In order to ensure the financial health of individual borrowers during the Covid-19 pandemic crisis, RBI has allowed all Banks, Financial Institutions & NBFCs to allow deferment of EMI and Interest payments for a period of up to 6 months (1st March – 31st August 2020). This scheme covers all EMI and / or Interest due or charges for the above stated period.
Frequently Asked Questions
on the EMI moratorium
The EMI moratorium scheme covers all Term Loan products which includes MSE loan, Affordable Housing loan, Personal loan, Vehicle Finance loan. It also covers all MSE Overdraft accounts.
Yes, our NBFC, Bhanix Finance & Investment Ltd. (Lender) provides EMI moratorium to eligible borrowers based on certain conditions as laid down by the company Lender from time to time.
Yes, the moratorium scheme covers both Principal and Interest payment.
No, you do not have to pay any EMI during the EMI moratorium period. Interest will be charged to your Loan account during the moratorium period which will be recovered with revised EMI after the moratorium period.
No, your EMI will not be waived off. This is only a deferment of EMI where you are not required to pay EMI during the moratorium period. All Interest accrued during the moratorium period will be recovered with revised EMI after the moratorium period.
No, lender reserves the right to decide on providing EMI moratorium only on exceptional cases related to job loss, unpaid or delayed salary, partial paid salary during the lockdown. The borrowers will need to submit their request along with necessary proofs before us to consider your request for an EMI moratorium.
You need to raise a request by sending an email to email@example.com stating your inability to pay the EMIs for the loan you have taken during the moratorium period. You will be asked certain documents supporting your request. Please mention your Loan Account Number and Loan ID Number in your mail. We will consider your request if your case falls under lender board approved moratorium policy
If you do not want the EMI moratorium, no further action is required from your side. You can continue to pay your EMIs as usual. We encourage customers with adequate funds to continue paying during this period to avoid the extra interest charges and tenor extension.
No. Opting for the EMI moratorium will not affect your Credit bureau score.
Yes, Interest will continue to be charged during the EMI moratorium period. Interest accrued during the moratorium period will be recovered along with revised EMI after the moratorium period.