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Coronavirus pandemic | Canara Bank, IDBI Bank offer customers moratorium on term loans

The Reserve Bank of India (RBI) on March 27 said all financial institutions can provide a three-month deferment on payments of instalments for all term loans that were outstanding as on March 1

March 31, 2020 / 03:03 PM IST
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Canara Bank and IDBI Bank on March 31 have offered a moratorium on term loan instalments in light of the novel coronavirus, or COVID-19, pandemic.

Canara Bank, in a tweet, said:

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On similar lines, IDBI Bank customers have been granted a moratorium on term loan instalments and interest payments up to May 31 with the repayment schedule being extended accordingly. The bank has also offered a deferment of interest payments on working capital loans for borrowed accounts, a move aimed at cushioning the economic fallout of the COVID-19 outbreak.

Also Read | SBI may offer 3-month moratorium on loans to all customers: Report

However, those customers of IDBI Bank, whose cash flows have not been impacted, have been given the option to continue payments.


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The Reserve Bank of India (RBI) on March 27 said all financial institutions can provide a three-month deferment on payments of instalments for all term loans that were outstanding as on March 1. The announcement came as a huge relief for individuals, especially middle-class loan borrowers.

Also Read | RBI clarifies on loan moratorium: Are credit card dues included, what happens after 3 months and other vital points you should know

As soon as the moratorium, which will apply for loan instalments falling between March 1 and May 31 ends, the loan tenure will get adjusted to one's repayment, including the interest payment burden. 

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Moneycontrol News
first published: Mar 31, 2020 03:03 pm

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