It is optional in the hands of the borrowers. Inability to pay EMI in any month during the moratorium period shall automatically mean that moratorium is required for that particular month.
Moratorium is a temporary postponement of payment of installment/pre EMI falling due between March 01, 2020 – August 31, 2020. This is not a waiver by any means. Interest will be accruing for the said period
Following category of borrowers shall not get the benefit of moratorium:
As per RBI guidelines, Interest will continue to accrue on the outstanding principal portion of the loans at the original contracted interest rate. Interest accrued during the moratorium period shall be capitalized monthly to the outstanding portion of loans and though the installment will be same after the moratorium period,the repayment schedule shall be revised for the revised residual tenure at the contracted interest rate.
Our team will get in touch with you if new NACH/Cheques shall be required.
As the lockdown has been relaxed, we advise all our customers to pay their EMIs. Our team will do collection follow ups for overdue customers. The payment received from customers shall be considered as follows:
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.
Any delay in payments of dues/ outstanding amounts payable after the expiry of the Moratorium for customers(s)/ borrower(s) who had availed of the Moratorium will qualify for the purposes of reporting to Credit Information Companies (CICs)/credit bureau by the company.
Yes, except for the month where liquidity has taken a hit we advise the customers to keep paying the dues..
Any EMI paid will not be refunded.
No, as per RBI guidelines the moratorium is clearly for EMI due between March 01, 2020 to August 31, 2020. If EMI for March is paid moratorium can be availed for remaining period only.
No late payment charges or default interest shall be levied on the installment where moratorium is availed. However, the company shall take suitable legal recourse for recovery of the dues for all customers in default as on Feb 29, 2020 and shall levy financial charges in terms of the Loan agreement entered with the customers for such dues
Yes, for the period between June 01, 2020 to August 31, 2020.
Yes, if your instalment/payment falls due on or before August 31, 2020.
Yes, It shall available invariably to all the facilities of eligible borrowers. The moratorium is applicable borrower wise and not facility wise.
All the eligible borrowers are requested to remain in touch with company executives and branch officers by means of phone calls or text messages or social media platforms to avail the policy benefits regarding grant of moratorium and revised repayment schedule.
We support you during this traumatic time caused by COVID 19 and wish you all the very best. For any further queries and clarifications please write to us at firstname.lastname@example.org.