List of banks offering automatic loan moratorium on EMIs
On March 27, RBI in an official notification has asked the banks to offer a 3-months moratorium on all term loans with an option to opt-out. This relief measure is announced amidst the coronavirus chaos to ease the economic distress of the people. We are providing you with the list below to check out whether your bank automatically opts you in for a 3-months moratorium or not.
3 months moratorium on repayment of EMIs for borrowers: Explained
| Name of the lender |
Default option |
| State Bank of India |
Automatic relief |
| Punjab National Bank |
Automatic relief |
| IDBI Bank |
Automatic relief |
| Union Bank of India |
Automatic relief |
| Indian Overseas Bank |
Automatic relief |
| IDFC FIRST Bank |
Relief only if the customer demands except for rural and agricultural loans |
| ICICI Bank |
Automatic relief only on 2 wheeler, business, farm and jewel loans. For other loans, only if the customer demands. |
| Central Bank of India |
Automatic relief |
| UCO Bank |
Automatic relief |
| Bank of Baroda |
Automatic relief but wherever the borrower has given a mandate for standing instructions/ECS/NACH, Bank will continue to honour borrower’s mandate. |
| Federal Bank |
Automatic relief in case of Business loans of up to Rs 5 crore, Agriculture, Micro Lending and Gold loan. Relief on business loans above Rs 5 crore & retail loans only if customer demands |
| Repco Home Finance |
Automatic relief |
| Punjab and Sind Bank |
Automatic relief |
| Syndicate Bank |
Automatic relief |
| Deutsche Bank |
Automatic relief |
| Standard Chartered Bank |
Automatic relief |
| Axis Bank |
Relief only if customer demands except for gold loans, KCC loans, Farmer loans, Microfinance loans, Commodity loans, Tractor Loans, Commercial Vehicle loans, Construction equipment loans, Business loans and Unsecured overdraft & term loans(Small Business Banking). |
| Bank of India |
Automatic relief |
This is the complete list of banks providing automatic relief to its customers amidst the coronavirus chaos. It must be noted that availing such a moratorium would not affect the borrower’s credit rating or the risk classification of the loan. It would also not entail any financial penalties or increase in the interest rate or charges beyond the existing terms and conditions of the loan.
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The above-mentioned lending institutions allowed a three-month automatic moratorium on loan repayments, therefore individuals' EMI repayments of loans would not be deducted from their respective bank accounts till the moratorium period gets over. The loan EMI payments will resume once the three-months period expires.