Is Your Bank Offering Six Months’ EMI Moratorium Till Aug 31? Check List

Is Your Bank Offering Six Months’ EMI Moratorium Till Aug 31? Check List

Following RBI’s New direction,s to all banks and lending institutions for extending EMI Moratorium on retail loans, working capital credit facilities and credit card bills to ease liquidity crunch of customers facing Coronavirus Lockdown, all top banks and NBFCs have released customer specific FAQs and final guidelines on their website. The RBI Governor had categorically added that the final modalities for implementing repayment deferment will be announced by each bank’s board.

To ease customers’ financial journey, MyMoneyMantra brings a list of all public sector and private banks & financial institutions that have implemented moratorium for repayments due for 6 months- March, April, May, June, July and August 2020.

In face of ongoing lockdown banks are accepting customer requests for EMI Holiday through SMS, Email and online forms. .

Customers can also share consent by replying to the communication received through SMS and Email. Banks have also cautioned customers to not share any OTP or click on link received from any third party to opt for Moratorium as this could be a spam.

 

Should You Opt for Moratorium 2.0? Know the Cost of 6 Free EMI Months

 

Under the Lockdown situation, banks are using online platforms and social media to announce the decision to allow EMI break to their customers.

A short bank message sent through SMS or Tweet generally is reading as:All retail customers of term loans are eligible for EMI moratorium falling due from 01.03.2020 to 31.08.2020.

 

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Banks offering Moratorium for three months:

#State Bank of India

State Bank of India (SBI) on May 27, 2020 announced that all the eligible SBI customers will be automatically offered the benefit of moratorium extension for another three months till August 31, 2020. The bank said in a statement that 85 Lakh SBI customers have already been notified through an SMS seeking consent for EMI deferment by another three months. Customers are requested to send YES in reply to the designated virtual mobile number (VMN) mentioned in the SMS within five days.

Earlier on March 27, 2020, ….

SBI chairman Rajnish Kumar said, “With regards to the moratorium period, across the board, all term loan EMIs (including those taken for loans against property) will get shifted by three months automatically.”

 Submit requests online 

#HDFC Bank

The HDFC bank has also communicated to its customers that they can use the choice of opting for three months EMI Moratorium by Clicking on the link for Moratorium 2.0. The payment deferment is extended to all retail loan customers, agri loan customers corporates, MSMEs and HDFC credit card holders. Those who do not want to opt for repayment deferment need not update anything.

The customers can contact HDFC Bank via the following modes:

Call phone numbers 022-50042333, 022-50042211 and follow the instructions.

 

 Submit Requests Online 

 

The customers are advised to keep the loan and personal details handy while making the contact. Also, the interest will accrue during the period.

The credit card customers are required to pay minimum due amount or total outstanding & accrued interest charges on the due date after 31st Aug 2020.

Earlier bank had offered Moratorium from March 2020 to May 2020.

 

Also read :  HDFC Bank Offers EMI Moratorium 2.0: Check New Guidelines for June to Aug 2020

 

How to opt HDFC Bank EMI Moratorium

#ICICI Bank

ICICI Bank has extended COVID 19 EMI Moratorium relief for one more month, i.e. up till August 31, 2020. The bank has notified customers to opt for extension of EMI moratorium through its website. The overall ICICI Bank’s Moratorium for COVID19 relief is now for 6 months. The last date of application is 24 August or 5 days prior to your EMI date.

You can apply for ICICI Bank August Moratorium here: https://buy.icicibank.com/moratorium.html

ICIC Bank moratorium till August

Previously in March the ICICI bank had sent personalised emails to their customers and shared an online access on bank’s website to opt for three months moratorium for Term Loans and Working Capital facilities for March, April & May 2020. Customers were needed to share mobile number and PAN number to continue making the choice. The Moratorium 2.0 for July is over and those who want to extend the moratorium needs to opt again.

The interest will continue to accrue during the EMI break.

Submit requests online in a few clicks:

#Kotak Mahindra Bank

Kotak Mahindra Bank has released its detailed policy for implementation of further 3 months moratorium to customers affected by COVID 19. The bank’s official note said that all borrowers who wish to avail moratorium facility for term loan EMIs and credit card dues falling due from March 1, 2020 to Aug 31, 2020 or who are seeking deferment of interest for working capital facilities over this period should email the bank from their registered email id to pay.later@kotak.com

The customer should quote the Loan account / APAC number to the bank.

Further the Bank would later charge the interest, at the original contracted rate, for the moratorium period on the outstanding amount of loan to all those opting for repayment deferment. The relief is granted to loans outstanding as on March 31, 2020 and not applicable to disbursements to be made in April 2020 and thereafter.

To opt for the moratorium extension click on the link and provide the required details: https://www.kotak.com/en/covid-19/installment-moratorium.html

For More details Please click here

#Indian Overseas Bank

#Canara Bank

#Punjab & Sind Bank

#Syndicate Bank

#IDBI BANK

Good news to all our valued customers! To know more, please read the FAQs regarding the moratorium of three instalments of the Term Loans here: https://bit.ly/3aqWmIC  @RBI @DFS_India @FinMinIndia @nsitharaman #IndiaFightsCorona #COVID19

As per the update on IDBI Bank’s website, the bank has extended moratorium period for further 3 months, i.e. from 01.06.2020 to 21.08.2020. The rules of the scheme and terms of repayment will remain the same like moratorium relief scheme.

Check more details here

#Bank of Baroda

Due to the continuing impact of coronavirus pandemic, the bank has decided to increase moratorium period for three more months, starting from 01.06.2020 till 31.08.2020.

Apply Online 

#Punjab National Bank

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

The bank has sought extension of moratorium period on loans for small businesses from the RBI and has also requested RBI to allow one-time restructuring of loans till March 31, 2021, on a case to case basis.

#IDFC First Bank

IDFC First updated on its website:

“IDFC FIRST Bank COVID-19 Moratorium

Dear Customers,

We are happy to provide a three months moratorium facility for our Home Loan, Personal Loan, Consumer Durable Loans, Loan Against Property, Business Loans, Vehicle Loans, Business Banking and KCC customers who are seeking it from us and are eligible as per RBI guidelines. To apply for the moratorium, kindly write to us from your registered email address at help@idfcfirstbank.com with your mobile number and loan account number and we will activate the moratorium for the unpaid EMI of March 2020 if any, and for EMI of April, May, June, July and August 2020.

Interest will continue to accrue on the EMIs for which moratorium is provided at the same rate as contracted for the respective loan, and such interest will be collected as per applicable interest rate from you by extending the original tenor of your loan contract accordingly. An updated loan repayment schedule will reach you by email, which can also be accessed on mobile app and website by end of the respective month.”

#Axis Bank

Axis Bank has announced Moratorium relief to specifically those customers that are affected by financial disruptions caused by COVID 19 and subsequent lockdowns.

The bank has extended automatic moratorium relief till August 2020 to customers of Retail Micro Finance (MFI), Govt. Sponsored schemes, Kisan Credit Card (KCC) and Farmer Loans (Cash Credit & Over draft).

All other customers will be required to opt here:

#Money Tap

#United Bank of India

#Allahabad Bank

UCO Bank

#Indian Bank

As per RBI COVID–19 Regulatory Package, the bank has permitted extension of moratorium by 3 months on payment of EMI/ installment/ interest from 01.06.2020 to 31.08.2020 for your loan accounts and dues. The EMIs and credit card dues are payable from 01.09.2020.

Check More Details Here: Indian Bank Moratorium Extension by 3 Months for Loan EMIs

#Central Bank of India

#Oriental Bank of Commerce

#Bank of Maharashtra

In backdrop of COVID 19, Moratorium Period of 3 Months of loan / deferment of interest on CC for period from 01.03.20 to 31.05.20 including Agri/Home/Vehicle/Education/MSME/Business/Corporates by increasing tenor of loan with applicable interest, without affecting Credit Score.

Due to the continuing impact of the COVID-19 in India, Bank of Maharashtra has extended the moratorium period for 3 months. Earlier, the scheme was applicable from 01.03.2020 till 31.05.2020 and now there will be an extension from 01.06.2020 to 31.08.2020.

#Bajaj Finserv

Leading NBFC Bajaj Finserv Limited has also shared its latest Moratorium guidelines with customers. The BFL has extended repayment moratorium to its customers with consistent loan repayment track record. All customers who do not have more than 2 EMI’s due in any of their loans can request for moratorium for EMIs due in month of March, April, May, June, July and August 2020.

In order to opt for Moratorium for June, July and August 2020, click here:

https://customer-login.bajajfinserv.in/Customer?Source=RaiseRequest

You can share your questions and complaints here: wecare@bajajfinserv.in

After the moratorium period, the loan tenor will increase and interest will be added to the interest payable and principal outstanding. The customers can access the revised re-payment schedule on self-service portal.

https://customer-login.bajajfinserv.in/

  • You will need to login and authenticate yourself
  • On the raise a request section, select Covid-19 from the product dropdown
  • Select your loan details and read the terms & conditions carefully
  •  If you agree with the T&C, submit the request

Extending its Flexi Repayment facility, Bajaj allows borrowers with an option to make any advance EMI payment during the period.

Check more details here:

#Citibank

The Citibank has also joined the league of banks offering Covid19 relief Moratorium to its customers. In lines with RBI’s suggestions, the American Multination Bank is allowing the customers to choose an option to not pay outstanding EMIs & dues falling between 1st Mar 2020 to 31st Aug 2020. The deferment of payment is offered on City Credit Cards, Home Loans, Personal Loans and Ready Credit facility for limited period. The customers will be liable to pay the outstanding balance and accrued interest after the expiry of limited moratorium period. The eligible Citi customers for Moratorium are receiving SMS to opt for the option.

For more details Click here

#L&T Financial Services

Leading NBFC & HFC L&T Financial Services and L&T Housing Finance have offered extension of moratorium for another three months to ease cash flow issues of its customers hit by financial disruptions caused by COVID 19. The repayment deferment is offered to Housing Finance, Two-Wheeler, Farm Equipment, Micro and Consumer Loan customers for instalments falling due between March 1, 2020 and Aug 31, 2020. The lenders have requested customers to opt for 1 month moratorium at a time by logging on to the website.

L& T Housing Finance: https://www.ltfs.com/companies/lnt-housing-finance.html

L&T Financial Services: https://docvault.ltfs.com/consentApp/#/login

Write your queries & concerns at customercare@ltfs.com The Moratorium requests by email will not be answered.

Check Details Here: L&T Financial Services, L&T Housing Extend EMI Moratorium till Aug 2020

#PNB Housing

PNB Housing Finance Limited has allowed its customers to avail of a 6 month moratorium on term loan instalments/ EMIs for payments falling due between March 1, 2020 to Aug 31, 2020. The moratorium will entail extension of repayment tenure for three months. The contracted rate of Interest will continue to accrue on the outstanding amount. The borrower will be liable to pay the accumulated interested after the expiry of Moratorium period. The move is completely in lines with RBI guidelines and an optional move for customers. It will not lead to any change in the terms and conditions of the loan.

PNB Housing Moratorium 1

PNB Housing Moratorium 2

#DHFL

Dewan Housing Finance Corporation Ltd. (DHFL) has addressed issue of financial burden on its customers due to COVID-19 pandemic and offered an option to avail of deferment of loan repayments for six months. Customers will get NBFC’s communication and they can choose to opt out. If they do not reply or miss the payment, they will automatically be booked for Moratorium till August 2020.

Previously the lender had released a link to opt in or opt out of COVID 19 package, Customers were provided options:I would like to avail this Moratorium option.

I would Not like to avail this Moratorium option and submit your consent.

Check detailed Guidelines for Moratorium 2 here: DHFL’s COVID 19 EMI Moratorium Scheme from June to August 2020

Check details of Moratorium 1 here: DHFL Auto Opts in Customers for COVID Moratorium Relief; Make Choice before April 7

#RBL Bank

RBL Bank has announced its COVID-19 Regulatory Package for customers wherein, a moratorium involving deferment of EMIs / interest dues is granted up to Aug 31, 2020. The payment deferment is offered on dues falling between March 1, 2020 to Aug 31, 2020. The Moratorium is offered on following products:

  • Credit Cards
  • Retail Term Loans & retail credit facilities
  • Agri Based Loans / Kisan Credit Card / Agri credit facilities
  • Financial Inclusion- Business
  • Corporate Clients

The customers need to make a request to avail the moratorium benefits. The Moratorium request can be made by

sending mail to: covid19mor@rblbank.com 

or by sending sms as:  MOR<space><Last 4 digits of loan a/c no> to 5607011 from registered mobile number

Submit request online

#Yes Bank

YES Bank has granted a moratorium of up to six months (March 2020 to August 2020) For its Credit Card customers and released a set of FAQs regarding the same. The last date for application of Moratorium on Yes Credit Cards is 9th June 2020.

 

Check details of Credit Card Moratorium Extension here: YES Bank Extends COVID 19 Moratorium Package till Aug for Credit Card Customers

 

Earlier, bank offered repayment deferment on a host of products including Term Loan, Cash Credit & Overdraft Customers for instalments falling due from March 01, 2020 to May 31, 2020. The customers are allowed to defer the payment of principal as well as interest for this period. However, interest will continue to accrue on the unpaid amount.

To opt for EMI Moratorium/ Dues deferment on your Yes Bank Loans and Credit Cards.

Customers are requested to reply to the bank communication received via email or SMS.

#Fullerton India

Complying by RBI’s guidelines for extending EMI moratorium relief to customers on the backdrop of economic disruptions caused due to covid19 pandemic and subsequent lockdowns, Fullerton India has also extended Moratorium benefit to its all loan customers. All Fullerton India and Fullerton Grihashakti customers are required to fill an online application to send the request for Moratorium.

Customers can send requests here: https://associations.fullertonindia.com/contact-us.aspx

The lender will assess the request before approving.

Alternatively, you can also send SMS “FULMOR” to 560703 from your registered mobile number. Or, simply reply to an email sent by lender on your registered ID.

For any queries contact, namaste@fullertonindia.com, grihashakti@fullertonindia.com

#LIC Housing Finance

LIC Housing has extended six months of EMI Moratorium relief to all individual and Corporate customers of Term Loans. The borrowers can opt for Moratorium up till August 2020 by a one-step opt-in link on the official website: https://www.lichousing.com/emi_relief.php

All customers who have already been using Moratorium 1 (from March to May 2020) are automatically registered for Moratorium 2 (June to August 2020). The next EMI will be due in September 2020. The customers can also send request via email.

Read details here: LIC Housing Finance Auto Opts in Moratorium 1 Customers for Phase 2 EMI Relief

 

#HSBC Bank 

HSBC Bank has announced the continuation of RBI’s Moratorium package for Personal Loans, Home Loans, Loan Against Properties, Business Loans & Credit Lines, and Credit Cards until August 31, 2020. All eligible customers are automatically opted-in for the Moratorium. The SI will be presented, and if failed, the bank will register for a moratorium, and auto instructions will be paused for Moratorium duration. The bank has also shared a one-step SMS pathway to opt-in or opt-out of the Moratorium.

For Personal Loan: SMS OPTOUTPL LAN to 575750 (LAN is Loan Account Number)

For Credit Cards: SMS OPTOUT XXXX to 575750 (XXXX is last 4 digits of your Card)

Read detailed, product-wise guidelines and FAQs here: HSBC Moratorium for Most Loans & Credit Cards Approved till August ’20

 

#Tata Capital

Tata Capital Housing Finance Limited has extended RBI’s COVID 19 moratorium relief to its customers till August 2020. All customers whether they have availed the EMI deferment benefit in March or not, need to fill an online application form. The customers need to login and select Moratorium option to avail the benefit. The lender has also allowed customers with a maximum of 3 months of dues prior March 20, to opt for Moratorium. Customers can apply for Moratorium here: https://www.tatacapital.com/rbi-emi-moratorium-during-covid-19/csfd-form.html

Alternatively,

write an email at: customercare.housing@tatacapital.com

or

call 1860 267 6060

The high ticket customers need to write in to the bank and the approval will be solely on the basis of case basis.

Check Tata Capital COVID 19 Moratorium: Steps, Guidelines & FAQs

 

#IndiaBulls Housing Finance Ltd

Indiabulls Housing Finance Ltd has extended RBI’s COVID 19 relief to its customers for the month of June, July and August 2020. This is second Moratorium, in continuation of EMI Deferment Policy that was announced in March 2020. All customers who want to avail of repayment relief need to submit their Loan Account Details online and request for Moratorium. The request should be made 7 days in advance of their EMI due date.

Customers can apply for Moratorium here: https://www.indiabullshomeloans.com/contact-us/emi-deferment-request-new

After application if any customer wants to withdraw from Moratorium, they can fill Withdrawal Form here: https://www.indiabullshomeloans.com/contact-us/emi-deferment-withdrawal

Read the Details of IHFL Moratorium Policy and FAQs

 

#Indiabulls Consumer Finance Limited

Indiabulls Consumer Finance Limited has extended 100% benefit of RBI’s Moratorium Policy to its customers of Term Loans, Dhani Cash, Credit Lines for six months, i.e. for EMIs falling due between March 01, 2020 to August 31, 2020. The customers are required to directly opt in for Moratorium by clicking a link- https://www.indiabullsconsumerfinance.com/emi-deferment-request/. The customers of short loans, with max tenure of 3 months can also avail of Moratorium at flat rate of 2% p.m. The customers who want to opt out of Moratorium can request here-https://www.indiabullsdhani.com/emi-deferment-withdrawal-request/

Those who do not need Moratorium do not need to take any step and continue servicing the loan.

For details and FAQs on Moratorium Policy, read blog: Indiabulls Consumer Finance offers 6 month Moratorium for Dhani & Term Loan Customers

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