Loan Moratorium (declaration for moratorium) is a widely discussed topic nowadays. Due do Coronavirus (Covide-19) attach worldwide many countries worldwide have implemented lockdown for months. Resulting this financial infrastructure is now as earlier. People are losing their job, business, and resulting in this they are getting less income. Hence it is necessary to complete essential needs than paying EMI for your loan when you are in such a crisis that is worldwide. Hence RBI (Reserve Bank of India) reached out to several banks and non-banking finance companies to say that borrowers should have the option to take a moratorium.
What is moratorium meaning
Declaration to the bank that I am not availing moratorium?
Below is the sample application to the bank which you can use if you do not want to avail moratorium
Date:- 29-05-2020 [ use current date ]
ABC Bank [ Bank name]
Erandwane Branch, [ Branch name]
Pune. [ City]
Subject:- I do not want to avail moratorium for my loan account – 123456789 [loan account number]
I would like to draw your attention to the fact that I have Home Loan account 123456789 [Loan Account Number] in your ABC bank in the name of John Smith [Name of borrower] in Branch Erandwane, Pune. I do not want to opt moratorium facility for my Home loan account 123456789. So kindly keep continue my EMI deduction on a monthly basis.
Your happy customer.
Home Loan account 123456789
you can use the above apply if you do not want to opt moratorium. Share this article with your friends if you like this.