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

Moneycontrol News

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:

In terms of Covid 19- RBI package, borrowers are eligible for moratorium/ deferment of installments/EMI for Term loans falling due from 01.03.2020 to 31.05.2020 & repayment period gets extended accordingly. SMS also has been sent to customers to avail the same. @DFS_India #COVID pic.twitter.com/NGuw1pARiv

— Canara Bank (@canarabank) March 31, 2020

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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

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