01.03.2020 and 31.08.2020 for all term loans, including Retail, Corporate, MSME, Agriculture, Housing, Auto, Personal loans, etc., supporting the RBI COVID-19 Regulatory Package.

The 6-months moratorium is also applicable for BoB Credit Card dues and you are eligible for it if your statement dated 01.03.2020 does not mention “IMMEDIATE” under its “Payment Due Date” column. If it mentions “IMMEDIATE”, you are required to make the payment as advised on the statement or by calling the bank’s representatives. Once you have made the payment and your card account is regular, you will be eligible for the remaining period of moratorium.


✅ Will there be any late payment charges?

No. The bank will not levy any late payment charges as part of the moratorium and it will not be reported to the credit bureaus as overdue or delinquent during the moratorium period.

✅ Will the bank refund my payments made towards my 1st March statement dues?

No. Any payments already made towards your statement dues for 1st March will not be refunded.

✅ Will the bank debit my savings account if I have opted for Auto Debit?

No. As per the RBI’s guidelines, the bank will not debit your Bank of Baroda savings account towards the payments due in the 1st April & 1st Aug statements. You can use the customised payment link sent by the bank via SMS, or Insta Pay option on the bank’s website, to continue making the payments if you wish to.

✅ Which facilities are eligible for availing the benefits under the COVID-19 regulatory package and is it extended across the board to all borrowers?

All Term Loans, including Retail, Agricultural Term Loans, Crop Loans, & Cash Credit/Overdraft are eligible to avail the benefits under this relief package. It is available to all accounts that are Standard Assets as on 01.03.2020. The relief has been extended to all the borrowers across the board by extending repayment of Term Loan instalments (including interest) by 6 months.

✅ Will the rescheduling of payments be applicable for all kinds of Terms Loans?

Yes. It is applicable for all Term Loans under all the segments, irrespective of the segment and the tenure of the Term Loans.

✅ How will the bank treat the interest on the Working Capital facilities?

The interest applied to Cash Credit/Overdraft on March, April, May, June, July, Aug 2020 is being ‘deferred’. However, the accumulated accrued interest will be recovered immediately after the completion of the said moratorium period.