Showing solidarity to the flood-affected people of Tamil Nadu, many banks including SBI, ICICI Bank and HDFC Bank have decided not to impose any penalty on its Chennai customers for delay in EMI payments.
The bank has decided to waive off penalty for late payment or no payment of EMI for November and December for home loans and car loans and personal loans, SBI said in a statement.
Besides, the largest lender has also done away with processing fees for loans the public may seek to take for effecting repairs and recouping damage. SBI will also offer special soft loans on convenient repayment terms for repair of cars to existing car Loan borrowers up to 10% of the original loan taken and salary advance of three months net salary for customers having salary accounts with the bank.
HDFC Bank also announced penalty waiver for delay in EMI and card payments for November. Earlier in the day ICICI Bank announced to waive off penalty both for credit card holders and borrowers. Besides, ICICI Bank will also waive off charges for cheque bounce for the same period, ICICI Bank spokesperson said.