Axis Bank offers EMI deferment on loans for 3 months, here's how to avail it1 min read . Updated: 02 Apr 2020, 12:38 PM IST
- Axis Bank has also informed that the repayment would resume from June 2020, once the deferment period is over
- The private lender has also advised borrowers whose cash flows are not impacted to opt out from the moratorium by sending an email
NEW DELHI : In line with the actions of Private sector lenders such as HDFC Bank, ICICI Bank and Kotak Mahindra Bank, Axis Bank has also come up with offer for its customers to opt for the loan moratorium.
"In the wake of the Reserve Bank of India’s guidelines on the COVID-19 Regulatory Package, we are now offering you the flexibility to opt for a moratorium/deferment," Axis Bank tweeted on Thursday.
Customers have been offered moratorium on payment of installments and interest for various term loans/credit card dues, and/or defer the interest for working capital facilities due between March 1, 2020 and May 31, 2020.
The bank customers will have to go to the official website of the bank and click below the Key Updates tab on the website. When the new page opens, click on the avail now option to proceed further. On the new window tab enter your bank registered mobile number and the captcha under it.
Axis Bank has offered moratorium benefits to borrowers for the following loans/credit facilities such as:
Kisan Credit Card (KCC) loans and Farmer Loans (Cash Credit, Over draft and Term Loan)
Microfinance loans (extended by the bank and BC partners)
Commercial Vehicle Loans
Construction Equipment Loans
Unsecured overdraft and term loans(Small Business Banking )
Axis Bank has also informed that the repayment would resume from June 2020, once the deferment period is over.
The private lender has also advised borrowers whose cash flows are not impacted to opt out from the moratorium by sending an email or by reaching out to any of bank branches. Bank will understand that borrowers have opted for the moratorium if there is no written communication stating otherwise.