Personal Finance

PSU banks announce loan EMI moratorium for customers via tweets

After news reports that borrowers were still getting SMS that their EMI is due, from their lending banks even after the RBI had advised lending institutions to offer three month moratorium on repayment of loans, some public sector banks have announced the offer of the moratorium to customers via tweets on their Twitter handle.

Here’s a look at what banks are tweeting.

State Bank of India: On its Twitter handle the bank said that they have initiated steps to defer the instalments and interest/EMIs on term loans falling between March 1, 2020 and May 31, 2020.

Punjab and Sindh Bank: The bank has announced that deferment of EMIs on loans taken from it on its twitter handle. As per the bank’s tweet, “Deferment of loan instalments on account of COVID-19. We understand these are challenging times. As a Special dispensation, deferment of instalments for the month of March, April and May 2020 towards your loan accounts is available.”

IDBI Bank: The bank has also granted its customers a three-month moratorium on repayment of loans.. As per a tweet on the bank’s official Twitter handle, “IDBI Bank extends moratorium on Term Loan instalments/interest and deferment of interest on working capital loans of borrowal accounts impacted due to COVID 19 for 3 months. Customers whose cash flows are not impacted and wish to continue payments are allowed option to pay as per existing schedule. For details, please visit

The further details regarding extension of moratorium can be checked here.

If the borrower does not want to avail the extension, he/she will be required to do the following as per the bank. “Customer may opt out from EMI moratorium by writing email to

  • The email should mention the following details:
  • Email Subject should be Loan Account number
  • In the mail body please mention the following details
  • Name of the borrower.
  • Loan account number.

Customer to mention in the email that ‘I wish to opt out from the instalment moratorium facility offered by the bank, hence kindly deposit my EMI by way of ECS/SI’.”

Canara Bank: “In terms of Covid 19- RBI package, borrowers are eligible for moratorium/ deferment of installments/EMI for Term loans falling due from 01.03.2020 to 31.05.2020 & repayment period gets extended accordingly. SMS also has been sent to customers to avail the same,” said the bank on its Twitter handle.

The bank is further providing collateral and margin free loans up to Rs 20 lakh to SHGs with immediate effect.

Andhra Bank: The bank on its Twitter handle has also announced relief to borrowers by providing moratorium of three months on payment of all term loans instalments, credit card dues.

Indian Bank: The bank has also announced to provide three-month moratorium to its customers. As per the bank’s tweet, “As per COVID 19 regulatory package of RBI, Indian Bank allows a moratorium by deferring payment of EMI/ Term Loan Instalments & Interest/ Interest on Working Capital for 3 months w.e.f 1st March 2020.”

UCO Bank: The bank has announced the three-month EMI moratorium on its term loans up to May 31, 2020. The next instalment is now payable in the month of June 2020. The repayment schedule will be extended accordingly.

Syndicate Bank: The bank has said, “EMIs of housing loan, vehicle loans, MSME loans and payment of all other term loans falling due after 1st March 2020 and upto 31st May 2020 have been deferred by 3 months.”

Indian Overseas Bank: “In terms of Covid 19- Regulatory Package, borrowers are eligible for moratorium/ deferment of installments/EMIs for Term loans falling due from 01.03.2020 to 31.05.2020,” said the bank via a tweet on its official account.

Bank of Baroda: The bank has announced as follows: “#BankofBaroda is providing a moratorium of 3 months on payment of all instalments falling due between 01.03.20 & 31.05.20 for all term loans including Corporate, MSME, Agriculture, Retail, Housing, Auto, Personal loans, etc. in pursuance of the RBI COVID-19 Regulatory Package.”

Central Bank of India: As per the bank’s website,”Allowing moratorium of 3 months on payment of instalments in Term Loans, which include (i) principal and / or interest components (ii) bullet repayments (iii) EMI (iv) credit card dues, fallingdue between 01 March 2020 and 31 May 2020.The repayment schedule for such loans as also the residual tenor will be shifted across the board by 3 months after the moratorium period. Interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period.”

Further details can be checked here.

Oriental Bank of Commerce (OBC): The bank has announced a grant of three-month moratorium to its customers on its Twitter handle. As per the bank, “In view of COVID-19 pandemic, OBC provides moratorium of 3 months on payments of instalments/interest falling due between 01.03.20 to 31.05.20 for term loans and working capital facilities & allowing easing of working capital financing.”

Further details can be checked here.

Punjab National Bank: PNB has said, “PNB presents relief scheme for our customers. In view of COVID-19, it has been decided to defer payment of all installments on term loan and recovery of interest on cash credit facilities falling due between March 01,2020 and May 31 2020.”

For further details bank has asked customers to contact the branch.

Allahabad Bank: The bank on its twitter handle has announced the deferring EMIs on all loans by three months.

Bank of India: The bank on its twitter handle has announced that moratorium on all terms loans (including personal loans, vehicle loans etc.) across the board has been granted as per the RBI guidelines.

Union Bank of India: The bank said, “We are extending COVID-19 Relief to customers to defer their instalments / interest falling due between 01/03/20 to 31/05/20 for 3 Months. Ease out financial crunch by deferring your Instalments / EMI for 3 Months falling due between 1/3/20 to 31/5/20 during Coronavirus Pandemic.”

Corporation Bank: In terms of the RBI COVID-19 Regulatory package #CorporationBank is providing a moratorium of three months on payment of all Term Loan Installments and deferment of interest on working capital limits falling due between 01.03.2020 & 31.05.2020.

Though the above mentioned banks have announced the granting of moratorium on term loans, it is not clear whether the merger of some of these banks will affect this offer. . For instance, United Bank of India and Oriental Bank of Commerce (OBC) will merge with Punjab National Bank (PNB) and both OBC and PNB have now announced their moratorium scheme.

Similarly, Syndicate Bank will merge with Canara Bank and Allahabad Bank with Indian Bank. Andhra Bank and Corporation Bank are to be clubbed with Union Bank of India.


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