How to Apply for EMI Moratorium at Different Banks?


14 Apr 2020 | 5 min read

Reserve Bank of India on March 27 “had permitted all bank and non-bank entities to defer the EMIs on all term loans, by three months outstanding on March 1”.

This announcement was done to provide relief to the borrowers in the awake of the COVID 19 pandemic across the globe. With the announcement of EMI moratorium, it bought immediate relief to the borrowers which would help preserve cash to ensure that there is cash flow for at least a few months(in case there are pay cuts, delayed payments or even layoffs). To keep cash in hand, people can take extreme measure if they want to delay EMI. 

Since the announcement of the EMI moratorium, a lot of questions have been doing rounds. If you are the one seeking answers, on how to apply for the moratorium process for different banks or financial institutions, then all your queries will find an answer in this article. 

EMI Moratorium process of different Banks/Financial Institutions 

Punjab National Bank – To apply for the moratorium with Punjab National Bank, one will have to download the Application Letter to get the relief from paying EMI due to COVID 19 pandemic. User will have to fill the details in the application form upload on the website or submit it to the nearest branch with proper precautions. The account number linked through which cash credit facility and term loans are linked will be the main details required to be filled in the application form. 

SBI Bank – SBI has stated, “existing customers can opt into avail the 3 month EMI moratorium on all kinds of term loans falling between the dates of March 1, 2020, to May 31, 2020”. From the original period, the tenure of the loan will be shifted to next their months from the original period.

Customers who want to defer their EMI can choose from two courses of action mentioned below:

Standing Instructions: Individual will have to download the application form from the official website and can send it to the mentioned email address to defer the EMI. If it is already deducted, individual will have to email an application regarding the same to the bank for a refund. 

NACH (National Automated Clearing House) – For individuals whose EMI has already been deferred through NACH, can drop an email to the official email address asking for a refund. The email address is mentioned on the website. 

A handwritten application can also be submitted to any of the SBI branches, other than sending an email. All the deferment process will take official 7 working days.

The contents of the application and the email id could be found by visiting the link  

The application for EMI moratorium should be in the prescribed format as mentioned in Annexure-I

You can find the email id details in Annexure-II.

HDFC Bank - Customers who want to defer their EMIs can fill the form on the official website or can call at 022-5004233, 022-5004211. This facility is also applicable for Credit Card EMIs deferment. The interest amount will have to be paid for this period after the moratorium period expires. 

ICICI Bank – Customers of ICICI Bank can opt for a moratorium on EMIs by clicking the link shared with the customers through a) SMS or b) email. Customers can also visit ICICI Bank’s website for further details. The interest accrued over the period will be recovered during the moratorium period. In case the instalment amount increases, then a fresh NACH mandate will be required. 

IndusInd Bank -  Considering the large number of microfinance and vehicle finance borrowers the bank has as its customers, the bank has decided to offer an automatic moratorium to all its retails and small business borrowers. Bank has decided not to raise the instalment demand during this period and borrowers are not required to pay the EMI during this period. 

An individual will not have to raise any separate request. The accrued interest during the moratorium period will be added to the outstanding loan amount, that will be extended for a revised tenor, keeping the EMI same. 

If an individual wishes to make the payment during this period, then the same can be remitted to your loan account as pre-payment and it will be adjusted against the principal amount of the loan. Prepayment charges will not be recovered in this state. Customer will have to pay the amount through the bank’s digital payment getaway as ECS/SI option will not be active during this period.

Kotak Mahindra Bank – Customers of Kotak Mahindra Bank can send an email from their registered mail id to if they wish to avail the moratorium. Within seven days of instalment falling due, an individual can seek relief by sending an email by quoting the loan account/APAC number while seeking relief. For customers who is willing to avail the relief will have to send an email communication to

Bank Site Link: For availing the relief

Axis Bank – Customers seeking relief from the EMIs will have to go to the official website of the bank and click below the Key Updates tab on the website. When the new page opens, click the “Avail Now” option to proceed ahead. User will have to enter the registered mobile number and the captcha under it. 

For customers whose cash flow is not impacted can opt-out if the moratorium by confirming of the email or by reaching out to the bank branch. 

Bank Site Link - For availing the relief

CitiBank – The bank has informed their customers via email and SMS that they will be offered a moratorium on Citi Credit Card dues and/or EMIs as well and they will not be charged any late payment fee for that. However, the bank has encouraged to continue paying their dues as much as possible, to avoid paying interest charges. Unless the customer informs the bank otherwise the ECS/SI/NACH will continue to apply.

Bank Site Link – For availing relief

Yes Bank – Yes Bank has notified its customers that they will have to send an SMS saying “OPT-IN” for the relief. Individuals who can continue with the instalment can go ahead with their EMI. If a person opts for deferment of EMI, in case the EMI or instalment amount increases or existing NACH mandate or PDC expires, then a fresh mandate or PDC will be required.

IDFC First – Customers who apply for the moratorium will be extended the facility of deferment of EMI during this period. Post assessing the customer’s eligibility, the bank will determine if the moratorium will be extended to the customer.

Bank Site Link – For availing the relief

IDBI Bank – Customers who do not wish to opt for the moratorium will be required to do so by emailing to

Bank Site – For availing the relief

Bank of India – Customers have been notified by the bank that on all term loans the EMI moratorium has been granted during the pandemic. 

Bank Site Link - For availing the relief

Canara Bank – Customers will have to respond to the message of the bank saying “NO” if they do wish to go for the moratorium. The bank on receiving the message from the customer, will stop the EMI payment automatically from the customer’s account. 

Central Bank of India – If the customer opt for EMI moratorium, the interest shall continue to accrue on the outstanding amount of the term loans during the moratorium period. 

Bank Site Link – For availing the benefit

Why you should opt for the three-month moratorium period?

  • To get immediate relief from paying the dues of a loan in case of cash crunch due to lockdown.
  • Bank will not declare a borrower as a defaulter on non-payment of EMIs during this period.
  • Non-payment of EMIs will not have a negative effect on credit score
  • There will not be any change in the existing terms and conditions.

Reserve Bank of India has allowed the borrowers to decide for themselves whether they wish to avail this option or not. People who are capable of paying the instalments should stick to their schedule. However, the automated payment services for loan repayment will be stalled for during this period. 

Note: RBI has allowed banks to implement a one-time restructuring of loans under stress due to the COVID-19 crisis. Borrowers can apply for further moratorium of two years if they are facing challenges to repay loans due to salary cuts and job losses.

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