Moratorium means to ‘pause’ or ‘delay’. It is a temporary deferment of the repayment and not a waiver of the loan or loan installment. Once the moratorium period ends, you will have to make all the payments in a timely manner.

RBI has not made the moratorium mandatory. This means that every bank may implement this guideline differently. If you wish to avail of this moratorium, you will need to connect with your bank. The bank will guide you with the correct information and guide you on the next steps to avail moratorium.

Yes. While there is a moratorium on the EMI repayment, interest will continue to accrue for this period. Even if you choose to defer your payment till August 31st you will still need to pay the interest. Please note there maybe penal interest and other charge that your bank may levy.

Yes, availing the moratorium will impact your EMI amount or loan tenure. Since you choose to defer or delay your re-payment, either your EMI amount or loan tenure will increase. However, it is advisable to speak with your bank for clarity on the same.

As per RBI’s announcement, banks have the freedom to offer a moratorium on repayment of EMIs and credit card dues to their customers from March 1st to August 31st. This means that they can offer to pause your EMI repayment till August 31st. If you choose to opt for the moratorium, then it will be the responsibility of your bank to ensure that the moratorium period is excluded from the Experian bureau reporting and not classified as ‘default payment’ or ‘days past due’.

Opting for the moratorium will not impact your credit history as long as the data is reported by the Banks to the Experian bureau in line with the above guideline.

However, once the moratorium period ends on August 31st, you need to ensure that you make the payments on time in order to avoid any impact to your Experian Credit Score or Report. For better clarity, it is recommended that you speak with your concerned bank.

No, Experian cannot register you for the moratorium. Experian is a credit bureau that tracks your credit report and score based on the re-payment or loan closure details shared by your bank.

You need to inform your bank about your decision to opt for the moratorium. Please note that different banks may implement the guidelines differently, hence it is advisable to understand the terms and conditions of your respective bank before making any decision.

If you do not wish to avail of the moratorium, then there is no need for you to speak to your bank. Your EMIs and credit card dues will continue to be deducted by the bank as per your repayment instructions.