In a big relief to borrowers, several top lenders have announced deferment of EMI payments on term loans for the next three months, acting on the directions by the Reserve Bank of India (RBI).
On 27 March, the central bank directed all banks to provide a three-month moratorium on repayment of term loans. This was done in order to infuse liquidity into the system as the economy is hit hard with the novel coronavirus outbreak. "The borrower(s)/ customer(s) can choose to OPT-IN or OPT-OUT, for availing of the Moratorium in respect of the credit facility(ies) availed," ICICI Bank mentioned on its site. "ICICI Bank has, as per the Bank’s approved policy extended Moratorium to the borrower(s)/customer(s) for certain loans/ credit facilities such