Moratorium meaning and How to Apply for Moratorium.

Moratorium Meaning :

Moratorium means a specific time period or a waiting period set by a particular authority or bank.

It’s basically a time period during which you can enjoy your LOAN EMI. You don’t have to pay EMI during the moratorium period.

On 27/03/2020 RBI has announced that all banks And Housing finance companies will have to give their borrowers a 3-month moratorium on Loan. The moratorium is for all Emi due between 1st march 2020 to 31 May 2020. RBI said that the moratorium will include Loans and Credit card due also.

NOTE: On 23 rd may 2020 RBI has extended the moratorium period for till 31 august 2020.

Who is eligible?

All HDFC Bank customers before 1 March 2020 who have availed of retail instalment loans or any other retail lending facilities are eligible. Customers who overdue before 1 March 2020 can also opt for the moratorium and their requests will be considered by the bank. All agricultural loans (Kisan Gold Card) and microfinance customers are also eligible under the Bank’s Sustainable Livelihood initiative. All corporate and SMEs are customers.


  • if you have taken benefit of the EMI moratorium then it will not affect your Credit rating Score.
  • In lines with RBI Guidelines Bank will Continue To charge Interest During the Moratorium Period of the loan

How to apply for a moratorium?

You can go to your bank web site to avail moratorium period or you can apply from a registered email id. here I have explained some bank’s processes for avail moratorium period. you can check it as per your bank.

Moratorium process For HDFC bank:-

  • Click on below this for avail moratorium
  • now go to point no 8 and You can see that Bank Has mentioned that the bank will provide a link shortly. (click on Submit your request in a few clicks here ) or you can click here directly
  • select the first option and click on the submit button.
  • Enter your mobile number, validate it by Entering OTP. and Fill in other detail like your Pan Number, Loan Account Number, etc.
  • click on check last checkbox (I authorize HDFC Bank and its representatives to call, SMS, or communicate through WhatsApp about my application. I confirm that I am in India, I am a principal and resident of India and I have read and accepted the HDFC Bank Privacy Policy)

Moratorium process For ICICI Bank:-

  •  Now you can see a screen like the above image. Click the On button which highlighted by the red colour circle.
  • Enter your registered Mobile no and click on Next Button.
  • Enter your PAN number and Date of Birth As per Bank record and Click On the Next Button.
  • Now you will see an option on the screen where it is written Please select the type of relationship for which you want to apply for a moratorium. where you can select the type of Loan from the drop-down menu.
  •  Now enter your loan account number and click On the Next Button.
For the Moratorium process for other banks, the website link is given below. All bank’s moratorium processes are almost similar. Keep Your Loan Account number, pan card number, EMI amount, and registered Mobile Number with you while processing for a moratorium.
For Kotak Mahindra Bank.

For Tata Capital

For Axis bank

For State Bank of India.

  • Particular Course of Action

    Customers who do not want to defer recovery of instalments/EMI

    No action is required. They may continue to pay in the usual course.

    Customers who want to defer recovery of instalments/EMI

    • Standing Instruction (SI): SMS Reply <YES> to VMN within 5 days from the receipt of SMS.
    • NACH: SMS Reply <STOP 1234>, (Where 1234 is the last 4 digits of their loan A/c no) to VMN within 5 days from the receipt of SMS.
For PNB Housing Finance Ltd
For Bajaj Finserv Ltd
In this article, I have tried to explain some bank’s moratorium process which will help you and make your moratorium process easy for you.

Leave a Reply

Your email address will not be published. Required fields are marked *