The process of opting for the moratorium might differ from bank to bank. Ever since RBI had announced the repayment holiday, banks have followed suit on announcing details of the loan EMI holiday on their respective websites. Most commonly followed way for letting customers opt for the repayment holiday is by sharing links through SMSs or emails. Some financial institutes are also sharing their contact numbers on which borrowers can call them and confirm about their decisions. 

Banks are also opting for the moratorium automatically unless you contact them and opt out. Before it gets automatically opted for, it’s better to come to the decision of whether you need the repayment holiday or not. This repayment holiday was introduced for people who have had financial hardships due to the COVID-19 situation. As this EMI holiday is not mandatory, it is better to make your payments as per schedule if possible. Taking the moratorium will increase the interest burden on your future repayments.