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 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.



%
Mo
Mo

Your Usual monthly


No. of EMIs post moratorium period (in months)


Total Tenure after application of moratorium (in months)



For the values you have entered, one or more of the following is applicable:

  1. 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.
  3. Both your EMI and tenure may change. For more details, please contact customer care.


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:

  1. 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.
  2. 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.
  3. 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.
  4. 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?

  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 ”.
  7. 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.
  8. In the comment box, enter your comments
  9. Click Submit
  10. 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.
  11. Submit the form. Your request will be evaluated by Fullerton India Home Finance Co. Ltd. and processed after assessing your eligibility.
  12. 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.

  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. 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.

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 the specified period. So if your EMI date was Jun 30, 2020 and you opt for the moratorium facility to defer this payment, your next EMI payment date will be Jul 30, 2020.

  • 1. On May 22, 2020 the RBI announced the extension of this facility for another 3 months, till Aug 31, 2020. At Fullerton India, we are extending this facility to all our customers.
  • Even if you had already taken the moratorium between Mar – May, 2020 and would like to extend this further, you will still need to apply for the extension and can do so one month at a time.
  • For every month you would like to avail the moratorium between Jun – Aug, 2020; you will need to apply for the same on our website during the cut-off period for the respective months. Typically, these dates are the last 2-3 days of the previous month. For instance, the cut off dates for Jun, 2020 EMI payments is May 29-31, 2020. Please click here to apply for the moratorium extension.
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?

If you wish to avail the moratorium facility, you can click here to submit a request. Please note that

  • If you had already availed the facility between Mar 01 – May 31, 2020; you will still need to apply if you wish to extend the same.
  • RBI has extended the moratorium till Aug 31, 2020. At Grihashakti, you can apply for the same only one month at a time.
  • Thus, if you have already applied for the moratorium extension for your EMI scheduled between Jun 01-Jun 30, 2020 and wish to extend this for July and August payments as well, you will need to raise separate requests during the cut off period for those months. The cut off period for a particular month is usually the last 2-3 days of the previous month.
  • Moratorium will be granted only after evaluating your eligibility. If your application for moratorium extension is granted, your EMI amount and/or tenure will change again and you will be provided with a revised schedule for the same.
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 moratorium during the specified period, then your CIBIL score will not get impacted. However, if you miss your payment as per the revised schedule, it will affect your CIBIL score as it will attract bounce/ penal charges.

Alternately, if you applied for the moratorium and your application had been rejected, any failure to pay the EMIs as per the current schedule will be taken as a default and bounce/ penal charges will be levied accordingly, thereby affecting your CIBIL score.

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

Technically, the moratorium allows you to defer your EMI payments for a specified period and is applicable to all loan products. Also, the 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 certain number of months (say, 1 month), which gets accepted, then your next EMI date and amount will be those many months away that is, 1 month from the deferred date. Thus, if your usual EMI payment was scheduled for the 30th of every month, and you choose to opt for the moratorium for June, 2020; your next EMI payment date will be automatically on Jul 30, 2020. You will not have to pay anything until then.

14. I have already availed the moratorium till May 31, 2020. Will it be automatically extended till Aug 31, 2020?

If you had already availed the moratorium facility till May 31, 2020 (which had been accepted), and wish to extend this further; you will still need to apply for the extension. Only upon approval of your request will the extension be granted. Please note that

  • If your application for moratorium extension is granted, your EMI amount and/or tenure will change again and you will be provided with a revised schedule for the same.
  • You will need to apply separately for each month during which you would like to avail the facility within the cut off period. For instance, if you would like to avail the facility to defer your EMI payment scheduled between June 01-30 2020; you will need to apply for the same on our website between May 29 – 31, 2020.
  • Cut off period for each month until Aug 31, 2020 will be communicated to you at your registered email address / phone number via email and SMS respectively, and will typically be between the last 2-3 days of the previous month. If you wish to avail the moratorium facility, you will need to submit a request within 48 hours of receiving the SMS.
  • Extension of the moratorium will NOT be automatically provided even if you had availed the facility until May 31, 2020 and it had been approved.
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 – 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 – Have a good look at your budget for the next few 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.


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