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authenticnewshindi · 4 years ago

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सरकार व RBI बढ़ा सकते हैं लोन चुकाने में छूट की अवधि, बैंक कर रहे विरोध

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बिजनेस डेस्क, अमर उजाला, नई दिल्ली Updated Sat, 01 Aug 2020 11:54 AM IST

वित्त मंत्री निर्मला सीतारमण – फोटो : ANI

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वित्त मंत्री निर्मला सीतारमण ने कहा कि मंत्रालय भारतीय रिजर्व बैंक (आरबीआई) के साथ लोन मोरेटोरियम को बढ़ाने के लिए बातचीत कर रहा है।…

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mymoneymantra · 5 years ago

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HDFC Bank vs SBI vs Axis Bank: EMI moratorium terms, charges

Following the directives of the Reserve Bank of India announcing a 3-month moratorium on term loans repayment, top banks of India such as State Bank of India, HDFC Bank, and Axis Bank have taken initiatives on deferring the EMI payments of home loan, vehicle loans, MSME loans and payment of all other term loans whose instalments are due between after March 1 until May 31, 2020, by three months.

This means if you have a running loan, you are not required to pay the EMI for March, April and May in 2020. That does not mean a waiver on your EMIs for 3-months, instead, it is a 3-months grace period, to overcome the difficult Covid-19 lockdown times entangling you.

Many banks have decided to choose the "opt-in" option, putting the responsibility on the borrowers for taking the initiative to contact their bank either calling or emailing them expressing their wish to opt for the 3-months breather.

Take a look at the EMI Loan moratorium details of HDFC Bank, SBI Bank and Axis Bank:

HDFC Bank loan EMI Moratorium

Those customers of the HDFC Bank who have accessed the retail instalment loan or any other retail credit facilities before March 1, 2020, are entitled to the moratorium period. Those customers who have their overdue before March 1, 2020 can avail the moratorium and the bank will consider their requests subject to their merits.

The 3-months moratorium claims that the bank won't be having any right to ask for any EMI payment till 31st May 2020. Moreover, the interest will continue to accumulate on the principal outstanding.

The customers who have multiple loans running with the HDFC bank can consider the grace period for each of them individually.

Regarding credit card dues, the moratorium is available on credit card dues and loans obtained on outstanding payments from March 1, 2020 till May 31, 2020. The same conditions will also apply to your HDFC Personal loan. The moratorium enables you to postpone the payment until May 31, 2020. The customers will have to pay the outstanding minimum amount or total balance and accrued interest payment falling due after May 31, 2020.

To opt for the moratorium on loan EMIs, you need to make a call on the number and adhere to the instructions : - 022-50042333, 022-50042211, or submit your request on the bank's website. Don't forget to have your loan account number at hand. To opt for the credit card moratorium, you need to voluntarily postpone the outstanding amount payments during this period i.e. selecting NIL payment and disable Auto Pay (in case of moratorium availed) via net banking/mobile banking to obtain the moratorium benefit and enable the same post.

In case, if you do not wish to opt for the moratorium, you don't need to take any further action on the same.

SBI Bank loan EMI Moratorium

All the customers of the SBI bank are entitled to avail the EMI deferment and the interest payments on Term Loans and Credit cards falling due between March 1, 2020, to 31 May 2020. That means, the SBI customers can avail of the moratorium period for their outstanding loan EMIs and credit card dues. The same conditions also apply for the SBI Personal loan. The repayment period will be extended suitably to the loan tenure. Those customers who have already paid EMIs for the March month can also apply for a refund with the bank.

SBI has notified its customers if they don't want to opt for the moratorium, no further action is required to be taken from their side. However, those customers who are keen to opt for the moratorium will have to send an application via email to the bank. The forms and the city-wise list of email IDs are available on the SBI Bank's website. Moreover, you will also have to attach a mandate extension form for NACH/ECS facility along with your application.

Sample Application link to Opt for SBI Moratorium

https://www.sbi.co.in/documents/127/0/01042008-AnnexureI.pdf

Key Takeaways

No action is required from the customer's end if they do not wish to opt for the moratorium. They will continue to pay their EMIs in the usual course.

Customer who wish to postpone recovery of instalments/EMI: NACH –Where instalment/EMI collects are effected through National Automated Clearing House (NACH), the customers are required to submit an Application (Annexure-I of SBI Bank) along with mandate for NACH Extension-(Annexure-II of SBI Bank) for stopping their NACH facility for instalments via email to the bank.

Standing Instructions (SI): The customers are required to submit an application(Annexure-1) via email to the bank's specified email ID (Annexure-III).

Customers who wish to get refund of the instalment/EMI already paid: Please submit an Application (Annexure-I) via email to the bank's specified mail ID (Annexure-III).

Axis Bank loan EMI Moratorium

Axis Bank has also introduced an offer for its customers for availing the loan moratorium. The customers have been provided moratorium for their EMI payment and interest for several term loans, credit card dues or deferring of the interest on working capital facilities falling due between March 1, 2020 and May 31, 2020. The same conditions will also apply to your Axis Bank Personal loan.

The customers are required to visit the website of the Axis Bank and click on the "Key Updates" tab on the bank's official website. When the fresh pages on clicking the tab open, click on the "avail now" option to continue further. Navigating on the new window tab enter the details of your bank registered mobile number and the captcha under it.

Key Takeaways

(1) If you Opt for the moratorium,

For term loans

You will not be asked by your bank for any subsequent EMI payments until May 2020.

You will have to pay the interest at the applicable interest rate for the loan for the moratorium period of EMI on your loan outstanding.

The remaining tenure of your loan would be extended to the degree of the applicable moratorium period.

(2) Confirm your acknowledgment receipt for availing the moratorium

You don't need to provide separate instructions to your bank if you have a standing instruction with the bank. Once you acknowledge the receipt of your confirmation for opting for the moratorium period, the direct debit or standing instruction will be taken care of by the bank itself.

(3) No reversal of decision till the completion of the moratorium period

If you opt for the moratorium, you are not be permitted for reversing your decision till the completion of the moratorium period. For example: If you have opted for the moratorium for April 2020, it will also continue for May 2020.

(4) Get the statement of your total outstanding credit card amount along with interest, fees and charges at the end of the moratorium

Regarding the credit card dues, at the end of the moratorium period, you will get the statement generating that will highlight the total outstanding at that point in time including your interest, fees and other charges. You will be required to pay at least the minimum outstanding amount.

(5) No fresh purchases allowed until payment of the minimum amount due

If you are availing of a moratorium, you will not be permitted for making any fresh purchases. You will only evade this restriction until paying the minimum amount due upon reflecting it in your June 2020 statement.

#SBI Home Loan EMI Moratorium #SBI Home Loan #SBI Home Loan Moratorium #Loan Moratorium in India #apply for axis bank moratorium

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vsplusonline · 5 years ago

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TReDS operators seek clarity on moratorium for invoice discounting

New Post has been published on https://apzweb.com/treds-operators-seek-clarity-on-moratorium-for-invoice-discounting/

TReDS operators seek clarity on moratorium for invoice discounting

MUMBAI: Distressed companies using the invoice factoring platform TReDS are staring at potential defaults, as the working capital availed by their MSME suppliers against future receivables are not being considered for the central bank’s moratorium benefits.

Lenders say these loans don’t qualify as these are neither in the nature of cash credit, nor overdraft, people aware of the matter said.

TReDS operators are, in turn, suggesting the deferment be allowed on the grounds that these finances are categorised as ‘bullet repayments’ availed as working capital advances by MSMEs and corporates.

Trade Receivables and Discounting System (TReDS) is an electronic bill discounting platform regulated by RBI and endorsed by the central government to provide MSME ‘suppliers’ of corporate ‘buyers’ instant payments for future receivables to prevent delay in payouts for cash-strapped small businesses.

Banks and NBFCs finance invoices at competitively priced interest on a bidding basis on the platform, which then gets structured as short-term loans to the corporates with a maximum maturity period of 180 days.

The three operators of the TReDS platform — Sidbi and NSE-owned RXIL, Mynd Solutions-owned M1xchange and Axis Bank-owned Invoicemart — have now sought clarity on the matter with the finance ministry, the RBI and the MSME ministry. They are seeking extension for corporates whose repayment tenors are due between March 1, 2020 and May 31, 2020 citing “massive disruption in the supply chain ecosystem”.

“We have received multiple requests from the existing corporate buyers on our platforms to extend the tenor of the invoices which are due,” said a letter sent to the RBI on April 1 and then again on April 8.

RBI governor Shaktikanta Das on March 27 announced a slew of measures, including a moratorium on loan repayments, to provide relief to India’s distressed borrowers. Separately, these operators also wrote to the Department of Financial Services and MSME ministry seeking special relief to improve TReDS’ outreach.

“In any crisis, the most vulnerable and affected are the ones at the bottom of the pyramid and TReDS deals with such individuals and entities. The most vulnerable are the MSME owners and their employees who are likely to face extreme financial crisis,” the letter written to top officials of DFS and MSME ministry said.

ET has seen copies of these letters.

The TReDS portal had traded receivables worth Rs 14,000 crore until December, as per data sourced by ET. “While some banks have passed on the moratorium benefits to corporates on the platforms, several others have refused, citing absence of explicit directions by RBI,” said a person.

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boldlykeenblizzard · 5 years ago

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Auto companies seek bank breather for dealers

Mumbai | New Delhi | Kolkata: Maruti Suzuki, India’s biggest carmaker, and the local unit of Toyota are joining the list of companies that are seeking better financing terms and softer rates of interest for their partners and vendors, helping the intended benefits of the three-month grace period on loan repayments reach the broader ecosystem.

Maruti Suzuki has initiated discussions with 13 inventory financing partners, including State Bank of India, HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra, for extension of moratorium to its dealers.

“There is no retail sale now, yet the clock is running on inventory financing. It is a major burden on dealers,” said Shashank Srivastava, executive director (marketing and sales) at Maruti Suzuki.

The company has 329 dealer partners and 3,000 outlets in the country.

The proposal would have to be approved by the board of individual banks. A clarification is also awaited from the Reserve Bank of India (RBI) regarding the extension of moratorium on short-term loans such as inventory finance. Interest will continue to accrue on the loan during the period of moratorium.

The interest, along with the amount deferred, can be spread over the remaining tenure of the loan. Alternatively, banks can extend the overall tenure of the loan.

Naveen Soni, senior vice-president at Toyota Kirloskar Motor (TKM), said the company has approached its financing partners, including ICICI Bank, Kotak Mahindra, HDFC Bank and SBI, to seek an interest rate reduction on inventory financing for dealers.

“A moratorium is only a postponement. We are asking finance companies for a deduction in interest rates. Toyota Kirloskar Motor would pay a proportion of the reduced interest rates directly to finance companies to help its dealer partners,” said Soni. “Besides, we are looking at a series of measures to ensure that our dealers have working capital for 38-75 days.”

Bankers said all companies, regardless of size or financial soundness, will use the moratorium to conserve cash flows.

“My feeling is that the majority of companies — large or small — will make use of this dispensation. We have already received letters from companies that have asked to be part of the moratorium, though a board-level policy is yet to be formalised,” said Rajkiran Rai, CEO at Union Bank of India. “The general feeling is that the scenario after three months is uncertain; so it is better to conserve cash even if you have some to spare.”

Borrowers missing payments during this period — up to May 31 — will not be tagged as defaulters and neither will they be reported to credit information companies.

JSPL managing director VR Sharma said the company wants concessions from banks as well as the railways.

“We want banks to provide one more month’s working capital which can be recovered in the next 4-5 months. We want the railways to extend credit worth one month’s dues or ₹300 crore, without bank guarantee to allow movement of critical steelmaking inputs,” Sharma said.

Banks are already in the process of forming a board-level policy.

“There is an impact across the board and those companies which choose to take this dispensation should in no way be considered weak. Cash flows for even the strongest companies have been disrupted due to this lockdown and everyone will try to mitigate their risk. As a bank, it is also easier for us to extend this moratorium to everyone because choosing companies and extending it selectively will be time-consuming, especially when we are working with the minimum staff,” said a senior SBI official.

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