In the view of coronavirus outbreak, some of the PSU banks have decided to give some relief to its customers regarding payments of instalments and interests on term loans.
Also read: Confusion prevails among borrowers over three-month moratorium as many get EMI reminders
Multiple PSU banks have decided to provide a moratorium of three months on payments of instalments and interest on term loans falling due between March 1 to May 31.
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 [email protected]_India @dfsfightscorona pic.twitter.com/dHRvu5luXb
— Punjab National Bank (@pnbindia) March 31, 2020
In view of COVID-19 pandemic, OBC provides moratorium of 3 months on payments of instalments/interest falling due between 01.03.20 to 31.05.20 for term loans and working capital facilities & allowing easing of working capital financing. @DFS_India @nsitharaman @PMOIndia
— OBC India (@OBCIndOfficial) March 31, 2020
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
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
#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