The Reserve Bank of India (RBI) declared on March 27, 2020, that all lending institutions, including banks and housing finance companies, will have to provide its borrowers a three-month moratorium on term loans. The moratorium is available for payments of all instalments, including principal and/or interest components, bullet repayments, equated monthly instalments (EMIs) and credit card dues falling due between March 1, 2020, and May 31, 2020. This means that customers can choose to opt for a moratorium during this time of lockdown to avoid failing in payments of upcoming EMI dues.
A moratorium is not a loan or EMI waiver. A moratorium only allows a borrower to defer a loan instalment; in this case, by three months. That is, customers who have EMIs due between March 1 and May 31 can defer the payments.
The customers can apply for loan EMI moratorium easily through mobile banking, internet banking and more. The banks and housing finance companies have started providing moratorium for their customers who want to opt for it during this lockdown period. However, the process for availing moratorium may differ from bank to bank. Here is a step by step guide on how to apply for a moratorium in your bank.
If you wish to avail moratorium, click here for SBI EMI moratorium link to raise a request for Moratorium.
If you wish to avail moratorium, click here for Yes Bank EMI moratorium link to raise a request for Moratorium.
If you wish to avail moratorium, click here for Bajaj Finserv EMI moratorium link to raise a request for Moratorium.
A person can also write an email to Bajaj Finserv at email@example.com with your request for a moratorium. The company will accordingly evaluate the request based on the defined policy and revert to you as soon as possible.
If you wish to avail moratorium, click here for ICICI Bank EMI moratorium link to raise a request for Moratorium. A person can opt for the moratorium by clicking on the link shared by the Bank through SMS or e-mail. You may also visit ICICI Bank's website www.icicibank.com. The process for sending a request is simple- an individual just has to fill his or her Name, Mobile number, PAN card number and E-mail address.
You will have to provide your consent to the bank through any of the following ways:
The Axis Bank EMI moratorium is completely based online. One can simply opt for Axis bank EMI moratorium link through this link effectively. The process is simple to enter the registered mobile number and fills the image captcha on the box and press submit. Once you receive an OTP or a confirmation SMS, continue the further procedure.
Kotak Mahindra Bank also requires the customers who wish to avail the moratorium to approach the bank through e-mail. “All customers who desire to avail the relief under the policy can send an email from their registered mail id to firstname.lastname@example.org quoting the Loan account number,” the bank revealed in a statement.