Impact of Corona Moratorium Loan EMI Postponement - Get Complete Details Here
SBI Alert! SBI Bank announces 3-month EMI moratorium. Check how it impacts your loan
SBI Loan Moratorium: State Bank of India (SBI), India's largest lender has good news for its customers, amid coronavirus crisis. SBI Bank has announced all its term loan
borrowers a three-month moratorium for its customers under the terms of a COVID 19- RBI package announced on Friday. We bring to you complete details of SBI EMI moratorium.
SBI Loan Moratorium: State Bank of India (SBI), India's largest lender has good news for its customers, amid coronavirus crisis. SBI Bank has announced all its term loan borrowers a three-month moratorium for its customers under the terms of a COVID-19 RBI package announced on Friday. This comes days after Reserve Bank of India (RBI) allowed all lending institutions -- banks and housing finance companies will have to give its borrowers a three-month moratorium on 'term loans'. SBI customers were wondering since RBI's announcement whether their loan EMIs will automatically get deferred or will they have to apply. SBI has now made it clear about what it is going to do with loan EMIs for its customers.
Making the big announcement, the State Bank of India tweeted: "In terms of RBI COVID-19 regulatory package, SBI has initiated steps to defer the instalments and interest/EMIs on Term Loans falling due between 01.03.2020 to 31.05.2020 and extended the repayment period by 3 months. The interest on Working Capital facilities for the period 01.03.2020 to 31.05.2020 is also deferred to 30.06.2020." It must be noted that interest will be deferred and not waived during the three month EMI pause.
Effectively, this order is EMI moratorium is a relief measure if you have a cash crunch and not something that you should avail if not needed now.
SBI's term loan moratorium will bring relief to all borrowers, including those who have home loans, auto loans, education loans, agricultural term loans, retail and crop loans to
their names. It will also be applicable on credit card dues. Besides retail borrowers, micro, small and medium enterprises and large companies will also benefit from the RBI's relaxation of loan repayment.
The scheme would be available to all borrowers having standard account with the bank, meaning they have no record on default in the past.
Bank has also issued mailers and put FAQs on their sites informing the customers about the scheme.
The Reserve Bank Governor Shaktikanta Das on Friday announced a three-month moratorium on EMIs of all term loans due during March 1 to May 31 and said that the
repayment schedule for all those loans would be shifted by three months after the moratorium.
State Bank of India's (SBI) moratorium on loan EMIs. These are details as published on the bank's website.
Effecting deferment of EMI/NACH/Refund may take approximately 7 working days
However, here's the part that you would like to know. How will the EMI pause affect your loan? Will you have to pay extra for
your loan if you opt for EMI deferment?
Impact of Deferment as per SBI NOTICE: To enable you to take an informed decision, we furnish hereunder the impact of deferment:
Interest shall continue to accrue on the outstanding portion of the Term Loan during the moratorium period. The possible impact of the extension of the repayment period has been explained below:
Impact in case of Auto Loan – For a loan of Rs.6 Lacs with a remaining maturity of 54 months the additional interest payable would be Rs.19,000 approx. equal to additional 1.5 EMIs.
Impact in case of Home Loan – For a loan of Rs.30 Lacs with a remaining maturity of 15 years, the net additional interest would be approx. 2.34 Lacs equal to 8 EMIs.
Formats Download:
Annexure - I Deferment of Recovery of Instalment/EMI through NACH. Application can be downloaded or handwritten.
Annexure - II NACH Mandate
Annexure - III List of State/UT specific Email ID
Annexure - IV FAQ COVID-19 SBI Relief Measures
The prevailing situation may pose a huge challenge for people at large. As a measure of solidarity, RBI has permitted all Indian Banks / Indian Financial Institutions to offer it’s customers up to 3 months moratorium on their EMI payments falling due between Mar 1st, 2020 to May 31st, 2020.
2. Who is eligible?
All HDFC Bank customers who have availed of retail instalment loan or any other retail credit facilities prior to 1st March 2020 are eligible. - Customers having overdues prior to 1st March 2020 may also opt for the moratorium, and their requests shall be considered by the bank based on its merits.
All Agri Loans (Kisan Gold Card) and Microfinance customers under the Bank’s Sustainable Livelihood Initiative are also eligible.
All Corporate as well as SME customers are also eligible. Our Relationship Managers will get in touch with you or you can contact them to get further details.
3. What will happen if I choose the EMI Moratorium?
If you choose EMI moratorium,
- Bank will not ask for any EMI Payment till May 31st 2020.
- Interest will continue to accrue on the principal outstanding for the period of the moratorium at the contracted rate of the loan.
- The loan tenure will get extended by the corresponding period for which the moratorium has been availed.
- For example, if the EMI for the month of Mar’2020 has been paid and moratorium for April & May’2020 has been availed, then the loan tenure will be extended by 2 months.
4. If I do not want the EMI moratorium, what should I do?
If you do not want the EMI moratorium, no further action is required from your side. We will continue to bank your repayment instructions.
We encourage customers with adequate funds to continue paying during this period to avoid the extra interest charges and tenor extension.
However, if you skip your EMI payment during this period, it is understood that you require EMI moratorium till May 2020.
5. Why was my account debited when the RBI has announced a moratorium?
Opting for the Moratorium is entirely the customers’ choice. We understand that all our customers may not opt for the Moratorium given that there is an additional levy of interest payable under the terms of the Moratorium. If you wish to opt for the Moratorium, we would be happy to refund the EMI debited and register your Loan account under the Moratorium process.
6. What charges will I pay, if I avail of this EMI moratorium?
If you avail the EMI moratorium, there will be a levy of interest at the contracted rate of the loan for the period of EMI moratorium on the loan outstanding. Such interest will be collected by extending the original tenor of the loan accordingly.
7. How do I get this EMI moratorium?
You will have to provide your consent to the bank through any of the following ways:
- Call on this number and follow the instructions – 022-50042333, 022-50042211 ,
OR
- Submit your request in a few clicks here
Note: Keep your loan account number handy before you start the process..
8. I have more than one loan from HDFC Bank (Eg. Personal Loan & Car Loan). Can I get EMI moratorium for both the loans?
Yes, you can opt for EMI moratorium for each loan that you have availed from us. Please remember that additional interest for the EMI moratorium period will be applicable for each loan separately.
9. What if I have already paid my EMIs and would like to avail the moratorium till 31st May 2020.
You can avail of the moratorium benefits for the unpaid EMIs. Please follow the process given above for availing the moratorium ICICI Bank Customers Click here
TATA CAPITAL
To - customercare@tatacapital.com
CC - pankhaniya@tatacapital.com
Edelweiss
To - homeservice@edelweissfin.com
CC - zahid.mohammed@edelweissfin.com
BAJAJ Finserv
To - wecare@bajajfinserv.in
CC - sonpal.garg@bajajfinserv.in
RBL Bank
To - customercare@rblbank.com
CC - Sudeep.Khinvsara@rblbank.com
SCB Bank
To - customer.care@sc.com
CC - shivsundar.pandey@sc.com
Axis Bank
To - customer.care@axisbank.com
CC - amit208.kumar@axisbank.com
Indusind Bank
To - Darshan.Gotpagar@indusind.com
CC - Darshan.Gotpagar@indusind.com
Deutsche bank
To - premium.care@db.com
CC - patel.kira@db.com
Rattanindia
To - wecare@rattanindia.in
CC - shailesh.zagade@rattanindia.in & urmil.badami@rattanindia.in
IIFL
To - reach@iifl.com & reach@indiainfoline.com
CC - vikas.talreja@iifl.com
Aditya Birla
To - care.finance@adityabirlacapital.com
CC - ravindra.katke@adityabirlacapital.com
Neogrowth
To - helpdesk@neogrowth.in
CC - mehal.gandhi@neogrowth.in & shivani.sinha@neogrowth.in & kuldeep.s@neogrowth.in
Magma
To - sujit.ghorpade@magma.co.in
CC - saifulla.khan@magma.co.in
Clix Capital
To - covid19.moratorium@clix.capital
CC - manish.chhabra@clix.capital
Fullerton India
To - namaste@fullertonindia.com & ccrc@fullertonindia.com
CC - pradeep.tiwari1@fullertonindia.com & nilesh.mankame@fullertonindia.com
Shriramcity
To - grievance@shriramcity.com & customercare@shriramcity.com
CC - vinit.dixit@shriramcity.com
IDFC First Bank
To - customer.care1@idfcfirstbank.com
CC - pankajkumar.s@idfcfirstbank.com
HDFC Bank
To - loansupport@hdfcbank.com
CC - prashant.aldangadi@hdfcbank.com
Indiabulls
To - service_dhani@indiabulls.com
CC - shah.aa@indiabulls.com
ICICI Bank
To - customer.care@icicibank.com
CC - roopam.bhandare@icicibank.com
Kotak Mahindra Bank
To - nilesh.anam@kotak.com
CC -nilesh.anam@kotak.com in
SBI Alert! SBI Bank announces 3-month EMI moratorium. Check how it impacts your loan
SBI Loan Moratorium: State Bank of India (SBI), India's largest lender has good news for its customers, amid coronavirus crisis. SBI Bank has announced all its term loan
borrowers a three-month moratorium for its customers under the terms of a COVID 19- RBI package announced on Friday. We bring to you complete details of SBI EMI moratorium.
SBI Loan Moratorium: State Bank of India (SBI), India's largest lender has good news for its customers, amid coronavirus crisis. SBI Bank has announced all its term loan borrowers a three-month moratorium for its customers under the terms of a COVID-19 RBI package announced on Friday. This comes days after Reserve Bank of India (RBI) allowed all lending institutions -- banks and housing finance companies will have to give its borrowers a three-month moratorium on 'term loans'. SBI customers were wondering since RBI's announcement whether their loan EMIs will automatically get deferred or will they have to apply. SBI has now made it clear about what it is going to do with loan EMIs for its customers.
Making the big announcement, the State Bank of India tweeted: "In terms of RBI COVID-19 regulatory package, SBI has initiated steps to defer the instalments and interest/EMIs on Term Loans falling due between 01.03.2020 to 31.05.2020 and extended the repayment period by 3 months. The interest on Working Capital facilities for the period 01.03.2020 to 31.05.2020 is also deferred to 30.06.2020." It must be noted that interest will be deferred and not waived during the three month EMI pause.
Effectively, this order is EMI moratorium is a relief measure if you have a cash crunch and not something that you should avail if not needed now.
SBI's term loan moratorium will bring relief to all borrowers, including those who have home loans, auto loans, education loans, agricultural term loans, retail and crop loans to
their names. It will also be applicable on credit card dues. Besides retail borrowers, micro, small and medium enterprises and large companies will also benefit from the RBI's relaxation of loan repayment.
The scheme would be available to all borrowers having standard account with the bank, meaning they have no record on default in the past.
Bank has also issued mailers and put FAQs on their sites informing the customers about the scheme.
The Reserve Bank Governor Shaktikanta Das on Friday announced a three-month moratorium on EMIs of all term loans due during March 1 to May 31 and said that the
repayment schedule for all those loans would be shifted by three months after the moratorium.
Here're key points of SBI 3-months moratorium:
State Bank of India's (SBI) moratorium on loan EMIs. These are details as published on the bank's website.- SBI has initiated steps to defer the installments and interest/EMIs on Term Loans falling due between 01.03.2020 to 31.05.2020 .
- Accordingly, the total repayment period will be extended by 3 months over the original repayment period.
Effecting deferment of EMI/NACH/Refund may take approximately 7 working days
However, here's the part that you would like to know. How will the EMI pause affect your loan? Will you have to pay extra for
your loan if you opt for EMI deferment?
Impact of Deferment as per SBI NOTICE: To enable you to take an informed decision, we furnish hereunder the impact of deferment:
Interest shall continue to accrue on the outstanding portion of the Term Loan during the moratorium period. The possible impact of the extension of the repayment period has been explained below:
Impact in case of Auto Loan – For a loan of Rs.6 Lacs with a remaining maturity of 54 months the additional interest payable would be Rs.19,000 approx. equal to additional 1.5 EMIs.
Impact in case of Home Loan – For a loan of Rs.30 Lacs with a remaining maturity of 15 years, the net additional interest would be approx. 2.34 Lacs equal to 8 EMIs.
Formats Download:
Annexure - I Deferment of Recovery of Instalment/EMI through NACH. Application can be downloaded or handwritten.
Annexure - II NACH Mandate
Annexure - III List of State/UT specific Email ID
Annexure - IV FAQ COVID-19 SBI Relief Measures
For HDFC Loan Customers
1. What is the EMI moratorium provided for loans under COVID 19 - regulatory package?The prevailing situation may pose a huge challenge for people at large. As a measure of solidarity, RBI has permitted all Indian Banks / Indian Financial Institutions to offer it’s customers up to 3 months moratorium on their EMI payments falling due between Mar 1st, 2020 to May 31st, 2020.
2. Who is eligible?
All HDFC Bank customers who have availed of retail instalment loan or any other retail credit facilities prior to 1st March 2020 are eligible. - Customers having overdues prior to 1st March 2020 may also opt for the moratorium, and their requests shall be considered by the bank based on its merits.
All Agri Loans (Kisan Gold Card) and Microfinance customers under the Bank’s Sustainable Livelihood Initiative are also eligible.
All Corporate as well as SME customers are also eligible. Our Relationship Managers will get in touch with you or you can contact them to get further details.
3. What will happen if I choose the EMI Moratorium?
If you choose EMI moratorium,
- Bank will not ask for any EMI Payment till May 31st 2020.
- Interest will continue to accrue on the principal outstanding for the period of the moratorium at the contracted rate of the loan.
- The loan tenure will get extended by the corresponding period for which the moratorium has been availed.
- For example, if the EMI for the month of Mar’2020 has been paid and moratorium for April & May’2020 has been availed, then the loan tenure will be extended by 2 months.
4. If I do not want the EMI moratorium, what should I do?
If you do not want the EMI moratorium, no further action is required from your side. We will continue to bank your repayment instructions.
We encourage customers with adequate funds to continue paying during this period to avoid the extra interest charges and tenor extension.
However, if you skip your EMI payment during this period, it is understood that you require EMI moratorium till May 2020.
5. Why was my account debited when the RBI has announced a moratorium?
Opting for the Moratorium is entirely the customers’ choice. We understand that all our customers may not opt for the Moratorium given that there is an additional levy of interest payable under the terms of the Moratorium. If you wish to opt for the Moratorium, we would be happy to refund the EMI debited and register your Loan account under the Moratorium process.
6. What charges will I pay, if I avail of this EMI moratorium?
If you avail the EMI moratorium, there will be a levy of interest at the contracted rate of the loan for the period of EMI moratorium on the loan outstanding. Such interest will be collected by extending the original tenor of the loan accordingly.
7. How do I get this EMI moratorium?
You will have to provide your consent to the bank through any of the following ways:
- Call on this number and follow the instructions – 022-50042333, 022-50042211 ,
OR
- Submit your request in a few clicks here
Note: Keep your loan account number handy before you start the process..
8. I have more than one loan from HDFC Bank (Eg. Personal Loan & Car Loan). Can I get EMI moratorium for both the loans?
Yes, you can opt for EMI moratorium for each loan that you have availed from us. Please remember that additional interest for the EMI moratorium period will be applicable for each loan separately.
9. What if I have already paid my EMIs and would like to avail the moratorium till 31st May 2020.
You can avail of the moratorium benefits for the unpaid EMIs. Please follow the process given above for availing the moratorium ICICI Bank Customers Click here
TATA CAPITAL
To - customercare@tatacapital.com
CC - pankhaniya@tatacapital.com
Edelweiss
To - homeservice@edelweissfin.com
CC - zahid.mohammed@edelweissfin.com
BAJAJ Finserv
To - wecare@bajajfinserv.in
CC - sonpal.garg@bajajfinserv.in
RBL Bank
To - customercare@rblbank.com
CC - Sudeep.Khinvsara@rblbank.com
SCB Bank
To - customer.care@sc.com
CC - shivsundar.pandey@sc.com
Axis Bank
To - customer.care@axisbank.com
CC - amit208.kumar@axisbank.com
Indusind Bank
To - Darshan.Gotpagar@indusind.com
CC - Darshan.Gotpagar@indusind.com
Deutsche bank
To - premium.care@db.com
CC - patel.kira@db.com
Rattanindia
To - wecare@rattanindia.in
CC - shailesh.zagade@rattanindia.in & urmil.badami@rattanindia.in
IIFL
To - reach@iifl.com & reach@indiainfoline.com
CC - vikas.talreja@iifl.com
Aditya Birla
To - care.finance@adityabirlacapital.com
CC - ravindra.katke@adityabirlacapital.com
Neogrowth
To - helpdesk@neogrowth.in
CC - mehal.gandhi@neogrowth.in & shivani.sinha@neogrowth.in & kuldeep.s@neogrowth.in
Magma
To - sujit.ghorpade@magma.co.in
CC - saifulla.khan@magma.co.in
Clix Capital
To - covid19.moratorium@clix.capital
CC - manish.chhabra@clix.capital
Fullerton India
To - namaste@fullertonindia.com & ccrc@fullertonindia.com
CC - pradeep.tiwari1@fullertonindia.com & nilesh.mankame@fullertonindia.com
Shriramcity
To - grievance@shriramcity.com & customercare@shriramcity.com
CC - vinit.dixit@shriramcity.com
IDFC First Bank
To - customer.care1@idfcfirstbank.com
CC - pankajkumar.s@idfcfirstbank.com
HDFC Bank
To - loansupport@hdfcbank.com
CC - prashant.aldangadi@hdfcbank.com
Indiabulls
To - service_dhani@indiabulls.com
CC - shah.aa@indiabulls.com
ICICI Bank
To - customer.care@icicibank.com
CC - roopam.bhandare@icicibank.com
Kotak Mahindra Bank
To - nilesh.anam@kotak.com
CC -nilesh.anam@kotak.com in
