On Tuesday, 11 government banks in the country announced the good news to their customers. Now, private banks in the country have also given good news to their customers. At the same time, BOB, UBI, PNB, and SBI in public sector banks have also announced a separate interest relief to their planets. In fact, recently, 11 public sector banks in the country were ordered by the Reserve Bank of India (RBI) not to recover any loan EMI of all their customers for the next 3 months.
Now, private banks are also in the same way:
On the path of 11 public sector banks in India, the private banks in the country have also announced that they have not charged the EMI of the loan for 3 months in any way from their customers. However, private banks are giving this facility to customers on-demand. That is, if you want to take advantage of this facility or the market of the bank, you will have to inform your banks by email. For information, these private banks include HDFC, ICICI Bank, IDFC, and IDBI Bank. Let's say ICICI Bank is working to provide some relief to customers in loans. The customers have been given automatic relief by IDBI. IDFC Bank customers will also have to email the bank and seek help.
What is moratorium?
If you do not know the meaning of the moratorium, this is the period in which you do not have to pay EMI on loan taken by the bank.
On Tuesday, after the government banks have been able to stay in EMI to their customers, Bank of Baroda has now announced to postpone the payment of all loan installments including corporate, MSME, agriculture, retail, housing, auto, personal loans for some time for three months. The time period fixed by the bank is from March 1, 2020, to May 31, 2020.
Union Bank of India (UBI) has also made loan installment/loan interest. The payment of interest has been deferred for three months, i.e., from March 1, 2020, to May 31, 2020.
The Punjab National Bank (PNB) has tweeted from its Twitter account that it has been decided not to collect interest on all term loan installations and cash credit facility from March 1, 2020, to May 31, 2020, due to coronavirus.
The same State Bank of India (SBI) has also announced to its customers to postpone the EMI from March 1, 2020, to May 31, 2020. At the same time, SBI has also announced to postpone the interest on working capital facilities for the same period till June 30, 2020.
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