New Delhi: Some state-run banks have given huge relief to the borrowers facing problems with the nationwide lockdown by the government to prevent the corona virus epidemic. Banks have postponed the EMI of the loan of the borrowers for three months, so that they will not have to pay the loan installment for the next three months. The banks have taken this step following an RBI directive that asked all banks to approve a three-month moratorium on loan payments.
Last Friday, the RBI announced the imposition of a three-month moratorium on all term loans and working capital payments, including retail and crop loans. These banks have announced to carry forward the payment of loan installments.
PNB tweeted, ‘PNB has introduced a relief scheme for its customers. In view of the corona wired epidemic, it has been decided to postpone interest on all installments of term loans and cash credit facility from March 1, 2020 to May 31, 2020.
SBI tweeted, “In view of RBI’s Kovid-19 regulator package, SBI has taken steps to postpone EMI paid for three months from March 1, 2020 to May 31, 2020. It has been decided to postpone interest on working capital facilities paid from March 1, 2020 to May 31, 2020 until June 30, 2020.
At the same time, Bank of Baroda tweeted, ‘Following the RBI Kovid-19 Regulatory Package, Bank of Baroda, Corporate, MSME, Agriculture, Retail, Housing, Auto, falling between March 1, 2020 to May 31, 2020. It has been decided to postpone the payment of the installment of all loans including personal loans for three months.
Union Bank of India tweeted, “We are going to give benefit of Kovid-19 Relief to our customers. Customers will not have to pay the loan installment / interest for three months between March 1, 2020 to May 31, 2020.
Canara Bank tweeted, “Under the RBI package, borrowers can postpone their EMI for three months from March 1, 2020 to May 31, 2020.”
Corporation Bank also tweeted, ‘The borrower can postpone his EMI for three months from March 1, 2020 to May 31, 2020. If you want the loan installment not to be deducted, then you can contact your bank branch for this.
Apart from these banks, Indian Bank, UCO Bank, Central Bank of India, Indian Overseas Bank and IDBI Bank have also offered to give moratorium on loan installment.
