As per circular dated March 27, 2020, the RBI has permitted Banks to grant a moratorium (Deferment of EMI/interest) up to May 31, 2020 on payment of dues between March 1, 2020 and May 31, 2020.

Further to this, the RBI vide circular dated May 23, 2020 has extended the availability of moratorium by another 3 months. Accordingly RBL Bank customers are eligible for availing moratorium (Deferment of EMI/Interest) on repayment falling due between June 1, 2020 and August 31, 2020.

We encourage customers with adequate funds to continue paying during this period to avoid the extra interest charges and tenor extension.

No it is not mandatory, as such moratorium is not a concession or waiver it’s just deferment of present demand, while interest continue to get charged on the account. In longer run moratorium proves to be costlier.

The earlier moratorium period expires on May 31, 2020, All eligible customers covered under the moratorium can request for availing further moratorium by submitting opt in request at least 5 days before payment due date through your RM or through Bank’s Customer Care Service. Wherever the demand of repayment is monthly the customers are required to submit opt in request separately for each month. Such request shall be considered by the Bank based on the merit. Non receipt of request shall be considered as opting out of moratorium. However, there may be certain categories, who will continue to be under moratorium/interest deferment at the discretion of the Bank up to August 31, 2020.
 

All eligible customers are covered under the moratorium can request for availing moratorium, by submitting your opt in request at least 5 days before your payment due date (in this case due date is June 30, 2020 so request has to be submitted by June 24, 2020). For customers availing Moratorium/Deferment of Interests in their working capital limit, the interest falling due within the Moratorium period will not be debited to their loan account. However, the interest would continue to accrue on the utilized amount during the moratorium period and will be charged to the account on the last day of the subsequent month. Please note the moratorium/deferment of interest can be availed till August 31, 2020 only. The entire interest for the term of moratorium availed shall be converted basis customer request at the discretion of the bank and assessment into Funded Interest Term Loan repayable in installment by March 31, 2021. Alternatively, this interest shall be billed at the end of next month of moratorium month.
 

Loan accounts having repayment due falling within the period of March 1, 2020 to August 31, 2020 are only eligible for availing moratorium. If you have more than one loan account which is falling due within the moratorium period then you need to communicate your option separately for each loan account. Non receipt of request shall be considered as opting out of moratorium.

Dues prior to March 1, 2020 are not eligible under moratorium. For interest/installment falling due during the given period, customer need to submit opt in request, and their requests shall be considered by the Bank based on its merits.

No, only the loan accounts which have been opened prior to March 1, 2020 will be eligible to avail this moratorium facility.

Whether it’s KCC or Investment Loan including tractor loans we are generating interest/installment demand for all accounts so that farmers are able to know their dues and make payment. Once the payment is received it will be treated as your consent of opting out of moratorium.

While availing the moratorium your loan tenure has already been increased by three months. If you want to avail further benefit then you will have to submit opt in request for each month separately, at least 5 days before your payment due date, through your RM or through Bank’s Customer Care Service. Availing for further three months would increase your loan tenure by more than 6 months.

There is an associated cost with the deferment of EMI’s in terms of accrued interest and its capitalization. You should only opt for this facility if you are experiencing a cash flow crunch due to the COVID-19 situation.