State Bank of India, the country’s largest lender, and private-sector lenders ICICI Bank and HDFC Bank have started activating loan repayment moratorium option for customers, that was mandated by the Reserve Bank of India last week in view of the financial stress faced by borrowers caused by lockdown due to the COVID-19 pandemic.
SBI customers who want to avail the moratorium need to send an email to avail the options. The email address will depend on the circle from where the customer has taken the loan. The email addresses of all the circles have been mentioned in the SBI website.
“No action is required. They may continue to pay in usual course,” SBI said, for customers who do not wish to avail the moratorium option.
Both ICICI Bank and HDFC Bank have activated the options to avail the moratorium in their websites which is available on the home page. Customers have to fill in a simple form giving loan account numbers and others details to avail the moratorium on equated monthly instalments.