New Delhi: Pursuant to Reserve Bank of India guideline on deferment of EMIs/interest due on loan, credit card due between March 1-May 31, 2020, many banks have come out with the facility to allow their customers to opt for the EMI deferment scheme.
Private-sector lender Axis Bank has sent SMS to its customers to opt for the EMI deferment scheme.
Here is a step-by-step guide on how to avail EMI deferment facility from Axis Bank
1) Click on the link - http://tiny.cc/jijemz, the following screen will be displayed. Enter your registered mobile number including your country code. Enter the captcha shown on the screen and submit.
2) An OTP will be sent to your registered mobile number. Once you enter the OTP, a new screen will open.
3) Your name and customer ID will be displayed on the screen. If you want to avail moratorium on Axis Bank loans then select the "AXIS BANK LOAN". If you want to avail deferment on credit card outstanding, credit card loans, then select "AXIS BANK CREDIT CARD". Confirm terms and conditions and submit.
4) A confirmation message will be shown from Axis Bank that your request has been received.
Worth mentioning here is that the moratorium is only a deferment of the instalments to be paid and not a concession or waiver with respect to repayment of loans. Interest would continue to accrue on the outstanding principal/utilized amount at the agreed/applicable rate of interest.
In case you opt for the moratorium, your credit score will not be impacted. After end of the moratorium period, the residual tenure of the loan would be extended to the extent of applicable moratorium period.
However, for cash credit/ overdraft accounts, the accumulated accrued interest/ principal dues would be recovered immediately after the completion of the moratorium period on June 30, 2020.
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