Experiencing a sense of relief after the grace period given by the RBI, customers are looking forward to having surplus liquidity by non payment of the loan EMI. If individuals are expecting that the EMI will automatically not be presented, this is not the case.

Given below are some updates on the way forward:

Actual Implementation Will Differ Cross Creditors

All Banks and NBFC’s though asked by the RBI to implement the moratorium, will do so as per their own terms: the policy could differ across secured loans, unsecured loans and other credit offerings. Given the intricacy of the situation, it is expected to take some time before there is clarity.

With the economic inertia most Banks are still working on the best that can be offered to customers, before making formal announcements.

Following Choices Could Happen

• Either the EMI will be presented on the regular date, if there is balance prevalent in the account the same will be deducted automatically.
• Customers will have to contact the Bank if they wish to stop the EMI from being deducted.
• The EMI will be deducted on the specific instruction of the customer.
• The Bank/lender may give the option of the grace period to customers whose income has been affected by the lockdown.
• Offer a complete moratorium across all EMI payments.

What You Need To Do

If you not constrained for finances and are able to pay the EMI it is the most practical thing to do.

Whereas if you think that your income could be affected with the current lockdown and wish to avail the moratorium Banks are offering the following options, please verify the same with your service provider.

• Contact the customer care via email or phone and give the request for a 3 months moratorium.
• Physically visit the Bank branch and register your request.
• Financers are also contacting customers via mail or SMS message to register the option.

Given below are contacts for leading providers, please mail your request from your registered ID