Customers of IDBI Bank who wish to continue with equated monthly instalments (EMIs) and do not want to avail the moratorium will need to inform the bank by sending a mail to moratorium@idbi.co.in , the lender said in a communication.
IDBI Bank said there was no separate request needed for availing the moratorium.
“The [moratorium] scheme will be uniformly applicable to all standard term loans under housing loans, loans against property, auto loans, education loans and personal loans as of March 1. There is no separate request required from the borrower,” it said.
IDBI Bank has said that in case the March 2020 instalment had already paid by the borrower, the relief would be applicable for the EMIs payable in April 2020 and May 2020.
On the other hand, private sector lender IDFC First Bank has said that customers who want to avail the moratorium have to inform the bank from his/her registered email at help@idfcfirstbank.com with mobile number and loan account number.
Housing finance company Indiabulls HFC has asked its customers to fill up a form available on its website to avail the moratorium.
On Friday , the RBI had allowed all banks and financial institutions including non-banking financial companies, to extend a three-month moratorium period on EMIs falling due between March 1, 2020 and May 31, 2020 for all term loans.
This is also applicable to auto, home and personal loans as well as credit card outstanding. This would mean a consumer may choose not to pay monthly equated instalments on their loans for the next three months. The move is a part of measures announced by the central bank to fight the economic impact caused by a nationwide lockdown.
ICICI Bank will send SMS and mails to customers asking them to visit the bank's website to exercise the option if they want to avail the moratorium or want to continue paying EMIs.
