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The moratorium on personal loan EMI offered by IDFC First Bank is optional and borrowers may continue to pay EMIs as earlier. However, for those who choose the EMI moratorium on IDFC First Bank Personal Loan, here are relief measures available:

  • Personal loan EMIs can be deferred for maximum 3 months
  • Non-payment of EMIs during the moratorium is not reported to the credit agencies during the moratorium period. Thus, the borrower’s credit score is not impacted
  • No overdue charges or cheque bounce fees are applicable for EMIs during the moratorium period

It is important to remember that one opts for the moratorium, interest will be applicable on the outstanding loan amount during the moratorium period. This rule applies to the entire loan tenure which will be extended up to the extent of the moratorium. Therefore, borrowers must avail of the moratorium only in case of unmanageable liquidity issues.

Eligibility for Personal Loan EMI Moratorium

All the IDFC First Bank personal loan borrowers who have no overdues before 1st March 2020 are eligible to apply for the EMI moratorium. Borrowers with overdues before 1st March 2020 may request the bank for a moratorium facility. The bank could consider one-off requests on a case-by-case basis.

Customers who are under IBD proceedings or classified as wilful defaulters/ Fraudsters/ Red Flagged Accounts (RFA) by any bank or financial institution are not eligible for a moratorium.

Rural and agricultural borrowers are eligible for a moratorium of up to 3 months.

In case a borrower is not originally eligible for a moratorium on EMIs, he/she can become eligible by ensuring regular repayments towards his/her loan account and no over dues before March 1, 2020.

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