However, there will be additional EMIs which will be payable on account of the impact of the deferred interest during the moratorium period.For example, a customer with an EMI based loan having Principal outstanding of INR 15 lakh with a residual tenure of 15 years, would need to pay an approximate additional interest of INR 1.01 lakh [assuming ROI of 8%] i.e. Catch the latest news and live updates on the crisis that’s unfolding after … In this case, your repayment cycle will resume from the month of September, 2020. Copyright © 2018-2019 YES BANK.
All overdues prior to March 01, 2020 shall continue to attract the IRAC guidelines as applicable, without any moratorium dispensation. If the borrowing entity decides to avail the loan, it will be required to complete requisite documentation. However, in case the borrower does not pay such accrued interest as and when the same becomes due, then penal charges or penal interest would be applicable.Though the Bank will continue to accrue interest on CC or OD line during the moratorium period, it will not be debited to your CC or OD account till the end of the moratorium period.
Hence, there will be no adverse impact on your credit or bureau score or asset classification during the moratorium period.However, any delay in the payment of these dues after completion of the moratorium period under the revised schedule shall be reported to the Credit Information Companies (CICs) or credit bureau by the Bank and would thereby impact your credit score.Specific request is not required for the loans availed through Self Help Groups or Joint Liability Groups. Cardmembers are requested to make alternate arrangements for Payments during the Extended Moratorium Period.Cardmembers who are part of the extended moratorium scheme, shall not be allowed to apply for Quick Loan.The Reserve Bank of India (RBI) has issued COVID-19 – Regulatory Package notification, dated March 27, 2020.In accordance with the notification, YES BANK offers a moratorium of up to three months in respect of all term loans on payment of all instalments (including principal and interest) falling due between March 01, 2020 and May 31, 2020, including interest deferment benefit available to cash credit or overdraft facility.If the customer opts for this scheme or is unable to pay his dues during the moratorium period, then the repayment schedule for such loans will be deferred by up to three months. Join ourMoratorium On Yes Bank May Be Lifted This Week, Says Prashant KumarRBI Instructs Yes Bank To Shut ATMs: Industry ExecutivesYes Bank's Point Of Sale Terminals, Credit & Debit Cards Disconnected: NPCI Official 25 crore, excluding off-balance sheet and non-fund based exposuresThe Scheme is a specific response to the unprecedented situation COVID-19 to enable MSMEs/Business enterprises to meet their operational liabilities and restart their businesses.The Scheme would be applicable to all loans sanctioned under GECL during the period from May 23, 2020 to Oct 31, 2020, or till an amount of Rs. Such Cardmembers shall be able to transact again on their Credit Card All Cardmembers, who were part of the Moratorium Scheme (March 1, 2020 to May 31, 2020) shall automatically become part of the Extended Moratorium Scheme (applicable from June 1, 2020 to August 31, 2020).
The Bank only will accrue the interest as per the loan contract rate during this period. The Bank encourages the Cardmembers with adequate funds to pay the total amount due (TAD) on their Credit Cards to avoid accrual of additional interest.Cardmembers, who are not part of the extended moratorium scheme will continue to receive regular statement as per their existing billing cycles and will continue to be governed by the terms and conditions with respect to the credit free period, applicable fees and interest as mentioned in Credit Cards Most Important Terms and Conditions (MITC).Cardmembers, who are part of the extended moratorium scheme, can make payment towards their Credit Card dues during the extended moratorium period. 25 crore as on Feb 29, 2020, and annual turnover of up to Rs. The FAQs are recreated below.Rana Kapoor, founder of Yes Bank, had been arrested by the Enforcement Directorate on charges of money laundering, Press Trust of India reported on Sunday morning.