It will take time for EMI deferment to be effective – Banks

The EMIs are deducted through various automated system which could be a standing instruction or NACH. Any changes in such instruction has to follow a due process which may take around seven working days. There are chances that your EMI may get deducted by the time the deferment request gets effective. If it happens, you can ask your bank to refund the deducted EMI.

Banks List – SBI, HDFC Bank, ICICI Bank, Bajaj Finance, Indiabulls, PNB Housing, Axis Bank, Union Bank, United Bank etc

Refund of EMIs already paid

The moratorium is effective from March 1, 2020 to May 31, 2020 and was announced by the RBI on March 27. Typically, major part of EMIs are paid by 15th of every month. Hence many borrowers would have already paid the EMIs for the month of the March. It took some time for banks to operationalise the deferment and hence many borrowers who have EMI dates before fifth of every month would have already paid their EMIs for the month of April also. Banks have already started processing refund of these EMIs. SBI has allowed its borrower to get refund by filling up an application form and sending an email to specified email ids. If you are unable to send the email, you can apply through your home branch.

Banks list which STOP AUTO EMI DEDUCT as PER RBI

1. PNB (Punjab National Bank)

For Refund of EMI Follow are the List of Banks