Due to the entire nation COVID-19 pandemic lock-down lots of business and salaried people are facing difficulty in repaying their Credit Card dues and EMI’s. So RBI (Reserve Bank of India) has come up with a relief regulatory package that gives 3 months moratorium on loan EMI and credit card dues.
A moratorium is a deferment of the payment and not a waiver of interest. Interest will be applicable to your principal or outstanding amount. However, you can opt for 3 months moratorium which will extend the payment schedule further to recover the postponed installment.
RBI has requested all the banks in India to provide this option of the moratorium. So in this post, we will discuss how to opt-in for the moratorium in different banks where you hold a loan or Credit Card.
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COVID-19 REGULATORY PACKAGE
In accordance with the COVID-19 –Regulatory Package notification dated Mar 27, 2020, issued by Reserve Bank of India (“RBI”) and as may be updated from time to time (“COVID Regulation”), a moratorium of three months is available on payment/repayment of
- principal and/or interest components
- bullet repayments
- equated monthly installments; and/ or
- Credit Card dues, as the case may be in respect of all installments/payments falling due between the period beginning March 01 until May 31, 2020 (“Moratorium”).
The borrower(s)/ customer(s) can choose to OPT-IN or OPT-OUT, for availing of the Moratorium in respect of the credit facility(ies) availed.
As per the Bank’s approved policy extended Moratorium to the borrower(s)/ customer(s) for certain loans/ credit facilities such as
- Kisan Credit Card (KCC)
- Farm Equipment (FE)
- Self-Help Group (SHG)/Joint Lending Group (JLG)/Loans given through Business Correspondent (BC)
- Jewel Loan
- Corporate Farmer Finance
- Business Lending -Unsecured (Current Account Over Draft/Small
- Business Loan/Roaming Protect/Loan Against Credit Card Receivable,
- Dealer Funding
- Working Capital/Trade Advance to Auto Dealers
- Commercial Business
- Working Capital/Trade Advance to Commercial Business customers
- Consumer Finance
- Two Wheeler Loans
With respect to above loan/ credit facilities if the borrower(s) / customer(s) (whose cash flows are not impacted) do not wish to avail of the Moratorium, borrower(s) / customer(s)may OPT-OUT from the Moratorium by clicking on the link shared with the borrower(s) / customer(s) by the Bank through (i) SMS or (ii) e-mail. You may also visit Bank’s website failing which it will be deemed that the borrower/ customer has opted for Moratorium.
In respect of all other types of facilities, the borrower(s)/customer(s) will need to specifically OPT-IN for availing of Moratorium and postponement of payments falling due for payment between the period beginning Mar 01 until May 31, 2020. However, due to the extended lockdown and increasing COVID cases in India, most of the banks have extended the moratorium period by a few more months.
In case of the customer(s)/ borrower(s) enjoying multiple credit facility(ies) from the Bank, the Moratorium option will have to be exercised individually/ separately for each type of credit facility.
How to Opt for a moratorium for Loan and Credit Dues in ICICI Bank
ICICI Bank has officially announced the RBI Covid-19 regulatory package on its official website. And the bank is also sending SMS and emailing regarding process to opt for a moratorium.
Opting for a Moratorium is not compulsory but it is voluntary. If you cannot pay your EMI or due then you can opt for a moratorium facility provided by the bank by responding to them. But if you don’t want to opt for a moratorium then you don’t need to do anything. The EMI payment or Credit Card due will be charged from your account as it regularly does if you have enabled ECS or auto-debit facility.
If you want 3 months moratorium then you need to opt for it. The below process explains you on how to apply for the moratorium in ICICI bank.
ICICI Bank is recently sending out SMS and emails to its customer regarding the process to opt for moratorium, below is the SMS sent by ICICI Bank.
Dear Customer, ICICI Bank offers you a choice to continue to make payments towards your loan/ credit facility or opt for a moratorium till May 31, 2020. Please visit www.icicibank.com to specify your choice for your respective products. In case you do not choose, the Bank’s default option for respective products will be applicable.
But if you haven’t received the link on your email or SMS then you can follow the below process to opt-in for a moratorium.
To avail moratorium with ICICI Bank you will need to visit the official website of ICICI Bank or you can directly visit the ICICI Bank – Installment Moratorium website by accessing https://buy.icicibank.com/moratorium.html?
Provide your mobile number, PAN, Select loans/facilities for moratorium, and click on the submit button to opt for a moratorium in ICICI Bank.
How to apply moratorium in SBI Bank for Loan
To avail moratorium in State Bank of India, the customer will need to submit a form through email and if a customer doesn’t want to defer recovery of installments/EMI then there is no action is required.
Customer who wants to defer recovery of installments/EMI will need to follow the below process:
NACH – Where collections of such installment / EMI is effected through National Automated Clearing House (NACH), please submit an Application (Annexure-I) along with mandate for NACH Extension-(Annexure-II) to stop NACH for these installments through an e-mail to the specified email ID (Annexure-III).
Standing Instructions (SI) – Please submit an Application (Annexure-I) through an email to the specified email ID (Annexure-III).
Customers who want a refund of the installment/EMI already paid, need to submit an Application (Annexure-I) through an email to the specified mail ID (Annexure-III)
Download Form to opt for a moratorium in SBI Bank
| Annexure – I | Deferment of Recovery of Instalment/EMI through NACH. The Application can be downloaded or handwritten. |
| Annexure – II | NACH Mandate |
| Annexure – III | List of State/UT specific Email ID |
| Annexure – IV | FAQ COVID-19 SBI Relief Measures |
Opt for moratorium in SBI Bank for Credit Card dues
If you are not in a condition to repay the Credit Card due then SBI Card extends a full support to the cardholders through implementation of RBI’s COVID-19 Regulatory Package. The SBI Card holder can avail a moratorium of 3 months for payment of credit card outstanding balance.
To opt for the moratorium in SBI Bank for Credit Card due the account status should be non-delinquent with no overdue as on 29 Feb 2020. Outstanding balance payments falling due in March, April & May 2020 can be deferred. But interest will continue to accrue during this period at a rate of up to 3.35% per month.
The accumulated outstanding balance + interest & applicable charges (other than Late Payment Charges) will have to be paid together as per June 2020 statement due date. All EMI payments falling due in the moratorium period will be deferred and will become due for payment as per your June 2020 payment due date. Interest rate of up to 3.35% per month would be applicable during this period, and there will be no extension of tenure for EMI payments.
To opt for the moratorium, you can just click on the below button or login to your SBI Card account and just select Services > Payment moratorium and opt in for the moratorium.
In case payment is not made by due dates in Mar 2020, Apr 2020 or May 2020, cardholder will be enrolled automatically for the moratorium.
How to avail moratorium in HDFC Bank
To avail moratorium in HDFC Bank you will need to submit your consent by following means:
Call on this number and follow the instructions – 022-50042333, 022-50042211
OR
You can submit your response online to avail moratorium in HDFC Bank by clicking here
Enter your details asked in the Option to defer your EMI for March, April & May, 2020 form such as bank registered mobile number, full name, email id, date of birth, product, loan account number, and select whether you want to opt in to defer the unpaid EMIs falling due between March 1, 2020 and May 31, 2020 during the moratorium period or keep EMI payment as per schedule if you don’t want to pay extra interest by delaying the EMIs
Submit your repose and you will be done with opting for moratorium or opting-out of the moratorium in HDFC Bank.
If you can’t pay your Credit Card due, then HDFC Bank also offers a moratorium on your Credit Card dues up to 31st May 2020. If you opt for a moratorium on your Credit Card dues, then the payment of the dues shall be made in June 2020 without having to pay the minimum amount due. During the moratorium period, HDFC bank will compute interest on a simple interest basis on your outstanding amount.
To avail the moratorium benefit on your HDFC Bank Credit Card due, you will need to disable autopay via NetBanking/ MobileBanking App. And post moratorium period, Autopay will be automatically enabled by the bank to ensure your scheduled payments are back on track. Upcoming EMIs on your Credit Card will be automatically deferred along with applicable interest for the moratorium period.
How apply online to avail Moratorium in Axis Bank
If you are holding a loan/credit facilities in Axis Bank then Axis Bank offers you the benefit of moratorium As per RBI guidelines on COVID-19 Regulatory Package dated March 27, 2020.
Availing the benefit of the moratorium with respect to payment of your loan EMIs or Credit Card dues is not compulsory. However, if your immediate cash flows are adversely impacted or you are facing financial constraints arising from COVID-19 pandemic then you can avail for the deferment of installments/ Interest dues for your loans/credit facilities falling due between March 1, 2020, and May 31, 2020, as well as dues for credit card statements generated between March 1, 2020, and May 31, 2020.
As per the approved policy of the board, moratorium has been extended to borrowers for certain loans/credit facilities such as
- Gold Loans
- Kisan Credit Card (KCC) loans and Farmer Loans (Cash Credit, Over draft and Term Loan)
- Microfinance loans (extended by the bank and BC partners)
- Commodity Loans
- Tractor Loans
- Commercial Vehicle Loans
- Construction Equipment Loans
- Business Loans
- Unsecured overdraft and term loans(Small Business Banking)
Borrowers who are having the above facilities, whose cash flows are not impacted or do not wish to avail the moratorium, may choose to opt-out from the moratorium by clicking on the below button.
- To opt-out from default moratorium, just click on the above button and it will redirect you to a new Axis bank official OPT-OUT FROM DEFAULT MORATORIUM form
- You need to enter your registered mobile number with the bank, solve the captcha and click on the submit button
- On the next page, you will need to authenticate yourself by entering the OTP received on your registered mobile number and click on the submit button
- On the next page, your account information will be displayed such as account holder name, customer id and loan account
- Just select loan account for which you want to opt-out from default moratorium, accept the terms and conditions and click on the submit button
- Your request will be accepted and will be processed. You will receive a confirmation via SMS in the next 3 days.
It will be considered that borrowers have opted for the moratorium if there is no response.
For all other loans/credit cards/credit facilities, customers will have to opt into avail the moratorium benefit and defer the payments falling due between 1 March 2020 and 31 May 2020.
To opt for moratorium in Axis Bank, just click on the above button.
You will be navigated to a new page of CONSENT FOR MORATORIUM form
Enter your registered mobile number, solve the captcha, click on the submit button and follow the instructions to opt-in for a moratorium.
Is moratorium compulsory or optional?
The moratorium is optional for all kinds of credit facilities such as retail loans, Home Loans, Business Loans, Cards and Farmer Loans
What is meant by moratorium?
Moratorium is temporary postponement of payment of interest/ principal/ installments (and is not a waiver) for the period from Mar 01 to May 31, 2020. Interest will be payable on all amount(s) for which payment is being postponed pursuant to the Moratorium.
For what period can the moratorium be granted?
A moratorium may be granted up to a period of three months for all amounts falling due between Mar 01 and May 31, 2020.
Is the moratorium on principal or interest or both?
Moratorium can be offered for below payments due during the moratorium period.
principal and/or interest components;
bullet repayments;
Equated Monthly Instalments or EMIs;
Credit Card dues.
Will the interest accrue during the moratorium period?
Yes, the interest will accrue during the moratorium period. Treatment of the interest will be as per the relevant terms and conditions applicable to the respective credit facilities.
How can I opt for the moratorium?
You can opt for the moratorium by clicking on the link shared with you by your Bank through (i) SMS or (ii) e-mail. You may also visit official bank website or twitter account to check the notification on how to opt.
How will interest be charged and recovered for retail term loans such as Home Loans, Personal Loans, Consumer Durable Loans, Two-Wheeler Loans, Auto Loans?
The accrued interest would be added to the principal amount which will increase the residual tenure of the loan except in cases where extension of tenure is not possible in which case the EMI amount will increase. Please refer to the relevant applicable terms and conditions for further details.
Illustration: Mr Kumar availed of a housing loan in Mar 01, 2020 amounting to Rs one crore with loan tenure of 236 months. If Mr Kumar wants to avail of moratorium of instalment of Rs 90,521.00 which is due on Apr 01, 2020 then the interest for the month of March amounting to Rs 75,000 will be added to the principal amount and revised opening principal amount on Apr 01, 2020 will become Rs 10,075,000. The interest will be computed on revised principal. Similarly, the interest for the month of April which is payable on May 01, 2020 of Rs 75,562 will be added to the opening principal on May 01, 2020 which will be Rs 10,150,562. The interest will be computed on revised principal. In this case Mr Kumar’s tenure will increase from 236 months to 249 months considering the unchanged rate of interest and instalment amount during this period.
How will interest be charged and recovered for cash credit/ overdraft facilities?
The accrued interest will be due and payable immediately after the end of the moratorium i.e. in Jun 2020. Please refer to the relevant applicable terms and conditions for further details. The postponed interest (funded interest) shall carry interest at the rate applicable on the credit facility and the underlying security shall continue to secure the funded interest.
How will interest be charged and recovered for Business Term Loans?
Please refer to the relevant applicable terms and conditions for details. On a case-to-case basis, the postponed interest accrued during the moratorium period may be considered as a postponed interest term loan. Such postponed interest term loan shall further carry interest at the rate applicable to the credit facility.
Will there be late payment charges/ default interest/ additional interest for the deferred installments during the moratorium period?
No late payment charges/ default interest/ additional interest shall be levied during the moratorium period.
If the customer has already availed of a moratorium for an Education Loan, can the tenure get extended on account of the Covid Regulation?
No, since the repayment for such customers will start in future and the moratorium is for customers whose repayment (interest or EMI) is active in the period Mar 01 to May 31, 2020.
If the customer has principal moratorium running in Education Loan, can he/she still avail of this facility?
Yes, the moratorium is available for interest amounts payable
Do I need to submit fresh Auto Debit or NACH debit mandates?
No, as the EMI will remain same and tenure will increase to recover the deferred interest accrued during the moratorium period, there is no need of fresh Auto Debit (AD)or NACH mandate. If you opt for moratorium, the residual tenure will increase to recover the accrued interest during moratorium period. However, in case the instalment amount increases,then a fresh NACH mandated will be required
Can I make payments in between the Moratorium period?
It is a relief granted to the borrower due to disruption caused due to unprecedented outbreak of COVID-19. However, the option lies with the borrower to either repay the loan during this moratorium as per the actual due dates or avail of the benefit of the Moratorium.
Will a payment of EMI during the moratorium be considered as prepayment?
If the due EMI is paid, then it will not be considered as prepayment and there will not be any prepayment penalty on the same.
Will the seeking of Moratorium by the borrower have an impact on their credit/bureau score?
The moratorium on payments will not qualify as a default for the purposes of supervisory reporting and reporting to Credit Information Companies (CICs)/credit bureau by the Bank. Hence, there will be no adverse impact on the credit history of the borrowers.Any delay in payments of dues/ outstanding amounts payable after the expiry of the Moratorium for customers(s)/ borrower(s) who had availed of the Moratorium will qualify for the purposes of reporting to Credit Information Companies (CICs)/credit bureau bythe Bank.
For the retail Term Loans, can I pay all 3 months’ EMI in Jun 2020?
As the tenure of the retail term loans has been extended on account of the moratorium, the customer is required to pay the EMIs as per the revised schedule. However, as per terms
and conditions of the facility,if prepayment is permitted then you may pay the EMIs in Jun 2020.
If I have sufficient balance in my account and installment of my loan(s) is due, will the Bank debit the EMI during this period?
Yes, if you have not opted in for the moratorium.
Does the customer need to submit any documents for availing of the Moratorium?
No, you can opt for the moratorium by clicking on the link shared with you by the Bank through (i) SMS or (ii) e-mail.
Is it ok if I continue paying the EMIs rather than availing of the moratorium?
Yes, please continue to pay your EMI.
Can I opt moratorium for EMI due in April and then pay EMI due in May?
Yes, it is permitted.
As per RBI,the moratorium is for 3 EMIs, can I get refund of EMI paid in Mar 2020?
No. EMI paid prior to Mar 27, 2020, will not be refunded. However, if any EMI is debited after Mar 27, 2020, and the borrower/ customer opts for moratorium then such EMI maybe considered for refund at the request of the borrower/ customer.
Due to the COVID-19 outbreak, my business/job was impacted in the month of Mar 2020 hence I could not pay the EMI. Can I get moratorium for unpaid EMI?
Yes, you will be eligible for moratorium for EMI due in Mar 2020.
If my loan disbursement is done in Apr 2020, then would I be eligible for moratorium?
Yes, if your instalment/payment falls due on or before May 31, 2020
If I have not opted for moratorium, whether Bank will debit interest and installment during this period?
Yes, if you have not opted in for the moratorium.
My payment on bill discounting facility/FCNR facility is due during moratorium period, can I avail of extension for repayment?
You can opt for the moratorium by clicking on the link shared with you by the Bank through (i) SMS or (ii) e-mail.
In case of multiple facilities availed from the Bank, whether the moratorium is applicable for all facilities?
You need to specifically select every facility for availing of moratorium for the respective type of credit facility. You can opt for the moratorium by clicking on the link shared with you by the Bank through (i) SMS or (ii) e-mail.
Do I need to pay my Credit Card outstanding during the moratorium period?
No, payment needs to be made during the moratorium period. During the moratorium period, as per the billing cycle dates, interest charges (at standard interest rate as per the card variant in accordance with the applicable terms and conditions)will be levied.
What would be the interest accrued/charged on my Credit Card dues?
For all Credit Card dues (including any unpaid EMIs till the respective payment due date), standard interest rates of the card variant as per the applicable terms and conditions will be levied. For all EMI transactions, the interest rate specified at the time of availing of the EMI facility would be levied.
Can I make payment if I opt for moratorium on Credit Card?
Yes, you can make payment against the outstanding amount during moratorium period. The interest would be levied only for remaining outstanding amount (as per standard interest rate of the card variant as per the applicable terms and conditions).
Will Late Payment charges be levied during moratorium period?
If you opt for moratorium on your Credit Card, no late payment charges will be levied.
Will the interest be charged from due date of payment or purchase date?
The interest will be levied from purchase/transaction date as per standard interest rate of the card variant as mentioned in the applicable terms and conditions.
For all purchases made on the Credit Card during moratorium period, will I be charged interest?
Any unpaid dues in moratorium period will also attract interest charges (as per standard interest rate of the card variant as mentioned in applicable terms and conditions) if not paid within its interest-free period (Grace period) i.e. by the respective payment due date. For understanding of interest-free period (Grace period) and calculation of interest charges, kindly refer the terms and conditionsathttps://www.icicibank.com/managed-assets/docs/personal/cards/credit-cards/MITC_cc.pdf.
When do I need to make the payment after Moratorium period is over?
The payment for all unpaid balances, EMIs as on date of Moratorium application, all new transactions done between Moratorium start date till May 31, 2020 and interest charges levied during the period need to be made as per your Jun2020 billing cycle’s payment due date. The amount mentioned in your Jun 2020 statement would include all previous outstanding against which payment is not done, principal amount on transactions done during Moratorium period and interest levied on these transactions and interest on Personal Loan on Credit Card (PLCC) and EMI transactions.
If I avail of the Moratorium facility, how will my EMIs be recovered after the period is over for Credit Card transactions? Is it single debit of all the EMIs put together or will my EMIs will be debited monthly as usual?
As EMIs are billed in your regular Credit Card statement cycle, EMIs would continue to be billed in your statement as per the original a mortisation schedule. For example, if your EMI was to be billed on Apr15, May 15 and Jun 15, and you have availed of the moratorium benefit on Apr 05, the EMIs would still be billed on Apr 15, May
15 and Jun 15. The payment for these billed transactions will need to be done as per the payment due date of the Jun 2020 statement to avoid any penal late payment. In case of non-payment of statement dues (which includes EMIs billed) by the respective payment due dates, interest charges will accrue at the standard interest rates (as per standard interest rate of the Credit Card variant as mentioned in the applicable terms and conditions).
Will my Credit Card statement be generated during the moratorium period?
Yes, the Credit Card statements will be generated and shared during the moratorium period,but no payment needs to be made against the same. In case of non-payment of total statement dues by the respective payment due dates, interest will be accrued at standard interest rate (as per standard interest rate of the Credit Card variant as mentioned in Credit Cards Most Important Terms and Conditions) and levied in statements generated during the moratorium period also, which will need to be paid after the end of moratorium i.e. by payment due date of Jun 2020 statement.
I have set an auto debit on my Credit Card for payment. Will the auto debit facility be triggered during moratorium period?
Auto debit will not be triggered during the moratorium period if you have opted in for moratorium. Auto debit facility would be restored from Jun 2020 statement cycle at pre-moratorium configuration.
I have multiple Credit Cards of ICICI Bank; can I opt for moratorium on only one of my cards?
No, if you opt for moratorium on any one Credit Card, it will be applicable on all Credit Cards held by you.
Can I close my PLCC / EMI on Credit Card(CC)/ EMI on Debit Card(DC)/ Balance Transfer during moratorium period?
If you opt in for moratorium, you will still be allowed to close any of the PLCC / EMI on CC / EMI on DC / Balance Transfer during moratorium period as per the existing terms and conditions applicable to the respective products/facilities.
Can I avail of PLCC or EMI on call or balance transfer after I opt for moratorium period?
You will not be allowed to apply for PLCC or convert your transactions into EMI once you opt for moratorium. No balance transfer into the statement would be allowed during moratorium period.
Will I earn reward points on the transactions done during moratorium period?
You will keep on earning reward points on your transactions as per your card’s policy. The rewards will be credited in your PAYBACK/MMT/Amazon/Intermiles Account, post statement generation in moratorium period also.
Will I be able to change my statement cycle during moratorium period?
If you opt in for moratorium, you will not be able to change your statement cycle.
Will my credit limit be changed during moratorium period?
Your credit limit can be modified (decreased/restored) as per the discretion of the Bank during the moratorium period as per the applicable terms and conditions.
Will I be able to transact with my Credit Card during the moratorium period?
If you opt in for moratorium, while you will be able to transact, your transaction privileges may be modified as per the discretion of the Bank during the moratorium period.
What all cards are applicable for moratorium period?
All ICICI Bank Credit Cards, ICICI Bank Cobrand Credit Cards, and ICICI Bank Business Credit Cards are eligible for a moratorium.
What is the impact if I do not opt in for moratorium on my Credit Card?
If you do not opt for a moratorium on your Credit Card; regular statement would be generated on your Credit Card as per your existing billing cycles and all existing terms and conditions with respect to credit fee period, applicable fees and interest will apply as mentioned in Credit Cards Most Important Terms and Conditions (MITC).
Do I need to pay my EMI on Debit Card outstanding during the moratorium period?
No, if you have opted for moratorium on your EMI on Debit Card, no payment needs to be made during the moratorium period. While outstanding including interest levied as per EMI on Debit Card policy needs to be paid once the moratorium period is over i.e. by the payment due date of Jun 2020 statement.During the moratorium period, as per the statement cycle dates, interest charges at standard interest rate as specified at the time of availing of the EMI on Debit Card will be levied if your dues are not cleared within the payment due date.
What would be the interest accrued/charged on my EMI on Debit Card dues?
For all EMI transactions, the interest rate specified at the time of availing of EMI would be levied.
Can I make payment if I opt for moratorium on EMI on Debit Card?
Yes, you can make payment against the outstanding amounts during moratorium period. The interest would be levied only for remaining outstanding amount as per applicable terms and conditions.
Will Late Payment charges be levied during moratorium period?
If you opt for moratorium on your EMI onDebit Card, no late payment charges will be levied.
Will the interest be charged from due date of payment or purchase date?
The interest will be levied as per the applicable terms and conditions.
Will I be charged interest for all purchases/ transactions made during moratorium period?
Any unpaid dues in moratorium period will also attract interest charges on the contracted rate if it is not paid within its interest-free (Grace) period i.e. by the respective payment due date. For understanding of interest-free (Grace) period and calculation of interest charges,
kindly refer EMI on Debit Card Most Important Terms and Conditions.
When do I need to make the payment after the moratorium period is over?
The payment for the moratorium period needs to be made as per your Jun 2020 statement billing cycle’s payment due date. The amount mentioned in your Jun 2020 statement would include all previous outstanding against which payment is not done, principal amount on transactions done during moratorium period and interest levied on the EMI transactions.
If I avail of the moratorium facility, how will my EMIs be recovered after the period is over, will it be a single debit of all the EMIs put together or will my EMIs will be debited monthly as usual?
As EMIs are billed in your regular EMI on Debit Card statement cycle, EMIs would continue to be billed as per the original a mortisation schedule in your statement. For example, if your EMI was to be billed on Apr16, May 16 and Jun16. If you availed of the moratorium benefit on Apr 05, the EMIs would still be billed on Apr16, May 16 and Jun16. The payment for these billed transactions will need to be done as per the payment due date of the Jun 2020 statement to avoid any penal late payment or interest charges.In case on non-payment of statement dues (which includes EMIs billed) by the respective payment due dates, interest charges will be accrued at the contracted interest rate and will be levied at every statement generation in moratorium period which will need to be paid after the end of moratorium.
Will my EMI on Debit Card statement be generated during the moratorium period?
Yes, the EMI on Debit Card statements will be generated during the moratorium period,but no payment needs to be made against the same. In case of non-repayment of total statement dues by the respective payment due dates, interest will be accrued and levied in the statements generated during the moratorium period also, which will need to be paid after the end of moratorium.
I have set an auto debit on my EMI on Debit Card for payment. Will the auto debit facility be triggered during moratorium period?
Auto debit will not be triggered during the moratorium period if you have opted in for moratorium. Auto debit facility would start again from Jun 2020 statement cycle at pre moratorium configuration.
Can I close my EMI on Debit Card during moratorium period?
You will be able to foreclose the EMI on Debit Card and 2% foreclosure fee will be charged on the outstanding amount plus interest charges of the subsequent month as per the applicable terms and conditions.
What is the impact if I do not opt in for EMI on Debit Card moratorium?
If you do not opt for moratorium on your EMI on Debit Card; regular statement would be generated on your EMI on Debit Card as per your existing billing cycles and all existing terms and conditions with respect to EMI on Debit Card shall apply.
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