How to Apply For Loan EMI Moratorium during Covid-19 Lockdown?

Covid-19 and the subsequent lockdown have affected industries and which has led to a near-complete stop in all economic activity. This has, in turn, shrunk the wallet of the common people and has deeply affected their financial stability. To stand by the citizens in this time of need, the RBI has announced a moratorium facility to provide customers with a breather for a period of three months between Mar 01- May 31, 2020. On May 22, 2020 the RBI further extended the facility for an additional 3 months until Aug 31, 2020. At SMFG India Credit, we are extending this facility* to all eligible customers who would like to defer their EMI payments.

However, do note that to avail the moratorium, applicants will need to satisfy certain eligibility criteria.

What is the eligibility criteria for applying for a moratorium?

• Existing customers of all types of loans are eligible to apply for a moratorium.
• All types of customers that include self-employed, salaried, proprietorships, companies can avail of this facility.
• All pending dues should be cleared on or before 29th February 2020.
• You must be an existing customer having an ongoing loan as on March 1, 2020.
• Your loan should not be written off the account books by the end of the month before the month you have requested the moratorium/request to defer the loan.

Submit all the documents relating to the moratorium and stating your consent to comply with the terms and conditions and the revised payment schedule. The relevant communication between the applicant and provider that include the request and acceptance can be made through any mode (SMS, Email, Physical Documents, Digital Documents, and Voice Recordings).

Am I eligible to opt for a moratorium in case my loan is not fully disbursed?

Yes, you are eligible to opt for a moratorium even in case your loan is not fully disbursed.

How to Apply for a Moratorium?

Please note that the moratorium will not be automatically applied to you. If you want to opt for the moratorium facility, you will need to apply for the same. Here’s how:

• Visit https://associations.smfgindiacredit.com/contact-us.aspx  and select “Existing Customer” from the options
• Enter your LAN ID
• Enter the details requested that includes your email ID and mobile number.
• Select “Moratorium” from the different dropdown options. Select “More details” and select the appropriate option from the dropdown.

How to use a Moratorium EMI Calculator?

A moratorium EMI calculator can help you understand how your loan will be impacted if you avail the facility.

• Under “Loan amount”, enter the amount that was sanctioned to you at the time of applying for the loan.
•  Enter the Rate of Interest currently applicable.
• Enter the tenure of the loan. This tenure refers to the original tenure agreed upon at the time of applying for the loan.
• Enter the number of EMIs paid to date.
• Select the number of months you would like to avail this facility.
• Select “No change in monthly EMI amount” if you would like to maintain the same EMI amount and “No change in loan tenure” if you wish to maintain the same payment tenure. Depending on the options selected, the revised tenure will be displayed. Please note that in some cases, both tenure and EMI amount may change. To know more, please contact us today.

Since repayment of your loan has a significant impact on your financial health, take into consideration all the factors that affect your finances. It would be advisable to select the option that causes the least distress to your finances by keeping in mind the long term effects.

If you do not wish to optin for EMI moratorium & wish to pay your EMI online, you can visit the payment page.

*Terms and Conditions apply.