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 3 months from March 01 – May 31, 2020. On May 22, 2020; the RBI extended this facility for an additional 3 months, enabling borrowers to defer EMI payments until Aug 31, 2020.
We understand that the prevailing situation may be of concern to you as a borrower. However, please understand that while this facility allows you to defer your EMI payments, interest will continue getting accrued on the principal amount outstanding, thereby increasing your debt. Your overall interest payable throughout the loan tenure will increase, and you may have to pay extra EMIs, or a larger EMI amount, or both. To assess the impact of Moratorium on EMI payments, you can refer to the Moratorium EMI Calculator.
Thus, if you are not under financial stress and/or can manage your EMI payments by re-adjusting your monthly expenses, we recommend that you continue to pay your EMIs as per the original schedule. However, if you would like to still avail the moratorium facility to defer your EMI payments from June – Aug, 2020; you may do so by applying on our website one month at a time.
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.
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:
- Enter your loan amount. This amount equals the loan amount that was sanctioned to you at the beginning of the loan.
- Enter the Rate of Interest. This is the same rate of interest which is currently being applied to your loan
- Enter your loan tenure. This refers to the overall tenure as per the existing schedule.
- Enter the number of EMIs you have already paid.
- Enter the number of months for which you would had taken the moratorium facility between Mar – May, 2020. This can be 0,1,2 or 3 months.
- Enter the number of months for which you would had taken the moratorium facility between Jun - Aug, 2020. This can be 0,1,2 or 3 months.
- 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".
- Depending on your choice, your monthly EMI, loan tenure and no. of EMIs post moratorium period will be displayed.
NOTE:
- 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.
- In some cases, both EMI amount and tenure may change. If your loan falls under this category, you can contact us to understand the impact of taking the moratorium.
- This calculator will not apply to you if, after paying a few EMIs, your interest rate, tenure or EMI amount had been readjusted prior to Mar, 2020.
- The aim of the calculator is to help you understand the impact of availing the moratorium facility so that you can plan your finances accordingly. However, please note that as per our current policy, to avail the facility between Jun – Aug, 2020; you can apply only for one month at a time during the cut off dates specified for that particular period. The cut-off dates for a particular month are usually in the last 2-3 days of the previous month.
How to apply for the RBI Moratorium at Grihashakti?
- To apply for the RBI moratorium, please follow the steps below: Visit https://associations.fullertonindia.com/contact-us.aspx
- Select “Existing Customer”
- Enter your 14/15 digit LAN ID
- Enter your registered mobile number and email ID.
- From the dropdown “Nature of query / request / complaint”, select “Moratorium”
- From the dropdown “More details”, select “Avail moratorium up to ”.
- Please note that at Fullerton India, you can avail this facility one month at a time only. Thus, if you have already applied for an extension for the month of June and would like to take the moratorium again, you will need to subsequently apply during the cut-off periods for July and August respectively.
- In the comment box, enter your comments
- Click Submit
- You will be taken to a form page wherein you will be asked to provide certain information. Please ensure that you enter all the required details accurately.
- Submit the form. Your request will be evaluated by Fullerton India Home Finance Co. Ltd. and processed after assessing your eligibility.
- If your request gets approved, you will be contacted by one of our executives to discuss the revised terms. Based on your acceptance, a revised loan schedule will be provided to you.
Moratorium Eligibility
All customers who satisfy the following eligibility criteria can apply for the moratorium.
- You must be a current customer of Grihashakti having outstanding loans as of Mar 01, 2020.
- Salaried/self-employed, Individual and non-individual borrowers (including Ltd companies, Partnerships & Proprietorships etc.)
- The moratorium is applicable for customers of all Grihashakti products.
- 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
- No dues as of May 31, 2020. Alternatively, if you had already applied for a moratorium between Mar 01 – May 31, 2020, your request should have been accepted and confirmed by Fullerton India Home Finance Co. Ltd.
RBI Moratorium
As a measure of relief, we are extending the option of taking a moratorium on your Grihashakti term loan. This basically means that if you wish to defer your EMI payments, you may do so by submitting a request on our website. However, please note that for EMI payments falling between Jun 01 – Aug 31, 2020; you can apply for moratorium extension only one month at a time.