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Pursuant to RBI guidelines on COVID-19 –Regulatory Package dated March 27, 2020
(RBI/201920/186DOR.No.BP.BC.47/21.04.048/2019-20), I/We understand that Axis Bank Ltd.
(“the Bank”) has granted moratorium on payment of loan instalments / interest falling due between
March 1, 2020 and May 31, 2020 (“Moratorium Period”).
I/We understand that Bank has granted Deferment on below loan products.
I/We have availed loan product(s) which falls in above product category and I/We would
like to OPT-OUT from the Deferment granted by the Bank. I/We agree and undertake to
continue to pay my/our instalments/ Interest due on the loan account(s) or working capital
facility (ies) with the bank on the scheduled due date(s).
I/We assure to honor the payment of instalments/ interest dues as per the defined
repayment schedule / due date(s).
I/We request the Bank to initiate the banking/collection of my/ our instalments or interest
dues as per the scheduled due date(s), for all loan accounts / facility(ies), which fall in
the above product category, linked to my/our customer id.
If my/our credit facility (ies) was/were overdue even before March 1, 2020, it will attract
current Income Recognition And Asset Classification (IRAC) norms.
The OPT OUT option will be effective only after my/our request for the OPT OUT option
is accepted by the Bank. The OPT OUT for Deferment would be applicable for the
month of April 2020, only if the same is received by the Bank at least 5 days prior to the
due date, else such request would be applicable for the month of May 2020 only.
In case of unpaid instalment / interest of March 2020, I/We understand that I / we are not
permitted to OPT OUT as per Bank’s policy.
Having OPTED OUT for the Deferment, will have the below mentioned impact on my credit
facility (ies) with the Bank:
Term Loans - The scheduled payment (if any) which was not paid due to the
deferment would have to be paid along with the instalment due on the next
scheduled date along with accrued interest thereon.
I/We authorize Axis Bank and its representatives to Call/SMS/ or communicate via
Whatsapp regarding my/our request. This consent overrides any registration for
DNC/NDNC and I/we have read and accept the Bank’s Privacy Policy.
The submission of this request does not vest with the Borrower(s) any right to claim any
damages against the Bank for any reason whatsoever.