Home Loan EMI Calculator

You can avail the moratorium* on your EMI payments due between Jun 01 – Jun 30, 2020.


Moratorium EMI Calculator


In light of the lockdown situation to contain the spread of COVID – 19 virus, the Reserve Bank of India (RBI) has recently declared a moratorium on term loans for all borrowers (individual and non-individual) for a period of Jun 01 – Jun 30, 2020

We understand that the prevailing situation is of concern to you as a borrower. To assess the impact of Moratorium on EMI payments, you can refer to the Moratorium EMI Calculator.

You can use our free online moratorium EMI Calculator below to accurately estimate how your EMI or loan tenure will change after the RBI moratorium is applied to your term loan.



%
Mo
Mo

Your Usual monthly


No. of EMIs post moratorium period (in months)


Total Tenure after application of moratorium (in months)

One of the following is possible.

  1. For the values you have entered, change in EMI amount is mandatory. Please select “No change in tenure” from the dropdown above to know your revised EMI amount.
  2. You may have entered incorrect values. Please check the values you have entered.

If you have more questions, please Contact Us



Disclaimer: The above moratorium EMI calculator is applicable across all products eligible for moratorium. Please note that these values are for demonstration purposes only, and the actual values may vary slightly. The moratorium will only be granted after you apply for a moratorium and the subsequent consideration, evaluation and verification of your request at the sole discretion of Fullerton India Home Finance Company. Please view the moratorium policy for more details.

How to use the moratorium EMI Calculator?

To understand how opting for the moratorium could change your EMI/Loan Tenure, please use the calculator as follows:

  1. Enter your loan amount. This amount equals the loan amount that was sanctioned to you at the beginning of the loan.
  2. Enter the Rate of Interest. This is the same rate of interest which is currently being applied to your loan.
  3. Enter your loan tenure. This refers to the overall tenure as per the existing schedule.
  4. Enter the number of EMIs you have already paid.
  5. Enter the number of months for which you would like to avail the moratorium. This can be 1,2 or 3 months.
  6. On the right hand side, please select an option from the drop down list. If you want to keep your EMI amount the same as per the original loan agreement, please select "No change in monthly EMI amount" from the dropdown. If you want to keep your tenure the same as per the original schedule, please select "No change in loan tenure".
  7. Depending on your choice, your monthly EMI, loan tenure and no. of EMIs post moratorium period will be displayed.

NOTE: Please note that if you choose to keep your monthly EMI amount the same, your loan tenure will increase. Similarly, if you choose to keep your loan tenure the same, your monthly EMI amount will increase.

How to apply for the RBI Moratorium at Grihashakti?

  1. To apply for the RBI moratorium, please follow the steps below: Visit https://associations.fullertonindia.com/contact-us.aspx
  2. Select “Existing Customer”
  3. Enter your 14/15 digit LAN ID
  4. Enter your registered mobile number and email ID.
  5. From the dropdown “Nature of query / request / complaint”, select “Moratorium”
  6. From the dropdown “More details”, select “Avail moratorium up to May 31, 2020”
  7. In the comment box, enter your comments
  8. Click Submit
  9. Alternately, you can also send us an SMS HFCMOR at 560703 or email us from your registered email ID at [email protected]

Moratorium Eligibility

All customers who satisfy the following eligibility criteria can apply for the moratorium.

  1. You must be a current customer of Grihashakti having outstanding loans as of Mar 01, 2020.
  2. Salaried/self-employed, Individual and non-individual borrowers (including Ltd companies, Partnerships & Proprietorships etc.)
  3. The moratorium is applicable for customers of all Grihashakti products.
  4. Your account can be Standard or otherwise and must not have been written-off from the books of Fullerton India Home Finance Company’s books at end of the month preceding the month in which moratorium/deferment is being requested for
  5. Your dues should be cleared as of Feb 29, 2020.

RBI Moratorium

Fullerton India Home Finance Company or Grihashakti is wholly committed to ensuring that all our customers can focus on their well-being during the lockdown period.

As a measure of relief, we are extending the option of taking a moratorium on your Grihashakti term loan. This basically means that you don’t have to pay EMIs for the months of March 01 – May 31, 2020 and can restart paying your EMIs from June, 2020.

If you wish to apply, you can raise a request on our page and we will review the same. After your application has been approved, we will share with you the revised schedule for loan repayment with application of the moratorium. Please note that interest will be charged on the outstanding principal amount for the months in which moratorium is applied.

FAQs

1. What does opting for a moratorium mean?

If you opt for a moratorium, you will not have to make your usual EMI payments for a period of 3 months between Mar 01 – May 31, 2020. So if your EMI date was Mar 30, 2020 and you opt for a moratorium of 3 months, your next EMI payment date will be Jun 30, 2020.

2. Who is eligible for a moratorium?

For customers of Grihashakti, the moratorium can be availed by all customers who have outstanding EMIs after Mar 01, 2020. Thus, you may be salaried, self – employed, or a business owner – and the moratorium will be applicable to you. The moratorium is also applicable for business entities including proprietorships, Ltd. companies, partnerships, etc. To know the complete details, please refer to our moratorium policy.

3. Will the moratorium be applied automatically?

No. In order to avail the moratorium, you will need to submit a request for the same. You will be granted the moratorium only after your request has been approved. ECS/ collections for customers who have not submitted a request and/or whose request has not been approved will continue as per schedule, and non-payment of EMIs in such a case will be taken as a default.

4. If the moratorium is applied to me, will I have to pay the remaining instalments within the existing tenure?

If you opt for a moratorium, your next EMI date will get deferred automatically. Your next EMI payment will be after the moratorium period. However, interest for the moratorium period will get accrued on the principal amount outstanding, which means that your overall tenure will get extended or your EMI amount may change. Thus, if your loan was supposed to mature on Dec 01, 2020 and you now opt for a moratorium for 3 months, your loan maturity date will now be on or after Feb 01, 2021, depending on whether you choose to go for a revised EMI or loan tenure.

5. What types of products does the moratorium cover?

At Grihashakti, we are extending the moratorium across all our products.

6. How can I apply for the RBI moratorium?

To apply for the moratorium, please click here to submit a request. Alternatively, you can send us an SMS HFCMOR at 560703 from your registered mobile number or write to us from your registered email ID at [email protected]

7. Do I have to opt for the moratorium?

No. You can choose to continue paying your EMIs as per the originally agreed upon schedule.

8. If I opt for a moratorium, will I have to pay extra charges?

There are no extra charges for availing the moratorium, however interest at the existing rate will continue to be charged on the outstanding principal amount for the moratorium period, which will keep getting accrued. You can use our free online moratorium EMI calculator on this page to get a better understanding.

9. How is the interest calculated if I opt for the moratorium?

If you opt for the moratorium facility, simple interest will be charged for the number of months you have taken the moratorium on the principal amount outstanding. You may refer to our moratorium EMI calculator on this page.

10. Will opting for the moratorium impact my CIBIL score?

No. If you choose to defer your EMI payments by opting for the RBI extended moratorium during the period Mar 01 – May 31, 2020; then your CIBIL score will not get impacted. However, if you miss your payment as per the revised schedule from June, 2020 onwards, it will affect your CIBIL score as it will attract bounce/ penal charges.

11. What is the difference between this RBI Moratorium and EMI Holiday?

Technically, this RBI moratorium acts like an EMI Holiday in that it allows you to defer your EMI payments for the period Mar 01 – May 31, 2020 and resume the repayments from June, 2020. However, unlike an EMI Holiday, the RBI moratorium is applicable to all loan products. Also, the RBI moratorium is a special facility which has been extended by the Reserve Bank of India to all Indian borrowers during this period to help the nation cope with their financials in the face of the COVID-19 threat and challenges due to the lockdown.

12. Is the moratorium like a waiver of my EMIs?

No. The moratorium is a special facility to defer EMI payments. However, you will still need to pay the revised EMI amount post the moratorium period. You can use the moratorium EMI calculator on this page for a better understanding.

13. Do I have to pay anything during the moratorium period?

No. If you submit a request to avail the RBI moratorium for a period of 3 months, which gets accepted, then your next EMI date and amount will be 3 months from the deferred date. Thus, if your usual EMI payment is scheduled for the 30th of every month, and you choose to opt for the moratorium, your next EMI payment date will be automatically on June 30, 2020. You will not have to pay anything until then.

14. I have already paid my EMI for March, 2020. Will I get the moratorium only for 2 months?

If you have already paid your EMI for March, 2020 and you want to avail the moratorium, you can apply for the same. Upon approval of your request, we will extend the moratorium to you from April – May, 2020. Thus, for the period of April –May, 2020 you will not have to pay any EMIs. Your next EMI payment will now be scheduled in June, 2020.

15. Should I opt for the moratorium?

The moratorium is one of the tools extended to customers to help you tide over the challenges posed by the nationwide lockdown and the threat of the novel coronavirus. Here are a few things you may consider before you make your decision:

  • Your Net Monthly Income for the next 3 months – if this amount is going to be impacted as a result of the current situation, opting for the moratorium could relieve you of some of the financial stress
  • Your monthly expenses for the next 3 months – Have a good look at your budget for the next 3 months. Try to check if you can do away with some of the expenses which could help you repay your monthly obligations even in the face of a reduced monthly income.

On the other hand, if your net monthly income is not going to reduce to the extent of causing financial distress, it may be wiser to continue paying your EMIs as per the schedule to avoid interest charges.

We advise you to use the moratorium EMI calculator on this page to assess the impact of availing the moratorium on your EMI schedule.


*Terms and conditions apply

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