Private banks and NBFCS to continue EMIS, if not informed

NEW DELHI: Unlike the public sector banks, customers of private banks and non-banking financial companies (NBFCS) would continue to pay EMIS on their term- loans unless an specific instruction is issued, as per the Covid-19 RBI package.

Several private banks and NBFCS informed their customers on Wednesday that auto debit facility for loan instalment won't be cancelled. If a customer wants to hold equated monthly instalments (EMIS) for three months, they will have to specify that by sending an e-mail to the bank/nbfcs.

"Relief package, #ICICIBANK offers its customers a choice of either paying towards their loans/credit facilities or opting for a moratorium till May 31, 2020. Customers are requested to visit icicibank.com to specify choice," the private lender tweeted.

However, most public sector bank have operationalised three-month moratorium without asking customers. Regular EMIS will continue once the customer specifies that he's willing to pay.

Other lenders, like HDFC Bank, Tata Capital, Edelweiss, Bajaj Finserv, RBL Bank, Adi's Bank, Indusind Bank, Deutsche Bank, Rattanindia and Indiabulls, have announced specific email IDS where a customer will have to write to indicate the repayment choice.

With information on EMI deferment coming in April, most customers will get the deferment benefit of just two months (April and May) unless they have defaulted on paying the March instalment.

Coronavirus, COVID-19. Aimed at extending a helping hand to alleviate the effects of this pandemic, BHEL has made a contribution of Rs 7 crore through its CSR funds, while its employees have made a humble contribution of donating their one-day's salary to the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM-CARES Fund). To bolster the fight against this unprecedented medical emergency, a total amount of Rs15.72 crore has been transferred to the PM-CARES Fund by BHEL. BHEL is fully geared up to offer assistance in whatever way possible to the nation's determination in combating this calamity and will keep stepping up its efforts in this direction.