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EMI MORATORIUM – Frequently Asked Questions
EMI Deferment – FAQs'
Q.How can I apply for moratorium?
A.The window for the same has been closed now.
Q.Will I get moratorium automatically?
Q.Will I be required to submit any documents?
A.You may be required to submit fresh NACH mandate as required by the company.
Q.When can I apply for moratorium?
A.Moratorium can be applied 7 days prior to the EMI due date.
Q.What would be the period of moratorium for loan repayments offered by RBI under Covid-19 outbreak?
A.Deferred instalments under the moratorium will include payments falling due from March 1st 2020 to August 31st 2020.
Q.What if I had not applied for moratorium earlier but now I want to apply?
A.This service was only till August.
Q.Will I get the moratorium on all the linked LANs if applied for one of the LANs?
A.No. You need to apply separately for each LAN through the link provided.
Q.How can I withdraw for the moratorium?
A.The window for the same has been closed now
Q.Is this a waiver/holiday of EMIs or a deferment of EMIs?
A.This is not a waiver, but a deferment.
Q.Will interest be charged for the deferment period?
A.As per the RBI guidelines, interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period.
Q.When do I need to pay the interest for the deferment period?
A.The accumulated interest for the period needs to be paid after the expiry of the deferment period. Moratorium/deferment will not be treated as change in terms and conditions of loan agreements.
Q.Does this mean that I will have to pay all the 6 EMIs at one go in September?
A.No. The loan will end at least 6 months later than was originally slated. As per the RBI guidelines, interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period.
Q.My March, April & May EMI has been debited. Can it be refunded?
A.No. Since the EMI paid has already been adjusted in the statement of account, refund is not possible. Deferment period will be applicable for the left over EMI till August 31st, 2020.
Q. What if I have already paid EMI for the month against which I want to avail moratorium?
A. You can avail moratorium facility only for unpaid instalments falling due between the month of June,2020 to August,2020. Further, the acceptance of your request of moratorium will be at the discretion of the Company.
Q.Does the moratorium cover both principal and interest?
A.Yes. It does. EMI, including principal and interest will be deferred for three months. As per the RBI guidelines, interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period.
Q.Will my CIBIL history get impacted?
A.No. Your CIBIL history will not get impacted for the deferment period.
Q.Will I get charged for the overdue charges for the moratorium period?
A.No overdue charges will be applicable for the moratorium period from March 1st to August 31st, 2020.