Covid-19 - Loan instalment /credit card dues deferment

Terms and Conditions

Pursuant to RBI guidelines (RBI/201920/186DOR.No.BP.BC.47/21.04.048/2019-20) dated

March 27, 2020, Axis Bank will be offering a deferment* on loan instalment / interest
dues falling due between March 1, 2020 and May 31, 2020, and dues pertaining to
credit card statements generated in the same period.

During this moratorium period,

 I understand that instalment / interest/ credit card dues need not be paid for that
time period.
 I understand that it is only a deferment of the payment and not a concession or any
kind of waiver. Interest will continue to accrue on outstanding dues during the
deferment period at applicable rate of interest.
 I understand no penal interest would be levied during the deferment period.
However, all other charges related to credit cards would continue to accrue, and
will be payable at the end of the deferment period. Such charges include, but are
not limited to, joining and annual fees, over limit charges, cash withdrawal charges
etc.
 I am aware that for live Instant Loans and EMIs on the Credit Cards / Debit Cards,
the EMI payments would be deferred till after the moratorium period. The EMIs
levied during the moratorium period will be included in the June 2020 statement.
 I understand that there will be no adverse impact on my credit history if I avail the
moratorium. The rescheduling of payments, including interest, will not qualify as a
default for the purposes of supervisory reporting and reporting to Credit
Information Companies (CICs) by the lending institutions.
 I agree for the deferment to be applicable for all loans or cards (as selected)
mapped under the customer id.
 I am aware that availing of moratorium would have the below impact on my credit
facility(ies) with Axis Bank:

Term loans - The repayment schedule for such loans as also the residual tenor, will
be shifted across the board by three months after the moratorium period. Interest
shall continue to accrue on the outstanding portion of the term loans during the
moratorium period.
Working capital facilities sanctioned in the form of cash credit/overdraft (“CC/OD”) -
The accumulated accrued interest would be recovered immediately after the
completion of this period.
Credit cards – The total outstanding, including accrued interest, will be included in
the statement generated in June 2020. I would be liable to pay at least the
Minimum Amount Due, on or before the payment due date as indicated in the June
2020 statement.

Since the moratorium/deferment/recalculation of the ‘drawing power’ is being

provided specifically to enable me to tide over economic fallout from COVID-19, the
 same will not be treated as concession or change in terms and conditions of loan or
card agreements.

 I am aware that if my facility(ies) was/were overdue even before March 01, 2020,
the benefit of moratorium can be extended to me in respect of payments falling
due during the period March 01 to May 31, 2020 subject to certain conditions.
However, the payments overdue on or before February 29, 2020 will attract
current IRAC (Income Recognition And Asset Classification) norms. In case I am
classified as Non Performing Asset (NPA) during the moratorium period, the
moratorium might be withdrawn.
 I understand that repayment for my loan account(s) after moratorium period will
be would fall due from June’20 onwards. For Credit Cards, moratorium will be
over with effect from the June 2020 billing date.
 I am aware that the moratorium would start only after the request is received.
Any prior payments, would not be refunded.
 I understand that once I have OPTED IN / AVAILED the moratorium, I will not OPT
OUT.
 I understand that for my Loan facility(ies) :
o The deferment request if given 5 days prior to the instalment / interest
due date would be applicable for the current month, else would be
applicable for the month of May 2020 only.
o The deferment would be applicable to all standard loans as on March 1. If
March 2020 instalment has already been paid by me, the deferment
would be applicable for instalments or interest due in April and May
2020.
 I understand that for my Credit Card facility(ies) :
o OPT IN request can be submitted any time till 31st May 2020. Once I opt
in for moratorium on my credit card(s), my entire Open to Buy (OTB) will
be blocked, and I will not be allowed to make any fresh purchases till a
payment (at least Minimum Amount Due) is made towards your
statement generated in June 2020.
 I authorise Axis Bank and its representatives to Call/SMS/ or communicate via
Whatsapp regarding my application. This consent overrides any registration for
DNC/NDNC. I confirm I am in India , I am a major and a resident of India and I
have read and accept Axis Bank’s Privacy Policy

*Deferment:
Term loans - Moratorium on instalments
Working capital facilities in form of cash credit / overdraft (CC/OD) - deferment of applied
interest Credit cards - deferment of credit card dues