YES Bank Extends COVID 19 Moratorium Package till Aug for Credit Card Customers

Following Reserve Bank of India’s directive on extension of COVID-19 Moratorium Package till August 31, 2020, YES BANK has announced three month further deferment for Credit Card payment dues from June 1, 2020 to August 31, 2020. Thus, Yes Bank has offered a total of 6 months of repayment Moratorium relief to its Credit Card customers.

The bank has notified to its customers by releasing guidelines and FAQs on its official website. The interest will continue to accrue as per the applicable rate for the extended period.

How to opt for extended moratorium between June 20- August 2020?

The Yes Bank has sent emails and sms to all the eligible customers regarding the option of availing a loan moratorium. If you want to apply for moratorium, kindly follow the bank’s communication.

The bank last date to opt for Moratorium is June 9, 2020.

All eligible customers if they miss the payment, will be automatically registered for moratorium.

The customers can pay out during the moratorium as per their cash flows.

Eligibility for Moratorium

All the card holders that are not NPA as on 29 Feb 2020 are eligible for availing of Moratorium benefit. However, the bank reserves its discretion in rejecting or accepting the request.

Impact

By opting for Moratorium the Card is blocked for the duration of EMI holiday.

Also, interest will continue to accrue on the outstanding balance.  After the Moratorium, the card member is required to pay the minimum outstanding or entire amount as per August Credit Card Statement. The card will be active once the payment is made.

COVID 19 Regulatory Package for Credit Card Users: FAQs

✅ Who is eligible for Yes Bank’s Extended Moratorium Scheme?

Yes Bank has extended COVD 19 Moratorium benefits to all YES BANK Credit Cardmembers, provided they are not classified as Non-Performing Asset (NPA) as on February 29, 2020. The bank reserves the final rights for granting the scheme basis the customer’s credit records.

✅ Does status of March moratorium affect the new moratorium scheme?

No. The current moratorium relief is offered as a part of extension to previous scheme. Thus all cardmembers who opted for repayment relief in between March to May 2020 will continue to be eligible for extended moratorium. However these cardmembers can opt out by making payment equal to or more than Minimum Amount Due (MAD) as per May, 2020 card statement before June 9, 2020.

Also, those who did not avail of Moratorium previously, can opt-in if they need cash relief now. The last date of application is June 9, 2020. In order to avail of the Moratorium, the customers need to follow the communication sent by the YES BANK through e-mail and SMS.

All eligible cardmembers if they miss out paying MAD as per June 2020 or July 2020 statements shall be automatically opted in for Extended Moratorium Scheme.

✅ When will be the final payment due after the Moratorium?

All those who opt in for Moratorium till Aug 2020 are required to make overall outstanding or at least minimum amount due as per August Credit Card statement.

✅ Will I interest be charged on my Credit Card outstanding?

Yes the interest will continue to accrue on the outstanding balance during the deferment period.

✅ Is there any late payment fee during the moratorium period?

No there is no late payment fee during Moratorium for eligible card members. After the Moratorium the late payment will attract a penalty though.

✅ Will my Yes Bank Credit Card be active during Moratorium?

If you have availed of Moratorium Scheme, your Credit Card will be blocked temporary for the duration.

✅ How do I not continue moratorium scheme on my Credit Card?

Yes Bank has requested its customers to pay out at outstanding balance or minimum due before June 9, 2020 so that you are not automatically registered for COVID 19 package.

✅ Can I make payment despite opting for moratorium extension?

Yes. Cardmembers can make payments as per their cash flows during the moratorium. The interest will be then be charged only on residual amount.

✅ Does opting for Moratorium impact Credit Limit on my Yes Bank Credit Card?

Well, transactions will be temporarily blocked after June 9, 2020 up till August 31, 2020. So Moratorium will not hurt your credit limit. Though it’s bank sole discretion to alternate the credit limit on Credit Cards, as before.

✅ Will my CIBIL score be hurt due to Moratorium on Credit Card?

No, there will no impact on CIBIL score due to non-payment during moratorium period.

✅ What happens to payment of EMI facility on my Credit Card?

The payments for June 2020 and July 2020 statement stand deferred. The payment will be required to be made in September according to August, 2020 statement.

✅ What happens to auto debit for payment?

If you have opted for moratorium on your yes bank credit card auto debit will not be till Aug 2020. It will resume post the deferment period.

✅ Why I am getting Credit Card statement despite opting for moratorium?

The Credit Card statement is system generated and will continue to be sent to you. You do not need to pay during moratorium if you have availed of the deferment benefit. The payment will be required at the end of moratorium period.

What happens to standing instructions & YES PAY NOW instructions for essential payments?

As the Card will be blocked after June 9, 2020 no Standing Instructions or YES PAY NOW transactions will be processed.

✅ Can I avail Yes Quick Loan after opting for moratorium?

No, after availing of moratorium scheme you are not eligible to apply for Quick Loan.

Also Read: YES Bank’s COVID-19 Moratorium for Term Loans, Cash Credit & OD- All You Need to Know