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