RBL Bank Extends EMI Moratorium for Credit Card & Retail Loan Customers

RBL Bank Extends EMI Moratorium for Credit Card & Retail Loan Customers

In wake of RBI’s latest guidelines on COVID-19 Regulatory Package, RBL Bank has also announced extension of EMI moratorium option till August 31, 2020. The customers can opt for deferment of EMI & interest repayment for following products:

  • RBL Credit Cards
  • RBL Retail Term Loans / facilities
  • RBL Agri Based Loans / KCC / facilities
  • RBL Financial Inclusion Business
  • RBL Corporate Clients

The bank has requested customers to opt for single month Moratorium and extend the benefit month by month. The Moratorium has financial implication and charges interest and thus customers are requested to use the feature of postponing payments judicially.

To opt for Moratorium you are required to send an SMS

MOR<space><Last 4 digits of loan a/c no>

to 5607011 from registered mobile number.

Request from unregistered numbers will not be considered.

For any questions and issues send mail to: covid19mor@rblbank.com

 

Also read: HDFC Offers Step Up Repayment Facility for Personal Loan

 

Updated FAQs on RBL Moratorium 2.0

✅ How do I know if I am eligible for Moratorium extension?

All RBL Bank retail loan and credit card customers are eligible for this facility. Precisely to be eligible for COVID 19 moratorium your account should be standard as on till February 29, 2020. You can continue previous Moratorium and also opt in from June for EMI holiday.

✅ What is the process to opt for moratorium 2.0 with RBL Bank?

All eligible customers can request for availing moratorium. Though, the bank has requested customers to opt for one month EMI deferment at a time.  If a customer wants repayment relief for the month of June, they should submit the request 5 days prior the due date in the month. For further moratorium in coming months, July and August, 2020, re-apply. 

Through SMS: Send an SMS MOR<space><Last 4 digits of loan a/c no> to 5607011 from registered mobile number

Those who do not opt-in but fail to make payment shall be treated as an automatic opt in for that month.

The ECS/NACH/SI, clearance of EMI will be processed as before, and success will be treated as customer’s consent to opt out of the moratorium scheme.

✅ What is the process to be followed to opt out of moratorium benefits?

There are two ways:

A) Do not make any changes to your ECS/NACH/SI mandates. The clearance of EMI will be considered as consent to opt out of the moratorium.

B) Or, you can share your decision to opt out by sending an SMS MOROUT<space> <Last 4 digits of loan a/c no> to 5607011 from registered mobile number.

✅ How do I update expiry/drop for my working capital account if it is falling before August 31?

You are required to place a request. Also the account limit expiry/drop will be extended by 1 month basis the moratorium request. For further relief, re-apply in the subsequent month.

✅ What are guidelines for credit card customers?

The credit card customers are eligible to opt for moratorium till August 31, 2020, subject to RBI’s latest notification on COVID relief package. Besides make note of following terms and conditions if you opt for Moratorium on your RBL Credit Card.

  • The card cannot be used for new purchases during moratorium period.
  • To activate your Card for new purchases after moratorium, you are required to pay out at least Minimum dues on latest statement.
  • During the moratorium period, if you need to use your card for future purchases, you need to clear out dues of the latest statement.
  • You should contact the bank’s official to know about the amount payable. As you make the payment the Card will be active again.
  • When you opt for Moratorium, no Late Payment Fee will be applied until August 31, 2020.
  • The Interest will continue to accrue on your outstanding dues. Thus one must pay out outstanding dues each month.

 

Also Read: RBL Bank’s COVID 19 Moratorium: No New Purchases for Cards that Opt-in; Same EMIs September Onwards for Loans

 

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