RBI has extended EMI moratorium for another three months on term loans, i.e. August 31, 2020. For more information, click here :
How to apply for EMI moratorium step by step guide
Select your bank to know details about the process:
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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.
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.
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.
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.
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.
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.
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.
Interest will not be waived but will continue to accrue during the moratorium period
Yes, all loan accounts as mentioned above will be eligible to avail the relief.
Moratorium is temporary postponement of payment of EMIs/ Instalments for the period between 1st March 2020 & 31st May 2020.
No. Bank requires the consent of the borrower for this purpose.
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.
No, there will be no impact on the Credit Report/ Credit Score of the customer.
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.
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.