Chennai: Due to the complications involved, many people and companies are finding it difficult to opt for the three months moratorium given by the banks following a Central government announcement due to the coronavirus lockdown.Each bank has given a different set of guidelines and ways to opt for the moratorium.
Several private sector banks have decided to go for the ‘opt-in’ option on loan repayment moratorium, putting the onus on the customers to take the initiative of informing the lenders of their choice to go for the three-month breather.
A slew of state-run banks have gone for an ‘opt-out’ option where the repayments automatically get deferred unless a customer informs his or her willingness to pay.
Most of the banks have asked the customers to apply for the moratorium through their website.
Most of the banks have asked the customers to apply for the moratorium through their website.
Customers said that it is difficult to follow the instructions given in the website.
‘I tried to opt for the moratorium, when I went through the website of my bank I was not clear on how to go about it and submit the form that was asked. I tried reaching the customer care, but the line was busy,’ said a customer.
Sources said that since most banks have asked to submit online forms, senior citizens who are living alone and who cannot use internet are affected the most.
A few banks such as Repco Home Finane, Punjab and Sind Bank, Central Bank of India, UCO Bank, Deutsche Bank and Bank of India have given automatic relief. While some of these banks have asked the customers to send sms, mail or call the customer care, a few have asked to approach the bank in person to contiue paying.
While, a few banks have given specific tollfree numbers to opt for the moratorium, customers said that the lines are mostly busy.
On 27 March, the Reserve Bank of India (RBI) said that all lending institutions, including banks and housing finance companies, will have to give their borrowers a three-month moratorium on term loans.
The moratorium was for payment of all instalments falling due between 1 March and 31 May.