By availing the moratorium option, customers will defer the immediate installments or payments, the bank said.
In line with actions of its peers, Axis Bank on Thursday offered its customers to opt for the loan moratorium if they face problem is keeping their EMIs running.
"As per RBI guidelines on COVID-19 regulatory package dated March 27, 2020, customers can avail for the deferment of installments/ Interest dues for 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," the bank said.
Also Read: RBI's EMI moratorium: Will my installment be deducted, are credit card bills suspended and other questions answered
Here are the detailed guidelines put out by the bank:
By availing the moratorium option, customers will defer the immediate installments or payments.
"It is only a deferment option and not a concession or waiver since interest would continue to accrue for this period. The repayment would resume from June 2020, once the deferment period is over," the lender clarified.
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, overdraft 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 whose cash flows are not impacted and do not wish to avail the moratorium, may choose to opt out from the moratorium by sending an email or by reaching out to any of our branches," Axis Bank said.
"It is deemed that borrowers have opted for the moratorium if there is no written communication stating otherwise," it added.
For more details, visit this link: Axis Bank's EMI Moratorium Guidelines
First Published: IST