extension of moratorium

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I have a loan with two banks, availed the moratorium, unable to pay yet due to COVID. How can I avail extension of moratorium. getting collection calls everyday, savings account blocked by bank. kindly advise.

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    2020-10-09T10:38:08+05:30
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    RBI had extended the moratorium on re-payments of term loans only till 31.08.2020. Thereafter, RBI had issued a circular dated 06.08.2020 regarding resolution framework for COVID-19 related stress wherein an individual who has availed personal loan (Personal loans refers to loans given to individuals and consist of (a) consumer credit, (b) education loan, (c) loans given for creation/ enhancement of immovable assets (e.g., housing, etc.), and (d) loans given for investment in financial assets (shares, debentures, etc.), can approach its Bank for restructuring the loan. Relevant portion of the circular is reproduced hereunder:
    A. Resolution of Stress in Personal Loans
    5. This part shall be applicable to resolution of personal loans3 sanctioned to individual borrowers by lending institutions. However, credit facilities provided by lending institutions to their own personnel/staff shall not be eligible for resolution under this framework.

    6. Only those borrower accounts shall be eligible for resolution under this framework which were classified as standard, but not in default for more than 30 days with the lending institution as on March 1, 2020.

    7. The eligible borrowers’ accounts should continue to be classified as Standard till the date of invocation of resolution under this framework. For this purpose, the date of invocation shall be the date on which both the borrower and lending institution have agreed to proceed with a resolution plan under this framework.

    8. Resolution under this framework may be invoked not later than December 31, 2020 and must be implemented within 90 days from the date of invocation. However, the lending institutions should strive for early invocation.

    9. The resolution plans may inter alia include rescheduling of payments, conversion of any interest accrued, or to be accrued, into another credit facility, or, granting of moratorium, based on an assessment of income streams of the borrower, subject to a maximum of two years. Correspondingly, the overall tenor of the loan may also get modified commensurately. The moratorium period, if granted, shall come into force immediately upon implementation of the resolution plan.

    10. The resolution plan shall be deemed to be implemented only if all of the following conditions are met:

    1. all related documentation, including execution of necessary agreements between lending institutions and borrower and collaterals provided, if any, are completed by the lenders concerned in consonance with the resolution plan being implemented;
    2. the changes in the terms of conditions of the loans get duly reflected in the books of the lending institutions; and,
    3. borrower is not in default with the lending institution as per the revised terms.

    11. Any resolution plan implemented in breach of the above stipulated timeline shall be fully governed by the Prudential Framework, or the relevant instructions as applicable to specific category of lending institutions where the Prudential Framework is not applicable.

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