Kotak Mahindra Bank extends EMI moratorium till August. Check eligibility, terms

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. Point to note: This is not applicable to the loans granted to the NBFCs, Housing Finance Companies and Micro Finance Institutions, which availed facilities from the Bank Kotak will consider relief in the form of moratorium / deferment to borrowers, who wish to avail and make an application to the Bank seeking • Moratorium on term loan instalments and credit card dues falling due between June 1, 2020 and August 31, 2020 • Deferment of interest for the months of June to August 2020 to -borrowers who availed working capital facilities in the form of CC/OD. Moratorium for Term loans: • Customers, who are desirous of availing the relief for the New Moratorium Period under the RBI circular, • The repayment schedule of term loans, wherever relief is approved by the Bank, would shift by up to another three months and the tenor of the term loan will be commensurately extended. Customers who are desirous of availing the relief for New Moratorium period under the RBI circular, must provide relevant details to the Bank within seven days from their first due date falling on or after June 1, 2020.