India’s economy has slowed down due to Coronavirus. At the same time, private sector lender Axis Bank has offered an extension on loan for three months to its customers. The bank has said that if they are facing problem in continuing their EMI, then they can take a three-month concession in it. The bank said in a tweet, ‘As per the guidelines of the Reserve Bank of India on the Kovid-19 regulatory package, we offer you a concession / moratorium.’ Significantly, to break the chain of coronavirus infection, a lockdown of 21 days has been going on since March 25 across the country.
In its statement, the bank said that customers can avail concession on payment of installments between March 1, 2020 and May 31, 2020, payment of interest for various term loans, credit card dues or working capital facilities.
Apart from this, Axis Bank, while giving information about the terms and conditions on its website, said that if the customer’s immediate cash flow is affected or they are facing financial problems due to Coronavirus epidemic, then they have to pay EMI Option is available. The bank further clarified to the customers that it is only an option for deferment, not a waiver or loan waiver. The bank said that interest will continue to be charged during this period. The bank said that the payment will start from June 2020, after the time of deferment has passed.
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