RBL Bank has shared detailed terms and conditions to abide by RBI’s directive to allow a three-month moratorium or deferment of EMIs and interest payment to its term loans and credit card customers. The loan moratorium is allowed up till Aug 31, 2020, for customers that are affected by the economic disruptions caused by COVID 19 pandemic.
The 3 Month Moratorium is offered on the following products:
To avail the instalment deferment benefit, the customer should have a clear account, without any delinquencies outstanding before 1 March 2020. To opt for Moratorium, the customer can either write an email and share the detail of the loan account or opt-in directly by filling an online form.
The EMIs of Loan accounts would remain the same, and the tenure would be adjusted based on the accumulated interest during the Moratorium period. The Credit Cards will be restricted for new transactions.
You can send email to: email@example.com
Opt in by sending sms as: MOR<space><Last 4 digits of loan a/c no> to 5607011 from registered mobile number
Owing to the spread of COVID 19 pandemic and financial hassles thereof, RBI has allowed all Indian banks to grant a temporary moratorium (loan holiday) to the retail Term Loan, Agri Loan, and working capital credit line customers. Under this relief package, the borrowers can defer payment of EMIs and interest for 6 months, i.e., from March 1, 2020, to Aug 31, 2020. In lines with RBI’s guidelines, RBL Bank has offered its customers an option to avail of the benefits of Loan Moratorium. The interested customers can request the bank for the same.
To avail RBL COVID 19 Moratorium relief:
RBL Bank is offering Moratorium on the following products:
However, to avail of the repayment break, you need to request by filing an online form or sending in an email.
There are two ways to opt for RBL COVID 19 moratorium. You can either send a request at the following links:
For loans: https://www.rblbank.com/covid19mor
For Credit Cards: https://www.rblbank.com/cc-covid19mor
or send an email from your registered email id to firstname.lastname@example.org. The email option is only for loans and credit facilities. Don’t forget to include your Account Number, Account Name, and Registered Mobile number in your request.
Yes, if you are requesting through the online channel, i.e., by filling a form on the website, you need to make a separate request for each account. In case, you are requesting though an email, mention all account details alongside with account details.
If you opt for a moratorium, your next repayment due will be in Sep 2020. During the Moratorium, the interest will continue to accrue on the unpaid loan/ credit card balance. The bank will share the new repayment schedule/ card statement, and you need to make payment accordingly. The accrued interest will be added to the unpaid loan/ card balance to assess total dues. For loans, the tenure will be extended, and the cost of EMIs will not change.
During Moratorium, the monthly interest will not be billed for working capital limit & dropdown overdraft facility. This repayment break is extended until Aug 31, 2020. However, the interest will accumulate and will be charged in the account on Sep 30, 2020.
In this case, expiry/drop will be relaxed until August 31, 2020.
Yes. It will be treated as a prepayment of the loan, and no charge will be levied.
No. EMI will not change after the Moratorium period.
To avail moratorium benefit, you need to clear the overdues.
No. Moratorium facility is entirely optional. Opt only if you have cash flow issues dues to the Covid19 lockdown.
No, card accounts that opt for Moratorium are not open for new purchases as per the bank’s internal risk policy.
Yes. In order to opt-out of the moratorium, send an SMS OPTOUT to 5607011 from the registered mobile number. To activate the Card for new purchases, you need to clear dues as per the last statement. The request will be applicable to all accounts linked to this number.
You can make payment by clicking:
No. If you have opted for Moratorium, you need not switch off SI.
The EMIs will be deferred until August 31, 2020. The EMIs will be billed in June Statement along with accumulated interest during the Moratorium period.
After opting for Moratorium, Cash withdrawal and loan withdrawal facilities are also withdrawn temporarily.