In order to reduce the financial stress resulting from coronavirus-related lockdown and health crisis, RBI has allowed every financial institution and banks in India to provide their customers a moratorium period on all term loans, such as personal loans. It means that if you are not able to pay your home loan EMIs for the period for which the moratorium is in effect, then you won’t be classified as loan defaulters. Read below to know how to apply moratorium in 2021:
Every bank offers different ways to apply for a moratorium. Some of the most common ways are:
Raising a request for moratorium via Email
Submitting a handwritten application to the home branch
Reaching out to the customer support team
Eligibility criteria
Those borrowers who didn’t take advantage of the facilities provided during the 1st loan moratorium can take benefits offered under the 2nd one. Also, those borrowers who took benefits of the facilities provided during the 1st loan moratorium can also take benefits offered under the 2nd moratorium for up to 2 years. The borrower’s account should not display any default on loan repayment till 31st March 2021 to be eligible for the 2nd moratorium.
Eligible borrowers can apply for the 2nd moratorium till 30th September 2021. Your bank will take up to 90 days to offer the facility to you, in case you fulfill the eligibility criteria.
I hope now you know how to apply moratorium in 2021!
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How to apply moratorium in 2021?
Gurdeep
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2021-08-19T17:01:20+00:00 2021-09-07T10:24:33+00:00Comment
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