Updated March 31st, 2020 at 15:49 IST
Banks implement EMI moratorium announced by RBI, allow installments deferment till May 31
Several banks have implemented the regulatory package announced by the Reserve Bank of India allowing deferment of EMI instalments for 3 months till May 31
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Days after the Reserve Bank of India announced that banks have been permitted to allow a 3-month moratorium on payments of instalments of all term loans outstanding on March 1, 2020, several banks have implemented the regulatory package announced by the Central Bank. The banks on Tuesday issued a notification to its customers stating, "borrowers are eligible for moratorium/ deferment of instalments/EMIs for Term loans falling due from 01.03.2020 to 31.05.2020." Here is the notification issued by banks to implement the package:
In terms of Covid 19- Regulatory Package, borrowers are eligible for moratorium/ deferment of installments/EMIs for Term loans falling due from 01.03.2020 to 31.05.2020. @DFS_India @DFSFightsCorona #fightagainstcorona
— Indian Overseas Bank (@IOBIndia)
In terms of Covid 19- RBI package, borrowers are eligible for moratorium/ deferment of installments/EMI for Term loans falling due from 01.03.2020 to 31.05.2020 & repayment period gets extended accordingly. SMS also has been sent to customers to avail the same. @DFS_India #COVID pic.twitter.com/NGuw1pARiv
— Canara Bank (@canarabank)
READ | MASSIVE: RBI Announces 3-month Moratorium On EMI Installments Of All Term Loans
Deferment if loan instalments on account of COVID-19
— Punjab & Sind Bank (@PSBIndOfficial)
We understand these are challenging times.
As a Special dispensation, deferment of instalments for the month of March, April and May 2020 towards your loan accounts is available.#COVID19 #IndiaFightsCorona @DFS_India
@syndicatebank announces that all EMIs of housing loans, vehicle loans, MSME loans and payments of other term loans falling due after 1st March 2020 and upto 31st May 2020 have been deferred by 3 months". @RBI @DFS_India @FinMinIndia
— Mrutyunjay Mahapatra (@mmahapatra)
READ | Devendra Fadnavis Lauds RBI's 3-month EMI Moratorium Move, Says All Borrowers Will Benefit
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://t.co/EKIeBfHA0y @RBI @DFS_India @FinMinIndia @nsitharaman #IndiaFightsCorona #COVID19 pic.twitter.com/L0qkAhiHqP
— IDBI BANK (@IDBI_Bank)
#BankofBaroda is providing a moratorium of 3 months on payment of all instalments falling due between 01.03.20 & 31.05.20 for all term loans including Corporate, MSME, Agriculture, Retail, Housing, Auto, Personal loans, etc. in pursuance of the RBI COVID-19 Regulatory Package.
— Bank of Baroda (@bankofbaroda)
READ | How Will RBI's 3-month EMI Moratorium Impact Your Loans? Here's The Answer
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 pic.twitter.com/dHRvu5luXb
— Punjab National Bank (@pnbindia)
'Moratorium will have no impact on credit history'
The RBI clarified that this will have no impact on the credit history or the credit rating of the beneficiary. "The rescheduling of payments will not qualify as a default for the purposes of supervisory reporting and reporting to credit information companies (CICs) by the lending institutions. CICs shall ensure that the actions taken by lending institutions pursuant to the above announcements do not adversely impact the credit history of the beneficiaries."
It is important to note that the RBI has only permitted the banks to defer the payments, and has not instructed the banks to do so. Thus, banks can avoid deferring loan payments.
READ | BREAKING: RBI Cuts Repo Rate By Massive 75 Bps To 4.4% To Revive Growth Amid Coronavirus
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Published March 31st, 2020 at 15:49 IST