No, customers can pay the EMIs regularly on due dates basis which no interest will be charged to the customer and the contract will be governed as per originally agreed terms.
If a customer avails moratorium, then will it impact credit score?
No, it will not impact the credit score of the customer. As per the released regulation, the rescheduling of payments will not qualify as a default in customer’s credit bureau report.
If a customer has overdue on EMIs before start of moratorium period, will that attract penal charges?
Yes. The moratorium is provided for EMIs due in the moratorium period. Any overdue for EMIs which were due before moratorium period will attract penal charges and no relaxation is given on that. However, for the EMIs due in the moratorium period, no penal charges will be charged and repayment will be modified as per the communication sent out to customer.
Customer opted to pay the EMI but still his PDC was not presented for deduction on due date. Why did that happen and what to do?
Because of lockdown, containment zones/ sealed areas might affect operations of MMFSL and hence PDC might not have been presented. Customers are encouraged to use MMFSL customer app to make the payment online. If not, then the PDC will be presented as soon as offices open. No penal charges will be levied for such cases.
If restrictions are lifted, but still PDC is not presented, please contact MMFSL representative immediately.
Customer’s repayment mode is Cash but nobody collected it from customer on due date. Why did this happen and what to do?
Because of lockdown, containment zones/ sealed areas might affect operations of MMFSL branches. In such a case, after restrictions are lifted, customer can visit MMFSL branch office or can ask the representative to come for collection. No penal charges will be levied if payment is done within seven days (7 days) of restrictions being lifted.
Can a customer avail moratorium for multiple loans?
Yes, the customer can avail moratorium for all eligible loans.
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