Bank of Baroda EMI refund: Big relief for loan borrowers; BoB offers to return March 2020 EMI

Bank of Baroda EMI refund: After announcing EMI moratorium for the next three months, public sector bank Bank of Baroda has taken one step more and is offering to provide big relief to retail loan borrowers - home loans, auto loans, education loans, personal loans, credit card loans and more. The Public Sector Bank (PSB) has announced that it will return the retail loan EMIs deducted in March 2020. The bank has decided to return March 2020 EMI to help its customers avoid any kind of financial crisis during the Coronavirus lockdown in India.

Those Bank of Baroda customers who have availed a home loan and car loan can avail of this EMI return offer given by the bank. For more information to the readers, this March 2020 EMI return offer is valid only for the home loan and car loan borrowers. The decision has been taken after the Reserve Bank of India (RBI) offer for EMI Moratorium for three months from March 2020 to May 2020.

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Speaking on the EMI return offer of the bank; Sanjiv Chadha, Managing Director & CEO at Bank of Baroda said that some of the EMI for the month of March was already deducted as the RBI's offer came at the end of the month. So, the Bank of Baroda decided to return the March EMI to its customers, if they want. He said that the bank has taken this decision in sync with the RBI offer of EMI moratorium from March to May 2020.

The Bank of Baroda has already announced EMI moratorium to all its customers who wish to opt for this RBI offer. Bank officials are asking its customers whether they want to opt this RBI offer for EMI moratorium along with March 2020 EMI returns as if it has been deducted already.