In line with Reserve Bank of India's directive on the extension of the loan EMIs moratorium, Kotak Mahindra Bank on Monday extended the deferment of the EMIs till August.
RBI and Kotak's aim is to help customers sail through the disruption caused by coronavirus pandemic. The Reserve Bank of India last week had extended the moratorium on loan repayments by three more months, till 31 August.
Banks are offering moratorium to retail customers on a blanket ‘opt-out’ basis. Customers should note that the moratorium is a deferment of payment and not a waiver of interest.
You are required to pay the minimum amount due or total outstanding along with accrued interest charges on the due date after 31st Aug 2020. Kotak Mahindra Bank EMI Moratorium