After public sector banks, now private banks have also allowed their term loan customers to postpone EMI for three months. Today many private banks like HDFC Bank, ICICI Bank announced this on their website and also released a guideline about it.
Significantly, after the Reserve Bank announced postponing the loan EMI for three months due to Corona, people were eagerly waiting for what message their bank gives about it. On Tuesday, messages from several government banks and some financial institutions also got to customers. Private Banks announced about it on Wednesday.
On Wednesday, major private banks such as HDFC Bank, ICICI Bank, Kotak Mahindra Bank announced this facility to their customers. Messages have also started coming to customers.
These banks announced
So far, State Bank of India, Canara Bank, Punjab National Bank, Union Bank of India, Bank of Baroda, Indian Bank, UCO Bank, Central Bank of India, Indian Overseas Bank and IDBI Bank have signed Moratorium on loan installment. Not offered to take installment till month. Similarly, private sector HDFC Bank, ICICI Bank, Kotak Mahindra Bank have announced this.
Bank of Baroda initiative
Managing Director and CEO of Bank of Baroda, Sanjeev says that the EMI of many customers has been cut in March, as RBI has announced to give this concession to customers in the last week of March. So if the customers whose installment has gone in March and if they want back then the bank is ready to give it. Because the RBI guidelines are being implemented from March 1.
Request for installment payment
He said that customers can request to return the March installment and we will ensure that their money gets refunded. We will reverse the transaction and the money will be credited to their account.