EMI Moratorium in India – Government banks’ message to postpone EMI, what customers of private banks should do

EMI Moratorium in India 

EMI Moratorium in India: On Tuesday, customers of several government banks and some financial institutions got the message of postponing the loan EMI for three months. Private banks can announce this for their customers today. The coronavirus epidemic is spreading in the country and due to the lockdown, the business of people has stopped completely. In such a situation, there was a need to give relief to the borrowers.

emi moratorium in india

After the Reserve Bank’s announcement to postpone the loan EMI for three months due to Corona, people were eagerly waiting for what message their bank would give about this. On Tuesday, messages from several government banks and some financial institutions also got to customers. Private banks can announce this for their customers today.

EMI Moratorium in India 

Some government banks gave relief on Tuesday. Banks have postponed the EMI of the loan of the borrowers for three months so that they will not have to pay the loan installment for three months. Banks have sent messages about this to their customers. Some financial institutions like India Bulls Housing have also sent such messages to their customers.



But customers of major private banks like ICICI Bank, HDFC Bank are yet to receive such messages. These banks can announce this on Thursday. But if they do not, then its customers should contact the bank themselves and talk about it.

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State Bank of India, Canara Bank, Punjab National Bank, Union Bank of India, Bank of Baroda, Indian Bank, UCO Bank, Central Bank of India, Indian Overseas Bank and IDBI Bank did not take the moratorium i.e. Three months on loan installment Is offered.

EMI Moratorium in India 

State Bank of India tweeted on Tuesday, saying, ‘In view of RBI’s COVID-19 regulator package, SBI has taken steps to postpone EMI paid for three months from March 1, 2020, to May 31, 2020. It has been decided to postpone interest on working capital facilities paid from March 1, 2020, to May 31, 2020, till June 30, 2020.

While presenting the monetary policy review ahead of time due to Corona, Reserve Bank of India Governor Shaktikanta Das had announced that banks were being allowed to recover EMI of customers for three months in case of term loans Postpone Banks will be given an exemption for not holding this NPA account for non-refund of this loan. (EMI Moratorium in India)

It is worth noting that apart from home loans, personal loans, educational loans, car loans, many types of retail or consumer loans come in term loans. (EMI Moratorium in India)

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