Question-1
whether deferment of
instalments of TL/ HL etc. is automatic?
Answer: Yes, however it is at
the option of the borrower. If customer does not want to avail the facility, he
needs to give a request to the home branch. It is applicable on all term loans
in respect of Retail, Agriculture, MSME, Credit cards and Cash Credit/
Overdraft. Account will be not treated as NPA and it will not affect the CIBIL
score also. No penal interest will be charged on deferred instalments and
Interest.
Question-2
What will happen to the
interest or EMI during three months of moratorium period?
Answer: Interest will be
accrued during the moratorium period i.e from 01.03.2020 to 31.05.2020.
Interest on Working capital (CC/OD) and instalments of term loans will be
deferred. The interest on deferred instalments of term loans and Working
capital (CC/OD) will also be accrued. Customer will be paying additional
interest on deferred instalments of term loans and Interest on working Capital
(CC/OD).
Question-3 Whether banks will
rephase this additional interest on deferred instalments?
Answer - No. Customer has to
pay additional interest on deferred instalments of term loans. For working
capital (CC/OD), customer will pay accrued interest by 30.06.2020 and in case
where monthly interest is not being applied, it will be paid in next interest
date.
Question-4 Whether RBI guidelines
are applicable to the loans instalments falling up to 29.2.2020.
Answer. No, Not applicable. The
guidelines are applicable for the instalments and interest falling from
1.03.2020 to 31.05.2020. The instalments/ Interest on CC & OD falling up to
29.02.2020 will be recovered as usual.
Question-5 Whether instalment
already debited for the month of March 2020 will be refunded?
Answer - As per the request of
the customer.
Question-6 What will be the treatment of interest on Working Capital /Over
Draft?
Answer: Interest scheduled from
01.03.2020 to 31.05.2020 will be accrued
and deferred. However, Accrued interest should be paid by 30.06.2020 and in
case where monthly interest is not being applied; it will be paid in next
interest date.
Question-7 When the deferred
instalment will be due to be paid?
Ans – The original repayment
period will also be deferred
Question-8 How the customer will
exercise the option. Whether he has to visit the branch?
Answer - No, all instalments
will be deferred automatically. However, if the customer does not want to avail
the facility, he has to submit the request to home branch.
Question-9 What will be the
treatment of credit card dues?
Answer - The amount due falling
from 01.03.2020 to 31.05.2020 will be deferred automatically. The total amount
will be payable on 10.06.2020. Accrued interest for the deferred payment will
have to be paid on 10.06.2020.
However, customer has the
option to pay the monthly instalment as and when it is due to avail the limit
for next purchases. No penalty will be charged due to non-payment and CIBIL
score will not be affected during moratorium period.
Src: IOB https://www.iob.in/UPLOAD/NewsImage/IOB8717FAQRelatedDeferment3MonthsEMI.pdf
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