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Covid 19 – Moratorium and Deferment

By: cfsadmin

Moratorium / Deferment is temporary facility whereby EMI / payment of Interest / Principal for the period from March 01, 2020 to May 31, 2020 is extended at the request of the customer. However, please note Interest will continue to be applied on the Loan.

Customers can opt for Moratorium / Deferment if they so desire. However, the Bank may allow Moratorium / Deferment at its sole discretion. If your cash flows are not majorly impacted, then you may not opt for Moratorium / Deferment and continue paying your EMIs / Interest / Principal. In case Moratorium is approved by the Bank, no penal interest or delayed payment charges will apply during the Moratorium period.

All Term Loans / EMI Loans / Installment Loans are eligible for Moratorium / Deferment. However, if you have any overdues (EMI / Installments unpaid) prior to March 1, 2020 then you are not eligible for Moratorium / Deferment.
In case you have Working Capital Facilities (CC / OD / KCC / Export Limits / Bill Discounting / Letter of Credit / Gold Loans OD / Payless Card) and if you do not have overdue Principal / Interest payments on any loan availed from the Bank as of March 01, 2020 then you may approach the Bank with a request for Moratorium / Deferment.
In case CC / OD customers have any further needs, they may please contact their respective Portfolio / Relationship manager.

Moratorium / Deferment is for both principal and interest. Contractual repayments due for the period March 1, 2020 to May 31, 2020 is eligible for Moratorium / Deferment.

No document is required for Moratorium / Deferment request.

After the approval of the Moratorium / Deferment, your next EMI will start from the month of June 2020. Interest will continue to apply on the Principal Outstanding during the Moratorium / Deferment period at the same Interest rate as applicable to your Loan.
Credit / April 2020
A revised repayment schedule will be generated by increasing the residual tenure of
the loan. This will be sent to you in due course. Due to Covid – 19, we are operating
with less number of staff, therefore please bear with us in case of any delay

Only the interest levied from March 01, 2020 to May 31, 2020 (Moratorium /
Deferment period) will be deferred. The deferred interest for the Moratorium /
Deferment period will become due immediately and payable in the month of June
Auto Debit – The auto debit will not be triggered in case the customer has opted for
the above Moratorium / Deferment.

EMIs are not waived. The tenor of your loan is suitably increased and the revised
repayment schedule will be made available in due course.

The Credit Bureau score will not be affected by Moratorium / Deferment. However,
once the Moratorium / Deferment is over, please continue to pay your EMIs / Interest /
Instalments on time.

All overdue EMIs / Interest payments / Installments prior to 1st March 2020, must
be paid immediately in full for you to be eligible for making a Moratorium / Deferment

Please continue to honour your NACH / ECS / SI etc and ensure payments are
made on time.

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