How exactly will customer’s repayment schedule change?
Customer’s tenure of loan will get extended by the no. of months moratorium is availed. For example: If a customer takes 3 months moratorium now, then the tenure will get extended by three months and customer will pay his regular EMI amount in those months. Plus, the customer will also need to pay the interest which gets accrued due to the moratorium. The exact details will be sent out to the customer shortly.
If the customer wishes to make the payment in moratorium period, how can he do it?
All ACH payment customers can ask their MMFSL representative to bank their ACH instrument. Customers can also make use of online payment facility, deposit cash in branches or if the repayment mode is PDC, upon instructions from the customers, we will bank the cheque as soon as branches are open.
Customer wants to avail moratorium only for one month. Is that possible?
Moratorium is either provided for full period or not provided. Customers cannot opt for availing the moratorium partially. However, if customers wish, they can make payments during the moratorium period as well.
Customer who took a loan in April & May, 2020, is he eligible for moratorium for period June-Aug?
No, as per RBI circular moratorium is not available to such customers.
If a customer has availed moratorium in the period March-May then does he have to apply again for moratorium?
No, the moratorium will be automatically extended for such customers.
If a customer was in NPA as on 31.3.2020 and has repaid his instalments afterwards, can such customer apply moratorium now?
No, such a customer cannot avail moratorium now as he/ she was originally ineligible for moratorium.
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