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How to Avail EMI Moratorium Period on All Your Term Loans and Other Credit Facilities at Different Banks?

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Highlights

  • What is the process to Avail the 3-month Moratorium Period on Retail Loans & Credit Cards?
  • This can differ from lender to lender - read this post to know the process to be followed at each lender

In one of the major announcements made by the Reserve Bank of India (RBI) on March 27, 2020, the central bank directed all banks and financial institutions to provide a three-month moratorium period on all their term loans and other credit facilities to mitigate the financial stress all the borrowers have been facing due to the lockdown caused by the COVID-19 pandemic across the country. With the announcement of the moratorium period, individuals who have taken any kind of term loans or credit facilities from any lender will now have the option to defer the EMI for the next three months. Lenders will not deduct the EMI amount for any term loans or credit facilities taken before March 1, 2020, for these three months. The moratorium, which was ending on May 31, 2020, has been extended till August 31, 2020.

EMI Moratorium Calculator

But since the announcement has been made, a lot of questions regarding the process to avail the moratorium facility have surfaced online. How can they tell banks to not deduct any EMI amount for the loans and credit facilities from their account? If you are also someone who has been finding answers to these questions, you don’t need to worry. We will be telling you the moratorium process for different banks or financial institutions. So, keep reading to know more.

EMI Moratorium Process of Different Banks/Financial Institutions

We have mentioned them separately one after another, so you can have a look at them below.

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State Bank of India (SBI)

If you are an existing customer of the SBI and want to avail the EMI moratorium period of 3-months, you need to follow a pretty simple process. Through this process, your installments and interests/ EMIs on all kinds of term loans falling between the dates of March 1, 2020, to May 31, 2020, will be deferred. The entire tenure of your loan will be shifted to the next three months from the original period.

Customers who want to defer their Installments or EMI, there are mainly two courses of action that they can apply. Both are mentioned below.

  • NACH (National Automated Clearing House) – If your Installments or EMI is effected through NACH, you will have to email an application regarding the deferment. You can download this application from the official website of the SBI. The email address is also mentioned there, so you can send your request comfortably.
  • Standing Instructions (SI) – For this also, you have to follow the same process as mentioned for the NACH.

Customers who want to get a refund of already paid Installments or EMIs can also send the same application to the official email id mentioned on the SBI official website.

Other than sending an email, you can also submit the handwritten application to any of the SBI branches. All the deferment processes will take a minimum of 7 working days.

LIC Housing Finance Limited

If you are someone who has any existing term loans whether retail or corporate with the LIC HFL, you can defer the EMI for the next three months. There is one thing you need to remember that this is not a waiver, instead, it is an only temporary relief for people whose income has been impacted by the COVID-19. The due date of the installments must be falling between March 1, 2020, and May 31, 2020. So, if you are wondering about how to avail the moratorium period, you can check the following points,

  • The first option would be to make a request regarding the deferment of your installments or EMI at least 3 days before the due date, on the website of LIC HFL.
  • Other than this, you can also request via an email to [email protected]
  • The company authorized representative can send the moratorium request in case of corporate loans.
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HDFC Bank

Being the top private bank of India, HDFC Bank is also providing the option of a moratorium period of three months to its customers. If you are someone who has any term loans of HDFC and want to avail of the moratorium period, you don’t need to look elsewhere than below where we are telling you about it.

  • You can contact these two numbers – 022-50042333 or 022-50042211, and after this, you just have to follow the instructions.
  • Other than this, you can fill the form regarding the Moratorium period available on the official website of the HDFC and submit it then and there.

You must know that you can defer your Credit Card EMIs too for these next three periods. For this, you don’t need to do anything. Just don’t pay the EMI for the next three months. Your credit score will not be impacted. But you will have to pay the interest amount for this period after the moratorium period expires. If you have turned on the AUTO DEBIT on your bank account for the Credit Card EMI, you would have to turn that off.

Punjab National Bank

In order to avail the moratorium period on any of the term loans or credit card facilities provided by the PNB, you just have to download the Application Letter regarding the relief you can get due to COVID-19. After filling this application form with the required details, you just need to visit your branch with proper precautions and submit it there. The required details will be your account number through which cash credit facility and term loans are linked.

Note – Customers who don’t want to Defer their Installments or EMI can pay the same as usual.

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Fullerton India14.00% - 33.00%
HDFC Bank10.75% - 21.45%
ICICI Bank10.99% - 18.49%
IndusInd Bank10.99% - 16.00%
Kotak Bank10.99% - 20.99%
RBL17.50% - 24.00%
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Axis Bank8.10% - 8.85%
Bank of Baroda7.25% - 8.25%
Citibank8.20%
HDFC7.75% - 8.65%
ICICI Bank7.70% - 8.80%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank8.20% - 9.25%
LIC Housing7.40% - 8.85%
Piramal Capital & Housing Finance9.00% - 9.10%
PNB Housing Finance8.95% - 9.20%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI7.35% - 8.00%
Tata Capital9.20% - 9.35%