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FAQs
FAQs
A1: Current prevailing situation poses a huge challenge for people at large. As a measure of solidarity, RBI has permitted all Financial Institutions to offer its customers moratorium on their EMI payments. In the first phase EMI moratorium was offered for EMIs falling due between 1st March to 31st May 2020. As per the recent guidelines from RBI dated 23rd May, 2020, the moratorium period has now been extended to EMIs falling due within the period of March 01, 2020 to August 31, 2020.
A2: Yes, you can submit the request for deferment of your unpaid EMIs until 31st August for the loans or credit facility taken before 1st March 2020.
A3: If you choose EMI moratorium,
- IBCFL will not ask for EMI only if customer is found eligible for EMI deferment scheme and not on receipt of EMI deferment request.
- Interest will continue to accrue on the principal outstanding for the period of the moratorium at the contracted rate of the loan.
- The loan tenure will get extended by the corresponding period for which the moratorium has been availed.
For example, if EMI for the month of Mar’2020 has been paid and moratorium for April & May’2020 has been availed, then the loan tenure will be extended by 2 months.
A4: Yes, Interest will be charged for the months for which you choose to defer the EMIs. Please note that interest accrued for the period would need to be paid by the customer post the deferment period.
A5: No, Bounce or penal charges will not be charged for the months for which you choose to defer the EMIs.
A6: Yes, In case the earlier NACH mandate given by you is not sufficient to cover the extended tenure or due amount, you would need to submit fresh NACH mandate before submitting the request for deferment of EMI.
A7: You can apply for EMI moratorium by the below option:
- Click on the link EMI Deferment
A8: You will receive an Email / SMS on your registered email id/SMS.
A9: No. deferment is not applicable for new loans availed after 1st March 2020. Please continue to pay your EMI on time. Non-payment of EMI on time would lead to tagging of your account as delinquent and would be reported to the credit bureaus as well.
A10: You need to place a request prior to the EMI getting debited from your bank account.
A11: Yes, You need to place a separate request for all your loan account for which you wish to submit request for deferment of loan EMIs.
A12: If you are eligible and have availed the option for deferment of loan EMIs, your credit bureau records would not be impacted. However, this does not apply to reporting of any unpaid dues prior to 1st March 2020.
Please note that you chose the deferment of loan EMIs would be reported to the bureaus.
A13: Yes you have an option to make any advance payment as per existing terms of your loan.
A14: If you do not want to avail EMI moratorium, no further action is required from your side.
A15: Yes, the moratorium is available on Loans availed on Credit Line for payments due from 01 Mar 2020 till 31 August 2020.
A16: Yes, Please note that interest @ 2% pm shall be charged on short tenure loans, i.e. those upto a maximum tenure of 3 months, on the outstanding amount of the term loan(s) during the Moratorium Period.
A17: Yes, customers are requested to place a request again for Moratorium extension by filing the request form on our website. Click here to place an extension request.
A18: You have to register/apply for the Moratorium with complete details as asked in EMI Deferment option of the website or Click here to apply otherwise due to incomplete details your request may not get processed.
A19: You can withdraw your EMI deferment request by placing your withdrawal request on our website Click here to place your withdrawal request.
Request for EMI Deferment, Click Here