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Chennai floods: YES Bank, ICICI, HDFC, SBI will not impose penalty on late EMIs

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.

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State Bank of India
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In a move that will bring a huge relief to those grappling with the floods in Tamil Nadu, many banks including SBI, ICICI Bank, Yes Bank and HDFC Bank have decided not to impose any penalty on its Chennai customers for delay in EMI payments.

While ICICI Bank and HDFC Bank have decided to waiver penalties on late EMI and credit card payments for the month of November, SBI has said that it will not charge any fines on late payment or no payment of EMI for November and December for home loans, car loans and personal loans. Besides, ICICI Bank will also waive off charges for cheque bounce for the same period, ICICI Bank spokesperson said. 

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.

Yes Bank said in a statement that it has made all ATM transactions for its customers free for the next seven days. They also added that "Customers in Chennai unable to meet EMI deadlines will not be levied cheque bounce charges and penalties". 

The bank said that they have set up an emergency helpdesk at the central office to assist Chennai branches with all branch operations and ATM operations. 

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