Rely On to check about how to apply for Moratorium or Installment Relief on Loan or Credit card bill when announced, Find out both online and offline steps and who is applicable…
We already told you about Moratorium, but once remind you, it’s just a grace period that is granted by the Banks and Financial institutes which allows the customers to hold their payments for those days and this is an optional period from the banks that will be granted to customers, such that if they avail the same it will be applicable on their loans or credit card taken.
This entire time, the payment can be put on hold and the repayment of this loan or credit card dues will be accepted once the Moratorium period has been completed. In this period, the interest on the Loans Amount will be calculated and will be added to the main amount of Loan taken by the individual.
How Can Someone Apply for Moratorium
As Moratorium is a that will be issued by all major Banks and Financial Institute, the individual who has got their Loan and Credit Card account can avail the Moratorium benefits through HDFC, SBI, AXIS, IndusInd, and from others.
As well the individual financial institution must provide this facility, as this is an option based on their inverse and customers need to confirm before trying to avail the same.
If your EMI date or the credit card due date does fall under the Moratorium period provided by the Bank, then customers are asked to avail of this benefit by providing their understanding letter to the bank online or offline.
The option of Moratorium can anytime be removed by Banks; thus it is required to check the start and end date of this period to avail its benefits.
Auto-debit facilities of the bank will be put on hold, if the customer has availed the Moratorium period benefits, as no amount will be deducted during this said period
How to Apply for Loan and Credit Card Moratorium
This is a process that can be availed by the customer who is holding a Loan or Credit Card account, and the process is available in an online and offline method, which can be chosen by the customer as per their flexibility.
In this process, customers need to have access to an online net banking or credit card net banking facility available on their account for verification purposes.
- Visit the respective Bank online website page through their official link
- Search for Moratorium in the search bar and look for available option
- Now select Loan Account Moratorium or Credit Card Moratorium option
- Click on to opt the Moratorium period and then confirm with your login credentials
- Read out the rules and confirm them to apply on your account
- Follow the instruction shown on screen and confirm with agreeing the condition
- After approving the request by the concerned, you may confirm that your loan account or credit card account to be considered under Moratorium, such that there will not be any auto-debit initiated from their account.
Here you need to have all your details handy and must locate your nearest branch of your bank to submit an understanding letter to start the Moratorium benefit on your account.
- Locate and visit your nearest bank branch which has your loan running
- Now fill the application form provided to avail the Moratorium offer
- Provide your Loan account or credit card number in the form
- Submit name, address, date of birth as per bank records
- Fill other details and dual sign where required for verification
- Submit the same form to the accountant to process your application
- That’s it, the bank will process your request and will get your account under Moratorium, such that you will not need to pay any amount during this period.
Can anyone apply for a Moratorium Period for Loans and credit cards?
Yes, if you have an account and your respective bank or financial institution must provide the Moratorium dates in their official website. Only customers who are eligible to access the request will be allowed to avail the benefit of the Moratorium period.
How to opt out from the Moratorium Period
Yes, customers are anytime free to opt out of their request from the Moratorium period as per the bank’s rules and regulation. As per the rules assigned during the Moratorium period, the customer can ask the bank to remove this period if you’re ready to pay the amount. This is a customer choice and they are free to avail and remove the benefits provided by the bank.
Does interest applicable during the Moratorium Period?
Yes, the interest on the amount of loan will be continued and the principal amount will be the same as per the left-over period, and this is an optional offer to apply moratorium provided for individuals during the emergency time and thus the bank doesn’t remove the interest on loan or credit card limit they have provided to customers, but it is advised to check the details of interest applicable and avail of the offer.