Dear Kogta Financial Customers,
- We wish you and your near ones are safe & healthy in these challenging times. To support your financial growth and liquidity in the current scenario, we are happy to offer moratorium/deferment facility on installments due between March 01, 2020 to May 31, 2020 ('moratorium period') to all eligible borrowers as per the Company policy and permitted in the Reserve Bank of India (RBI) guidelines.
Eligible borrower means all borrowers outstanding as on March 31, 2020 except
- Borrowers with default in EMI repayment exceeding 210 days as on March 01, 2020 and
- Borrowers where underlying vehicle security has been repossessed by the Company.
- We will activate Moratorium for unpaid installments in March if any, and for installments due in April and/or May 2020 for all eligible borrowers as defined above. Please note that moratorium cannot be extended under any circumstances for EMI falling due from June 01, 2020 onwards as the same is not permitted by RBI. This means customers who have paid March 2020 instalment are eligible for two months' moratorium only.
- Please note that the interest shall continue to accrue during the moratorium period which shall be capitalized to the outstanding principal of loan requiring monthly installment to be recalculated and repayment schedule shall be revised for the revised residual tenure at the contracted interest rate. Customers are required to issue new NACH form/Cheque, if needed.
- Customers who do not wish to avail moratorium and are willing to pay the EMIs as per original repayment schedule, and thus wish to OPT OUT of the regulatory package are requested to contact the nearest branch or write to us at email@example.com clearly mentioning their Loan account Number.
- Company shall do collection follow ups or take suitable legal recourse for recovery of the overdue EMI payable other than the moratorium period and shall levy financial charges in terms of loan agreement entered with the customer for the same.
- The moratorium on payments will not qualify as a default for reporting to Credit Information Companies (CICs)/credit bureau. Hence, there will be no adverse impact on the credit history of the borrowers.
- The Policy shall remain valid upto May 31, 2020.
For any further queries and clarifications please read frequently asked questions (FAQs) below or write to us at
Stay Safe, Stay Healthy!
Team Kogta Financial (India) Limited