What is the Axis Bank Personal Loan COVID-19 Moratorium?

The EMI moratorium scheme was brought in by RBI to provide relief to the Indian public on account of the Covid-19 crisis. Such a measure directed banks and other financial institutions to provide an EMI moratorium for a period of 6 months from March 1, 2020 – August 31, 2020, to help people manage their finances during the crisis. Axis Bank had also come up with the  EMI moratorium scheme offering its personal loan  customers EMI moratorium for a period of 6 months between 1 March and 31 August 2020. Kindly note that the Covid-19 EMI moratorium scheme has ended and is no longer applicable at Axis Bank.

Relief Measures provided by Axis Bank under COVID-19 Moratorium

• The EMI moratorium was completely voluntary.
• Those customers who do not want to avail of the scheme can opt out of it. 
• The credit score of customers who opt for the scheme will not be impacted. 
• Customers who have considered the  EMI  moratorium scheme get a deferment of their loan EMIs for a period of 6 months between March 1, 2020 - 31 August 2020.
• Based on the EMI moratorium scheme, the loan repayment period also got extended for the customer

Axis Bank  Personal Loan EMI Moratorium Eligibility

• Any customer of Axis Bank who took a personal loan prior to 1 March 2020 were eligible for the EMI moratorium scheme.
• Customers who have outstanding payments before 1 March 2020 were eligible for the loan moratorium scheme at the discretion of the bank.
• Those customers who had opted for the initial 3 months EMI moratorium were also eligible.