Punjab National Bank presented a relief scheme to its customers during this challenging coronavirus crisis regarding the RBI-mandated moratorium.
Punjab National Bank presented a relief scheme to its customers during this challenging coronavirus crisis regarding the RBI-mandated moratorium, which allows the customers to not pay EMIs or credit card bills for three months.
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"In view of COVID-19, it has been decided to defer payment of all installments on the term loan and recovery of interest on cash credit facilities falling due between March 01, 2020, and May 31, 2020," the lender said.
It added that installment due between March 1, 2020, and May 31, 2020, are required to be paid after the moratorium period and that interest shall continue to accrue on the outstanding portion of the Term Loan during the moratorium period.
Here are some of the questions it answered:
What is relaxation given by RBI for Cash credit/ Overdraft facilities?
Banks are permitted to defer the recovery of interest applied in these accounts during the period from March 1, 2020, up to May 31, 2020.
When these interests are to be paid?
The accumulated interest shall be recovered immediately after completion of a moratorium period of 3 months.
What kind of loans does the moratorium cover?
All Retail loans are typically home loans, personal loans, education loans, auto and any loans that have a fixed tenure.
My EMI is due soon. Will the payment not be deducted from my
Borrowers have the option either to defer the EMI or continue to repay the EMI.
Will non-payment result in an impact on my credit score?
Once relief has been granted by the bank, non-payment will not result in any impact on credit score.