Credit Cards - Moratorium Request

All you need to know about Moratorium announced by RBI

RBI recently announced regulatory measures to mitigate the burden of debt servicing brought about by disruptions on account of COVID-19 pandemic. RBL Bank Credit Cardmembers can avail payment deferment till May 31, 2020 by opting in for moratorium.

Here is what you need to know before opting in for moratorium:

1. What is Moratorium?
   Moratorium is a payment holiday which allows you to defer payments against your current outstanding till May 31, 2020. The deferred payment is due to be paid as per June 2020 monthly statement.
2. Who is eligible for the Moratorium?
   All RBL Bank Credit Cardmembers who have active Card(s) are eligible for this facility. If the Credit Card is overdue for any previous outstanding amount, you will have to make a payment against the overdue amount to regularize your account to avail the moratorium benefit. You will be eligible for moratorium if at least minimum amount due till February 29, 2020 is paid.
3. How does a Moratorium help you?
   Because of disruption caused by Covid-19, the moratorium facility is extended to the customers. Moratorium helps you in postponing the current dues by certain duration. However, you continue to pay interest on such outstanding. We recommend you to opt in for moratorium after due consideration of your financial health.
4. Is it necessary to take the Moratorium facility?
   Moratorium facility is completely voluntary and optional. If you can make payments against your Card outstanding or EMIs, please do so to avoid interest charges.
5. What charges will be levied if I opt in for moratorium?
   You will be effectively paying interest for the moratorium period at the applicable interest rate. Here is a quick illustration:

   Amount Outstanding as on April 01, 2020	Assumed Interest rate	Duration	Interest Accrued	Total Amount due as of June 01, 2020
   Rs. 50,000	42% per annum	2 months	Rs. 3,571.16	Rs. 53,571.16

   This calculation is for illustration purposes only. All purchases made during this period will accrue Interest charges as applicable (up to 47.88%).

6. How will this moratorium impact my Credit Card?
   On opting for the moratorium, your Credit Card will not be open for new purchases. Once you make a payment (at least Minimum Amount Due) for your June Statement, temporary block on your Card will be removed and Card will get enabled for making fresh purchases.
7. How will moratorium impact my Credit Score?
   There will not be any impact on Credit score during the moratorium if you choose to opt in for this facility. Any delay in payments of dues/ outstanding amounts payable after Moratorium period will be reported to Credit Information Companies as per existing process.

For updated policy on moratorium, Click here.

Please note:

1. On opting for moratorium, you cannot use your Card for new purchases during moratorium period.
2. To enable your Card for new purchases, you will be required to pay at least the Minimum Amount Due on your Card as per June 2020 statement. For already enrolled Customers: You have an option to opt out of moratorium by sending SMS OPTOUT to 5607011 from your registered mobile number. You will be required to clear dues of the latest statement to enable your Card for purchases. Bank shall intimate you on the amount of payment you are required to make. Payment amount may differ for each customer. OPT OUT request will be applicable for all accounts linked to the registered mobile number through which request is received. If you have multiple accounts, Payment is required to be made on all Card accounts for removal of temporary block.
3. If you have any ongoing EMIs, these will be billed in subsequent monthly statements from June 2020 onwards along with the interest for unpaid EMIs.
4. You will be required to pay the billed outstanding along with the Interest Charges by the due date in June 2020 to avoid Late Fees and adverse impact on the credit score.
5. You will be eligible for moratorium if at least minimum amount due till February 29, 2020 is paid. Any charges that are levied before opt-in for the Moratorium will not be refunded.
6. Post opt in, Late Payment Fee will not be applied to your Credit Card account till May 31, 2020. However, late payment charges already levied before opt-in for moratorium will not be refunded.
7. You will continue to incur Interest charges on your outstanding dues as per monthly billing statement. Therefore, it is suggested to clear your outstanding on monthly basis.
8. If the Card account is blocked for usage due to non-payment, the Card will be open to use only after clearing the dues.

Click here for detailed FAQs with regards to moratorium for Credit Cards.

To check your Credit Card outstanding and other details, please use RBL MyCard App or Click here to download.

Cardmembers will be automatically enrolled for moratorium in case payment of Minimum Amount Due (MAD) is not received within 10 days from the Payment Due Date.

Please Stay Safe!

Disclaimer: This is without prejudice to the provisions of the Cardmember Agreement and such request is subject to approval of the RBL Bank. Any reschedulement of EMI/interest does not amount to waiver of Cardmember(s) obligation towards repayment of any amount/monies due and payable under the Credit Card issued by RBL Bank.