It is important for any loan if you have availed. Many banks are yet to come out with automatic deferment of EMI, for any kind of Term loan, Home loan, Loan against property, Business loan, Credit card, Bullet repayment or Interest on cash credit.
Hence, I am recommending for sending the deferment request to your bank/NBFC through email. The draft format for the same could be on following lines*:
Xyz Bank Ltd
Subject : *Deferment of Loan EMIs for Loan A/c #*
We are enjoying Credit Facility with your Bank viz Loan A/c No. #
However, Due to nationwide lockdown and spread of COVID – 19 it has become difficult to continue regular and routine business activities.
Therefore, we request you to grant us three months moratorium period in our loan tenure starting from the EMI due in April and also for the months of May and June. We will start paying the EMIs from July onwards as usual and undertake to pay the 3 months Monotarium EMIs through an extended Tenure by three more months. It may be that the RBI has already announced the deferment option in all such cases.
We would be highly obliged if you consider the same as per the recent Government / RBI Announcements.
We request you to please acknowledge and confirm the above.
Kindly note, we assure regular loan repayments as we have been doing in the past and appreciate your support extended to us for fighting the crisis that COVID19 pandemic has created.