BOB offers a refund of March EMI to home, auto loan customers

BOB offers a refund
BOB offers a refund

9th April 2020: This option is for home and auto loan borrowers only and is given under the three-month moratorium announced by the Reserve Bank of India last week, on payment of all installments of all term loans falling due between March 1, 2020, and May 31, 2020.

Bank of Baroda on 1st April said it is offering customers the option of getting a refund of the EMI that already has been deducted in March to meet any liquidity need during the disruption caused by the COVID-19 pandemic.

There are some cases where installments have already been deducted because the RBI instructions came in over the last few days while the applicable period is from March 1, 2020. In those cases, the option that consumers can make a request and will get a refund of that amount, reverse the transaction and the amount can be credited back to their account because these are special circumstances and the borrowers might want to preserve that liquidity.

Explaining about the RBI moratorium, the interest on outstanding loans would become payable at the end of the moratorium period.

The RBI moratorium is able to be used to all words things given for a time ,including farming word things given for a time ,retail ,crop loans under group something for money and credit /overdreaft .This is ready to used all such bills,which are quality example properties as of march 1,2020.

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