RBI directions on COVID-19 Regulatory Package dated might 23, 2020, permit Banks to provide expansion of moratorium on re payment of term loan instalments/credit card dues and/or deferment of great interest on working money facility(ies) dropping due between June 1, 2020 and August 31, 2020 (Moratorium Period).
The choice for moratorium/deferment can be applied/requested in case your temporary cash flows are adversely impacted or you are dealing with short-term monetary constraints arising from Covid-19 pandemic.
By deciding on moratorium, you are going to just defer the payment of the immediate interest that is instalments/payments/accrued. It really is merely a deferment choice rather than a concession/waiver, since interest would continue steadily to accrue throughout the Moratorium Period during the relevant interest rate. The payment would resume from 2020, once the Moratorium Period is over september.
Iii. All the other loans/credit facility(ies), like mortgage loan, car loan, unsecured loan, charge card, Education Loan, Loan Against Property, Loan Against Share, Gold Loan, Commodity Loan, Tractor Loan, Two Wheeler Loan, Commercial Vehicle Loan, Construction Equipment Loan, Business Loan and Unsecured small company Banking Loan (Overdraft and Term Loan) and performing Capital & Overdraft services and products under Retail Loan, Rural Loan & SBB Loan.
In respect of (iii) above and Credit Cards, borrower(s) will have to especially request/OPT-IN for Moratorium on re re payment of loan instalments/deferment of interest falling due between 1, 2020 and August 31, 2020 by clicking here june.
(i) For Loans/credit facility(ies), like mortgage loan, car finance, unsecured loan, bank card, Education Loan, Loan Against Property, Loan Against Share, Gold Loan, Commodity Loan, Tractor Loan, Two Wheeler Loan, Commercial Vehicle Loan, Construction Equipment Loan, Business Loan and Unsecured small company Banking Loan (Overdraft and Term Loan), Kisan bank card (KCC) & Farmer Loan (CC & OD) and performing Capital & Overdraft items under Retail Loans, Rural Loans & small company Banking, the underlying customers will have an alternative to OPT set for the moratorium on re re payment of loan instalment(s)/deferment of interest falling due between June 1, 2020 and August 31, 2020 by clicking here.
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