The Reserve Bank of India (RBI) announced a moratorium on terms loans last week. After this announcement, various banks have come forward to offer relief to their customers. The banks are offering the option to the customers to defer their loans by 31st May as of now. The announcement was made by RBI as a relief measure amidst COVID-19.

.@RBI last week announced a three-month moratorium on all term loans outstanding as on March 1, 2020, as well as on working capital facilities.

Check out the list of FAQs about the technicalities of moratorium👇

▶️ https://t.co/rloiRGTSMe @FinMinIndia
— PIB India (@PIB_India) April 1, 2020

The customers can make on payments of EMIs of the term loan as usual or can seek relief for the time being. The banks are providing moratorium of 3 months on payments of installments and interest on term loans falling due between March 1st to May 31st.

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Here are the banks who have so far passed on the benefits to their customers:

In line with RBI's #Covid19 relief package, #ICICIBank offers its customers a choice of either paying towards their loans/credit facilities or opting for a moratorium till May 31, 2020. Customers are requested to visit https://t.co/VLg64uXiIb to specify choice. pic.twitter.com/qHMRW0ymMI

— ICICI Bank (@ICICIBank) April 1, 2020

Important #announcement.
Click here to visit our website for details on #EMI moratorium. https://t.co/Mr0n3ZEGId @RBI @DFS_India @DFSFightsCorona @FinMinIndia @HDFC_Bank pic.twitter.com/eusoEY6IPo
— HDFC Bank News (@HDFCBankNews) April 1, 2020

pic.twitter.com/achFANauC2
— Axis Bank (@AxisBank) March 31, 2020

PNB presents relief scheme for our customers. In view of COVID-19, it has been decided to defer payment of all installments on term loan and recovery of interest on cash credit facilities falling due between March 01,2020 and May 31 2020.@DFS_India @dfsfightscorona pic.twitter.com/dHRvu5luXb

— Punjab National Bank (@pnbindia) March 31, 2020

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In terms of Covid 19- RBI package, borrowers are eligible for moratorium/ deferment of installments/EMI for Term loans falling due from 01.03.2020 to 31.05.2020 & repayment period gets extended accordingly. SMS also has been sent to customers to avail the same. @DFS_India #COVID pic.twitter.com/NGuw1pARiv
— Canara Bank (@canarabank) March 31, 2020

https://twitter.com/OBCIndOfficial/status/1244908277927776261

1/3 Based on the recent COVID-19 Regulatory Package announced by RBI, we have implemented the following relief measures-
Allowing moratorium of 3 months on payment of installments in Term Loans, which include (i) principal and / or interest components @DFS_India @FinMinIndia
— Central Bank of India (@centralbank_in) March 31, 2020

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#BankofBaroda is providing a moratorium of 3 months on payment of all instalments falling due between 01.03.20 & 31.05.20 for all term loans including Corporate, MSME, Agriculture, Retail, Housing, Auto, Personal loans, etc. in pursuance of the RBI COVID-19 Regulatory Package.
— Bank of Baroda (@bankofbaroda) March 31, 2020

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