Indian Bank Moratorium Extension by 3 Months for Loan EMIs

Indian Bank Moratorium Extension by 3 Months for Loan EMIs

Indian Bank, under the RBI COVID–19 Regulatory Package, has offered an extension of moratorium by 3 months, i.e., from 01.06.2020 to 31.08.2020, on payment of EMI/ instalments/ interest on loan accounts and credit card dues. The dues and EMIs will be payable from 01.09.2020.

Earlier, the bank provided a 3-month moratorium for its customers, from 01.03.2020 to 31.05.2020.

 

Also read: How to Get Cash during Lockdown without Stepping Out?

 

FAQs

✅ Should I request my branch for availing the moratorium?

No. The moratorium will be extended automatically.

✅ Will the accumulated interest of 3 months in working capital loans be payable immediately after the moratorium period?

Yes. The accumulated interest in the moratorium will be payable as soon as the relaxation period is over on 31.08.2020.

✅ Will the accumulated EMIs be payable altogether after 3 months?

No. Your loan term will be extended by 3 months. For instance, if your last EMI is to be paid in January 2021, then it will be payable in April 2021 with this relaxation.

✅ Is it compulsory to avail this moratorium benefit?

No. You may continue to pay as it is if you wish to. Availing of moratorium facility is not mandatory.

✅ Will the interest accumulated in these 3 months be payable in one go when the 3 months relaxation ends?

No. The accumulated interest will be added to your remaining EMIs.

✅ For which loans the moratorium is applicable?

The moratorium is applicable on all Term Loans, including auto loans, education loans, personal loans, home loans, etc.

✅ Is this relaxation available for credit card payment too?

Yes.

✅ Is there any benefit available for the farmers with this announcement?

Yes, a similar relaxation is granted to them on Kisan Credit Card & agricultural term loans.

 

Also Read: Indian Bank Offers 6 Months Moratorium for Loan EMIs to Support RBI’s Move

 

Get instant approval for Emergency Loan

Share This:
Category: #mmm news