UCO Bank Announced 6-Month EMI Moratorium on Its Term Loans

UCO Bank Announced 6-Month EMI Moratorium on Its Term Loans

Like other banks, UCO Bank has also announced the 6-month EMI moratorium period on its term loans up to 31.08.2020 to help its customers tackle financial breakdown during the lockdown in the country in the wake of coronavirus pandemic. The next instalment will now be payable in the month of September 2020. The repayment schedule will also be extended accordingly. However, the bank also said that the Customers whose cash flow is not impacted and who wish to continue the EMI/ Instalment payment, may pay as per the existing repayment schedule.

FAQs

✅ What is the EMI moratorium for loans under the COVID-19 Relief package?

To help the borrowers with ease of liquidity during the lockdown period and after-effects of coronavirus pandemic, RBI has allowed all banks and other financial institutions to offer an option of EMI moratorium of up to 6 months its customers.  Customers can choose to defer their EMI payments scheduled from 01.03.2020 to 31.08.2020.

✅ Who is eligible for the relief?

All customers of UCO Bank who have availed retail instalment-based loan or any other retail credit facility before to 01.03.2020 are eligible.

✅ Will the moratorium facility impact a customer’s credit rating?

No

✅ Are credit card customers also eligible for this moratorium?

Yes

✅ How will the interest on the working capital facilities be treated?

The recovery of interest applied to cash credit or overdraft on 31.08.2020 is being ‘deferred’. However, the accumulated interest must be recovered with the applicable interest on 30.09.2020.

 

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