State-run Indian Bank has announced to provide a 6-month moratorium to its customers. As per the COVID 19 regulatory package of RBI, the bank allows a moratorium by deferring EMI payment / Term Loan Instalments and Interest/ Interest on Working Capital for 6 months w.e.f 01.03.2020.
As per new update in RBI COVID–19 Regulatory Package, the bank has extended moratorium by 3 months on payment of EMI/ instalment/ interest from 01.06.2020 to 31.08.2020. Your loan accounts and credit card dues are payable from 01.09.2020.
Also Read: Indian Bank Moratorium Extension by 3 Months for Loan EMIs
No. It will happen automatically.
No, the customer will have to contact their branch for this.
Yes. The interest accumulated during the moratorium will be payable immediately after the relaxation period ending on 31.08.2020.
No, the bank will extend your loan term for 6 months. For example, if your last EMI is to be paid in December 2020, then it will be payable in March 2021 with this relaxation.
No. It is not mandatory. You may continue to pay if you wish to.
No. The interest accumulated will be added to the remaining EMIs.
It is applicable for all Term Loans, including personal loans, home loans, auto loans, education loans, etc.
Yes
Yes, a similar relaxation will be granted to them on Kisan Credit Card and agricultural term loans.
Reshma Rawat is a passionate writer with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra and writes blogs & webpages on financial products (loans, credit cards, insurance, government financial policies, mutual funds, etc.).
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