RBI allows three month's moratorium on EMIs: Here are the steps to follow if you are an account holder in SBI, ICICI and HDFC banks
Here’s what you need to do to apply for a moratorium on loan EMIs and standing instructions provided by several banks such as SBI, ICICI Bank and HDFC Bank
As India continues to fight against coronavirus , Reserve Bank of India (RBI) has allowed banks and financial institutions to offer customers up to three months moratorium on their EMI payments, falling between 1 March and 31 May, 2020.
A moratorium is a legal authorisation to debtors to postpone payment.
Here’s what you need to do to apply moratorium provided by several banks.
State Bank of India (SBI)
India’s largest public lender SBI is providing two options to customers who want to defer recovery of installments or EMI.
Under the National Automated Clearing House (NACH), those wanting to avail the facility will have to submit an application along with a mandate for extension of NACH to stop instalments to a specified email ID. These email IDs can be accessed here.
Customers can also submit an application through a specified email ID to the bank to temporarily hold payments through standing instructions. For more details, you may visit the bank website.
Customers can visit the link shared by the bank through SMS and e-mail.
One can also visit ICICI’s website www.icicibank.com.
The bank has said that if a person has sufficient balance in his/her account and has not opted in for the moratorium, the bank will continue to debit the EMI during the period.
To apply for the EMI moratorium, customers can call on HDFC numbers — 022-50042333, 022-50042211 — and follow the step-by-step instruction.
Customers can also go to www.hdfcbank.com where on clicking on the link financial assistance and loan moratorium, they will be redirected to an application page. After putting in essential details and loan account number, they will need to select EMI pay choice, which has the options for deferred payment or regular payment.
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