#emi3months #emi3monthnews #emimoratorium
How to apply for EMI moratorium, step by step guide
Postpone your EMI during lockdown. Here is a step by step guide which you can follow to apply for the EMI moratorium.
To fight the #Covid19 crisis, as a measure of solidarity, #RBI has permitted all Indian Banks / Indian Financial Institutions to offer its customers up to 3 months moratorium on their EMI payments falling due between March 1, 2020, to May 31, 2020.
If you choose EMI moratorium, the bank will not ask for any EMI Payment till May 31st 2020. But the interest on your EMI will continue to accrue on the principal outstanding for the period of the moratorium at the contracted rate of the loan.
Only the tenure of your loan will get extended by the corresponding period for which the moratorium has been availed. If you want to get this EMI moratorium, you have to provide your consent to the bank.
According to #HDFCbank, you need to keep your Loan Account Number handy for providing your confirmation. In case any of the information provided by you is incorrect, the bank will be unable to process your request. Here is a step by step guide which you can follow to apply for the EMI moratorium.
The country's largest lender, State Bank of India (#SBI), has announced details of the three-month moratorium on its loan EMIs. "The call has to be taken by the borrower. If you have enough cash flow it is advised not to avail of this moratorium. Opt for it only if you are facing a cash flow problem. So if you have given a standing instruction (SI) to SBI to debit the EMI every month, it will continue to happen till you intimate the bank. If you want to opt for the 3-month moratorium on your EMIs then you will have to mail the bank instructing the same.
#KotakMahindraBank asked customers to write to an email ID for "opting in" for the moratorium.
“The Bank would be charging the interest, at the original contracted rate, for the moratorium period on the outstanding amount of loan to all those who avail the relief as provided in the RBI circular,” it said.
Second largest lender #ICICIBank took a different approach, wherein it has decided to make the moratorium as "opt-in" for the loans generally availed by salaried customers, while for loans taken by micro-borrowers and traders, whose cash flow may stand to get impacted, it is "opt-out".
Accordingly, joint liability group or self-help group lending, jewel lending, unsecured business loans, dealer financing, overdrafts and credit cards will be in the "opt-out" category where the borrowers will have to inform the bank if they wish to continue paying, while other term loans will be under the "opt-in" category.
Third largest private sector lender Axis Bank's website said it is working towards implementing the scheme and added that customers will be informed about the details.
Bank Links :
HDFC Bank : https://www.hdfcbank.com/personal/pay/payment-solutions/loan-repayment
ICICI Bank : https://buy.icicibank.com
