how to apply canara bank emi moratorium

             

To  : retailbankingwing@canarabank.com
Subject : Request for Loan moratorium

• I have an existing Loan with your concern my details are as follows:

  Name of customer       : Prabhu.R
  Loan Account Number            : 459,-CFFE711466
  Branch Name and
  CASAaccount
  number                                  : M.palapatti
  Mobile No                              : 8667--12159

  Would like to deter my EMI's till August 31 st 2020 so please processing my moratorium request. Please do the needful consider this in case the EMI's is deducted before process kindly refund them as well
          
                          Thanking you
                            PRABHU.R

• DEFERMENT

  FREQUENTLY ASKED QUESTIONS

1.What types of loans are coveredunder 

• the relief packageon account of COVID 2019
• All Term Loansin respect of Retail,
• Agricultureand MSME and Cash Credit/
• Overdraft which are standard assets are 
• eligible to avail the benefits under the 
• package. 
• 2.If the installment is deposited, what will 
• be the fate of the installment?
• The option lies with the borrower to avail 
• of this facility or to continue with the 
• existing repayment schedule. The 
• repayment will be considered to be regular 
• with no changes in the terms if paid as per 
• existing terms.
• 3.Whether account will be treated NPA if 
• the installment is not deposited during this 

No, the account will not be treated as NPA if 

the EMI/ INSTALLMENT between the said 

period of three months ( EMI/ 

INSTALLMENTS due from 01.03.2020 to 31.05.

2020) are not deposited.

4.What will be treatment of three months 

gap for the month of March, April & May 

2020?

Bank will provide moratorium/deferment for 

this period. The account classification and 

status of the customer will not change during 

the period on account of deferment. 

However, customers have an option to  repay 

as per existing EMI/ INSTALLMENT schedule 

also.

5.What will be the treatment of interest on 

the Working Capital facilities? 

The recovery of Interest applied to Cash 

Credit/Overdraft on 31st March, 30th April 

and 31st May 2020 is being ‘deferred’. 

However, the entire interest must be 

applied on 30th June 2020 and in cases, 

where monthly interest is not being 

applied, along with the next interest date. 

6.Whether the rescheduling will be done 

only for Principal amount or it also includes 

interest? 

In EMI based loans, EMI constitutes both 

principal & interest and hence deferment of 

EMI will apply for both principal and interest.

In case of other Term Loans borrowers will 

have option to defer principal installment as 

well as interest. RBI GUIDELINES ON EMI/ INSTALLMENT

DEFERMENT

FREQUENTLY ASKED QUESTIONS

7.Whether the impact of this relief on 

borrowers will be reported as a default 

to Credit 

Bureau/CRILIC ? 

will not be reported to Credit Bureaus/ 

CRILC for three months. No penal interest or 

charges will be payable to the Banks. 

8.Whether businesses/ Individuals should 

necessarily take the benefit? 

The benefits underthis packagecan be 

availed,if there is a disruption in cash flows 

or there is loss of income. However, one

must take into account that the interest on 

the loans, though not mandatorily payable 

immediately and gets postponed by 3 

months, continues to accrue.

9.What about my Credit Card dues? 

The relief is available for Credit Card 

payments also. 

10.How will customer contact the bank for 

non deduction of EMI/ INSTALLMENT?

The customer can avail of this facility if he/

shewishes soandthere is no need to 

contact your bank if you do not want to 

avail of this facility. In case the customer 

to reply to SMS sent by the bank by 

sending “NO” on mobile no 8422004008. 

11.In case, borrower has not received SMS 

from bank for deferment of EMI/ 

INSTALLMENT?

The customer can send e mail to 

retailbankingwing@canarabank.comwith 

details of Loan Account Number, Nameof 

customer, Branch Name and CASAaccount 

number. 

12.Whether the Penal Interest will be 

charged for non payment of EMI/ 

INSTALLMENTfor three 

months March, April & May 2020(falling due 

from 01.03.2020 to 31.05.2020)?

No Penal interest shall will be charged. 

13.Whether EMI/ INSTALLMENTwill be 

refixedfrom 01.06.2020?

Yes, the deferred EMI/ INSTALLMENTs 

along with accrued interest during this 

period will be repayable over the extended tenor loan (original term+ three months). 

Accordingly the EMI/ INSTALLMENTs will be 

rescheduled.

•