EMI Moratorium

RBI has extended EMI moratorium for another three months on term loans, i.e. August 31, 2020. For more information, click here :

https://help.wheelseye.com/en/posts/3993/

How to apply for EMI moratorium step by step guide

Select your bank to know details about the process:

State Bank of India
HDFC Bank
ICICI Bank
DCB Bank
Tata Motors Finance
AXIS Bank
STFC
HDB Financial Services
Yes Bank
Kotak Bank
Cholamandalam
Sundaram Finance
Mahindra Finance
IndusInd Bank
Hinduja Finance Leyland
AU Small Finance Bank
Magma
CitiCorp
Oriental Bank of Commerce
Allahabad Bank / Indian Bank
Bajaj Finance
Punjab National Bank

Is your bank not listed?


Frequently Asked Questions

Operators who have standing instructions(ECS/ Post dated Cheques) or are paying manually will have to follow the process mentioned in the sheet to ensure they avail the facility.

If you don’t do anything i.e. neither OPT IN or OPT OUT, then the bank/NBFC may go with the default choice( Opt in/ Opt out). For the Bank/NBFC’s default option, please check with your Loan Relationship Officer.

Example :  HDFC Bank’s default option is ‘Opt Out’. You may incur penal charges if you do not opt in for the moratorium and not pay your EMI.

Operators for whom the EMI has already been deducted – check in the sheet if the respective bank/nbfc is offering an option to claim refund and explain the process (refer sheet). Else inform the operator to avail the facility for the coming months.

info

Stay Alert, Stay Safe

No Bank/ NBFC representative will ask for OTP, account details for availing the EMI Moratorium. Operators should strictly avoid sharing any such data over phone or SMS and stay alert to fraudsters.

1) I want to avail the deferment but my EMI for March has already been debited. How will I get the EMI refunded?

All Banks/NBFC’s have made available a moratorium of three months for all loan accounts. Only few banks are considering a refund for the paid EMI in march.( Refer the refund column in the sheet). For ‘No refund’ mentioned in the sheet, ask operators to avail the facility for the month of April and May by following the instructions(mentioned in the sheet)

Lets understand via an example for SBI

In case EMI has been debited and you want a refund of the same then please apply via email to the ids specified in Annexure-II available at https://bank.sbi/stopemi. The content of the application is available as Annexure-I at the same link. In case you are unable to send an email, handwritten application in prescribed format may also be submitted to Home Branch.

2) My EMIs are debited automatically through NACH/ ECS/ Standing Instructions. How do I avail the deferment facility as announced by the government?

Requests have to be placed by taking action on the sms/email received on the registered number/email of the operator. If the operator is unable to find the same, reach out to the Loan relationship officer or follow the instructions mentioned in the sheet for respective bank/nbfc.

3) I pay my instalments manually. Do I have to apply separately for deferment/postponement of my instalments?

RBI has recommended a moratorium of three months for all loan accounts. In case you were paying your instalments manually, we’d recommend you opt in by following the process mentioned by your bank/NBFC. You may start paying EMIs after the moratorium period is over i.e. 1st June onwards. The total repayment period will get extended.

4) I want to continue paying my EMIs without availing the deferment. What is the process to Opt-Out?

In that case, no action is required by you. You may continue to pay as usual. The loan will continue as per the original repayment schedule.

5) Are the EMIs going to be waived?

The EMIs are not going to be waived but only deferred or postponed. Customers can start paying EMIs after the moratorium period is over i.e. from 1st June onwards. The total repayment period will get extended.

6) Is the interest for the 3 months of moratorium waived?

Interest will not be waived but will continue to accrue during the moratorium period

7) If I have more than one loan account, will all loan accounts be eligible to avail the relief?

Yes, all loan accounts as mentioned above will be eligible to avail the relief.

8) What is meant by Moratorium?

Moratorium is temporary postponement of payment of EMIs/ Instalments for the period between 1st March 2020 & 31st May 2020.

9) Whether the Bank will stop recovery of EMIs/ Instalments automatically/ on its own?

No. Bank requires the consent of the borrower for this purpose.

10) Whether it is compulsory to apply for deferment in repayment of EMI(s)?

No. This is optional as per the convenience of the customer. However, we encourage customers with adequate funds to continue paying during this period to avoid any extra interest and tenor extension.

11) Will deferment of EMI result in any adverse remark in my CIC report or will it impact my Credit Score?

No, there will be no impact on the Credit Report/ Credit Score of the customer.

12) Whether I need to pay entire pending EMIs in a single instance after 3 months of deferment, if opted by me?

No. The customer will continue paying his/ her usual EMI/ instalments falling due in June 2020 onwards as per the original repayment schedule, the tenor of which will be extended by 3 months. However, due to interest on EMI/ instalment amount deferred, the amount of remaining EMI or number of EMIs may change.

13) In case my account has sufficient balance and I do not avail deferment of 3 EMIs, whether my Standing Instructions with respect to loan account will be effected?

SI will continue to be executed if you have not given any request for a change in SI, which means instalments/ EMIs will be recovered. In case you wish to defer recovery or refund of instalments/ EMIs already recovered, you may apply for the same.

Have a question related to truck business? / क्या आपके पास कोई ट्रक व्यवसाय से संबंधित प्रश्न है?
Ask / प्रश्न पूछे

8 comments

  1. Need extension, we are running the truck’s by one side with out load. If toll collection starts were will stop the truck’s the is no other way.

  2. Is there all Trucks are allowed for TRANSPORTATION for all goods. Some of my trucks has loaded on 21/03/2020 from we Freight and other companies are standing and police is not allowing to move those loaded trucks should I take e pass for truck or all trucks are allowed as per order of HMA dt 12/04/2020

  3. Are there all Trucks allowed for TRANSPORTATION for all goods.??Some of my trucks has loaded on 21/03/2020 from we Freight and other companies are standing and police is not allowing to move those loaded trucks should I take e pass for truck or all trucks are allowed as per order of HMA dt 12/04/2020

  4. I have no EMI Yet

    1. “Thank you for contacting Wheelseye
      Sir we need more clarity on your Query
      kindly provide more details of the order or Contact us on – +91-9990033455”

  5. My vehicles are loaded on 24/3/20 should I take any pass by government to unload

    1. Thank you for contacting Wheelseye
      Sir the transportation in the PAN India has started
      Hence there is no need of any specific permission letter now
      For further details:- https://help.wheelseye.com/en/posts/1554/

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