Is the 2020 loan EMI moratorium still open?
No. The Reserve Bank permitted lenders to defer term-loan instalments falling due from 1 March 2020 to 31 August 2020. That window has closed. Interest was not waived, and a later EMI calculator is not this permission.
No. The deferment ran from 1 March 2020 to 31 August 2020. That period has ended.
What period did the moratorium cover?
The first permission covered instalments due in March, April, and May 2020. The 23 May 2020 statement extended it by three months, so the deferment could run to 31 August 2020. It applied to term loans, including retail and crop loans, where the lender chose to offer it. It was not an automatic holiday on every loan in the system, and it is not a holiday a borrower can claim in 2026 by citing this page.
Was the interest waived?
No. The borrower did not have to pay the instalment during the window. Interest continued to accrue. On working-capital facilities the interest for the deferred period was converted into a funded interest term loan, repayable by 31 March 2021, rather than collected in one sum at the end of August 2020. Lenders were also allowed to restore working-capital margins by 31 March 2021. Those repayment dates have passed. The pause itself was not to be treated as a default for asset classification.
What is not still open?
The same announcement cut the policy rate, lengthened export credit for disbursements up to 31 July 2020, and described refinance lines for named institutions. Those measures belonged to 2020. This page does not restate the policy rates, and it does not treat a refinance line or an import-payment extension as an application that is still open. A default today is classified under the prudential norms now in force, not under this moratorium.
Frequently asked questions
Four questions cover taking the pause now, a waiver of interest, asset classification, and the old policy rates.
Can an EMI be paused under this circular now?
No. The deferment ran from 1 March 2020 to 31 August 2020. That period has ended.
Did the moratorium waive interest?
No. Instalments were deferred. Interest continued to accrue. The accumulated interest was not a gift.
Did the loan become non-performing because of the pause?
The moratorium itself was not to be treated as a default for asset classification. A default outside that window is classified under the prudential norms that apply now.
Are the May 2020 policy rates still the rates?
No. The announcement included a cut in the policy rate. Those figures are not the current policy rates, and this page does not restate them.
Sources
The term-loan moratorium was announced in March 2020 and extended, by the 23 May 2020 statement, through 31 August 2020. It was a deferment of instalments, not a waiver.