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 after three months.
Eligible customers will receive intimation regarding Moratorium via SMS and they will have to confirm within 72 hours. Response to be sent only if you DO NOT want to avail Moratorium. If we do not receive a response, it will be considered as deemed acceptance and Moratorium will be applied.
We do not envisage submission of any physical document for availing moratorium. You will receive a communication from our end. If you do not wish to avail Moratorium please opt-out by replying MAGC No to 8425857590 within 72 hours. In case you don’t reply within 72 hours it will be treated as deemed acceptance and moratorium will be applied. We encourage you to read the Company’s policy on moratorium at www.magma.co.in. Once the Company has applied moratorium to your account, it will be deemed that you have read and understood the Company’s policy on moratorium. Please note that availing Moratorium attracts additional interest for the principal outstanding and will be levied till the end of the tenure. Hence we encourage you to continue making payment as per schedule.
Interest shall continue to accrue on the outstanding portion of the loan during the deferment period. Accrued interest shall be capitalized, and a revised repayment schedule would be drawn up. Please note that your loan tenure will increase by the period of Moratorium offered, subject to a maximum of 3 months and there will be additional interest on the principal outstanding which will be levied till the end of the tenure. Your EMI amount may either change over the entire remaining tenure or over the last few months as a result of the additional interest accrued during the Moratorium period. It will depend on your banking instrument validity etc along with other factors. Details of interest and EMI will be provided to you in the revised repayment schedule once Moratorium is applied to your loan.
No, this is a deferment of your EMI. You will pay your monthly EMIs as per revised repayment schedule after moratorium of three months. There will be an extension of three months in your loan tenure after the end of the original loan tenor. It is not compulsory for you to pay all the deferred EMIs in June 2020.
SMS will be sent to eligible customers to the registered mobile number. In case you haven’t received the SMS, please reach out to us at 1800 266 3202 to verify the details and we shall provide clarity.
If your financial position is not impacted or you do not want to pay additional interest please opt-out by replying MAGC No to 8425857590 within 72 hours. Your EMI 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.
For all customers who have opted for Moratorium, there will be no adverse impact on your credit history on non-payment of EMI during moratorium period (March to May 20). However if there was any overdue before 1st March 2020, then the same will reflect in CIBIL records. Hence request you to clear your over dues at the earliest.
After the relief period, your Loan will run as per the revised repayment schedule. Your EMI amount may either change over the entire remaining tenure or over the last few months as a result of the additional interest accrued during the Moratorium period. It will depend on your banking instrument validity etc along with other factors. Details of interest and EMI will be provided to you in the revised repayment schedule once Moratorium is applied to your loan.
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 on the exact Moratorium period through various modes like SMS/emails.
Yes it is applicable for all loans as long as you meet the internal eligibility criteria.
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 March & April 20 are paid then you Moratorium shall be granted only for May 2020.
Yes, you may foreclose your loan account.
No. The terms and conditions of loan agreement will not change other than the repayment schedule.
Yes, one can always make the payment.
No. Interest rate for these Moratorium changes remain unchanged.
Yes, your loan will be eligible for Moratorium for the EMIs falling due in April & May 20.