Explain the features of the Punjab National Bank (PNB) Personal Loan COVID-19 Moratorium?

As part of RBI’s Covid-19 relief measures, PNB personal loan borrowers can avail deferment of loan repayment on their personal loan EMIs for a maximum of 3 months for due dates ranging between 1st March 2020 and 31st May 2020. Using the moratorium option is entirely optional. In case borrowers wish to pay their personal loan EMIs as per the original repayment schedule, there is no action required from their end. For those who choose to use the moratorium option on PNB personal loans, here are the broad relief measures to be availed:

• Customers can postpone the repayment of PNB personal loan EMIs (including the principal and interest amount) till 31st May 2020.
• Interest will continue to accrue through the entire moratorium period as per the agreed interest rate on the loan.
• The original loan repayment tenure gets extended by the corresponding timeline for which a borrower avails the moratorium. For example, if a borrower has made the EMI payment for March 2020 and wants to use the moratorium for April and May 2020, the original loan repayment tenure gets extended by 2 months i.e., the duration of the moratorium chosen by the borrower.

Eligibility for Personal Loan EMI Moratorium

There are no specific eligibility criteria set by the bank for availing the benefits of the PNB personal loan EMI moratorium. The loan repayment deferment is available across all term loans (including personal loans) irrespective of the loan tenure.

If a borrower submits the moratorium request, it does not guarantee the moratorium benefit since Punjab National Bank has the right to accept or decline such requests as per its policy.