The Moratorium Policy of the Company seeks to grant Relief Measures to its Customers who are facing financial difficulty due to the impact of ‘Covid-19’ pandemic. The Policy has been formulated in adherence to Relief Measures approved by Board of Directors and within the overall guidelines on Covid-19 Regulatory Package issued by the Reserve Bank of India (“RBI”) dated 27th March, 2020 and 23rd May, 2020.
The purpose of this Policy was to allow moratorium to all its customers on EMI payments on outstanding loans for a maximum period of 3 (Three) months for EMI being presented in March to May 2020 only on need basis as may be determined by the management of the Company in line with the RBI guidelines. The Policy further includes extension of moratorium by another 3 months i.e. from 1st June 2020 to 31st August 2020.
It is hereby clarified that the moratorium is being provided specifically to enable customers to tide over the economic fallout from Covid-19. Hence, such moratorium shall not be treated as concession or change in terms and conditions of loan agreements due to financial difficulty of our customers and consequently shall not result in asset classification downgrade in adherence to Covid-19 Regulatory Packages announced by the RBI.
The Policy has been approved by the Board of Directors on 02nd June 2020.
It is to be noted that it is NOT MANDATORY for the Company to offer moratorium to all customers. The Company may offer moratorium from one to three EMI’s to customers based on the impact of the customers due to Covid-19 crisis. All decisions will be guided by this policy.
Customers who are requesting for moratorium shall be subject to the methodology given below: