We are all in the midst of an unprecedented crisis in the wake of the outbreak of COVID 19 Novel virus cases that are being detected across states. We are trying our best to keep our call centers open to serve you . However we are experiencing a surge in call volumes. We request your patience if you are trying to reach us.
We know it must be frustrating for you not to get an immediate response or to be on hold for a long period. Our sincere apologies for keeping you waiting.
Please be assured that we are trying our best to continue serving you.
We wish you, your family and friends a safe and healthy environment.
Customers should not respond to any messages or call asking for the OTP to avail the benefit of EMI Moratorium.
Thanking you and assuring our best services always.
As per recent statement issued by RBI through press release dated 27th March, 2020, various developmental and regulatory policies have been announced that directly address the stress in financial conditions caused by COVID – 19.
Accordingly, RBI has permitted Lenders to grant a moratorium on payment of Loan instalments falling due between March 1, 2020 and May 31, 2020. Moratorium is a temporary postponement of payment of interest / principal / instalments. However, interest on the Loan outstanding will keep getting levied for the deferred or moratorium period.
All kinds of term loans are eligible for Moratorium.
Yes, it applies on both principal and interest component.
Please note that this is only a deferment of your EMI and not waiver. You will have to pay your monthly EMI at a later date.
We would request you to understand the process before opting for it. Moratorium means that you will not have to pay the instalment for the month for which the benefit has been extended to you. There will not be any penal interest or impairment to credit history. The interest for the period of moratorium will be added to the principal outstanding. Therefore, after the moratorium is over customer will have to pay the outstanding amount which will also include the interest levied for three months as well as the interest on the outstanding principal. Hence there will be a higher interest outflow.
We do not envisage submission of any physical document for availing moratorium. You will receive a call from our representative once you send us an email. You can discuss your specific queries with our representative. We encourage you to read the Company’s policy on moratorium at www.magma.co.in. Once you opt-in and the Company grants you moratorium, it would be deemed that you have read and understood the Company’s policy on moratorium.
Interest shall continue to accrue on the outstanding portion of the loan during the deferment period. Such accrued interest shall be capitalized, and a revised repayment schedule would be drawn up. As a result of this the EMI and / or balance tenure may get modified.
You are required to pay the EMIs as per the revised schedule and it is not compulsory for you to pay all 3 deferred EMIs in June’20.
If your financial position is not impacted or you do not want to pay additional interest please continue paying your regular EMIs. Your EMI payment instrument will be presented as per schedule. We encourage customers with adequate funds to continue paying during this period to avoid the extra interest charges and tenor extension.
There will be no adverse impact on your credit history on non-payment of EMI during moratorium period (March to May 20) which you have specifically availed from the Company.
However if there was any overdue before 1st March 2020, then the same will continue to reflect in CIBIL in the same time bucket. Hence request you to clear your over dues at the earliest.
After the relief period, the accrued interest will be added to the principal outstanding and a revised repayment schedule will be generated.
Yes, you will need to submit ACH/PDCs for the extension period. Our representative will get in touch with you
You will be provided a confirmation through various modes like SMS/emails and a revised repayment schedule will be shared with you.
Yes, the Moratorium policy is applicable for all loans.
Please note that overdue interest is charged in case of default in payment. However, during the moratorium, the payment itself is contractually stopped. If there is no payment due, there is no question of a default. Therefore, there will be no overdue interest or delayed payment charges to be levied. If there is any outstanding EMI as on 1st March, then ODI shall continue to accrue on it & we encourage customers to clear over dues. Note: ODI charge for EMIs defaulted prior to March 20 will continue to be levied. We won’t levy cheque bounce charge during the Moratorium period (March to May 20
In case your loan EMIs due in April 2020 / May 2020 are paid then the EMIs collected will be applied to your loan and hence Moratorium will not be applicable.
No. The terms and conditions of loan agreement will not change other than the repayment schedule.
Once Moratorium has been applied, you will not be able to make payment until May 31, 2020.
No. Interest rate for these Moratorium changes remain unchanged.