Published on May 21, 2020Updated on Nov 22, 2023
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.
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).
Yes, you are eligible to opt for a moratorium even in case your loan is not fully disbursed.
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:
A moratorium EMI calculator can help you understand how your loan will be impacted if you avail the facility.
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.
*Terms and Conditions apply.
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*Terms and Conditions apply. Loans are disbursed at the discretion of SMFG India Credit.