Loan EMI Moratorium: List of Banks Allowing Borrowers to Delay Payment of March Installment By 3 Months Amid Coronavirus Lockdown
Rerserve Bank of India. (Photo Credit: PTI)

New Delhi, March 31: The Reserve Bank of India (RBI) last week allowed a three-month moratorium on payment of instalment in respect of all term loans outstanding on March 1, 2020, amid the ongoing nationwide lockdown over coronavirus. Subsequently, many banks such as State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda, Canara Bank, Oriental Bank of Commerce, Indian Bank, IDBI Bank, Indian Overseas Bank and UCO Bank have allowed borrowers to delay paying their monthly instalments for a period of three months. Here's a list of banks that have decided to defer receiving loan payments for a period of three months under the terms of a COVID 19- RBI package.

  • State Bank of India (SBI): In a statement on Twitter, SBI said it has "initiated steps to defer the instalments and interest/EMIs on term loans falling due between March 1, 2020, to May 31, 2020, and extended the repayment period by three months".
  • Bank of Baroda: The bank has allowed a three-month moratorium on all term loans including corporate, MSME, agriculture, retail, housing, auto and more.
  • Canara Bank: In a tweet, Canara Bank said borrowers are eligible for moratorium/deferment of instalments/EMIs for term loans due between March 1 and May 31.
  • Union Bank of India: The bank announced: "We are extending COVID-19 Relief to customers to defer their instalments/interest falling due between 01/03/20 to 31/05/20 for 3 Months."
  • Punjab National Bank: The PNB announced, due to the coronavirus outbreak, it has decided to defer payment of all instalments on term loan and recovery of interest on cash credit facilities falling due between March 1 and May 31.
  • IDBI Bank: As recommended by the RBI, IDBI Bank allowed a three-month moratorium on payment of instalment for term loans due to the coronavirus pandemic.
  • Indian Overseas Bank: IOB deferred EMI payments for term loans as well as cut its repo linked lending rate from 8 percent to 7.25 percent with effect from April 1, thereby benefiting customers of retail and MSME loans.
  • Indian Bank: Indian Bank allowed a three-month moratorium on payment of instalment and interest for term loans.
  • UCO Bank: In a statement, UCO Bank said payment of instalment for term loans due between March 1 and May 31 can be given in June 2020, allowing a three-month moratorium.