Dear Customer,
We heartily pray and wish for the well-being of all of you. We are determined to emerge stronger and we trust together we can and we will. Please find herewith our endeavors/advise for your financial Stability and well- being too.
As per the RBI notification, the Board of Directors of the Company has decided not to raise the instalment demand from March 2020 to August 2020 and Borrowers may opt not to pay the Instalment during the period. The notification also states that, the Interest shall continue to accrue on the outstanding portion of the loans during the moratorium period.
In the case you wish to avail moratorium you are requested to refer the following points for better understanding:
- Interest shall continue to accrue on the outstanding portion of the term loan;
- The Interest accrued will be added to the outstanding loan amount and the repayment schedule for such loans as also the residual tenor, will be shifted across the board after the moratorium period which might result in marginal increase in EMI or company may ask borrower to pay the interest accrued during this period post the completion of the moratorium period or company may extend the tenure of the loan keeping the EMI same. The decision will be taken which is in the best interest of the customer looking at the terms of loan and the effect of moratorium on schedule;
- Interest to be accrued at contractual rate as defined under the agreement entered between the borrower and the company.
If borrower wants to avail the moratorium but also wants to continue paying some amount as per his convenience, as at present sufficient liquidity is available but considering disruptions and economic uncertainty on account of COVID and lockdown, customer is of the view that temporary disruption in cash flow may arise in future and considering this customer may want to keep the amount paid as an advance with the company, then the customer may continue doing the same. The effective credit of same will be given to their loan account. No pre-payment charges will be recovered and the benefit of the interest would be passed on to the customer. Any amount received during this period would be adjusted against the next EMI/EMIs due after the moratorium period or credit facility amount outstanding after the moratorium period.
If customer does not want to opt the relaxation under this moratorium scheme and wants to continue paying EMI regularly as per general terms and condition then the customer is required to inform us. The customer may contact us as per the details mentioned in annexure. The customer needs to contact us before August 31, 2020 as per the details mentioned in annexure.
For detailed moratorium policy
click here
and for frequently asked questions on moratorium
click here
Annexure