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  2. FAQ’S – Moratorium period – Personal Loans

FAQ’S – Moratorium period – Personal Loans/Business Loans/Health Care Finance (Medical Equipment Loans)and Loan Against Property

1. What is the relief RBI has provided for retail term loans under COVID 19- regulatory package?

RBI has permitted Bank’s to grant a moratorium of upto three months on payment of all instalments falling due between March 1, 2020 and May 31, 2020 for loans outstanding as on 01 March 2020. During the moratorium period, the borrower can choose to defer paying the EMI. However, the Bank will continue to charge the interest on the loan outstanding.

2. If I choose to avail of this moratorium period, how will the loan be adjusted?

Moratorium of three months on payment of all instalments falling due between March 1, 2020 and May 31, 2020 will be offered.  If instalment for the month of March 2020 is already paid, moratorium will be applicable on payment of instalments falling due between April 1, 2020 and May 31, 2020. The Interest accrued during the moratorium period will be added to the outstanding loan amount and the loan will be extended for a revised tenor, keeping the EMI as the same. Please note, moratorium is only a deferment of the instalment to be repaid and not a concession or waiver of the EMI due.

3. What is the process to be followed for getting the benefit of instalment moratorium?

If a customer has provided an instruction to debit his account via NACH/SI, we will present them to pay the April 2020 and the subsequent monthly EMIs per the due date. If the customer wishes to avail of the moratorium, then the customer can send an SMS with the keyword – IN to 5676757 from his registered mobile number. The Bank upon receipt of the SMS will provide the full moratorium benefit to the customer. However, the interest will continue to accrue on the loan outstanding amount.

4. What do I need to do If I do not want to avail the moratorium benefit?

If a customer has provided an instruction to debit his account via NACH/SI, we will present them to pay the April 2020 and the subsequent monthly EMI dues as per the due date. If there is no standing instruction provided,  the customer can pay via https://www.indusind.com/loanemipayments.html. For Personal Loans/Business Loans, the amount paid will remitted to the loan account as pre-payment and the same will be adjusted against the principal amount of the loan. No pre-payment charges will be recovered. However, for Loans against Property, the amount paid will be appropriated as instalment(s).

Personal Loan/Business Loan/Health Care Finance Loan customers can pay the EMI through IndusInd Bank Website PAYU Link: https://www.indusind.com/loanemipayments.htmlon or after the EMI due date.

The above link is not applicable to ‘Loan against Property’(LAP) customers. They can pay the EMI through below link on or after the EMI due date:
https://cfddealer.indusind.com/collections/loanpay

5. Will I be charged late payment charges for the moratorium facility extended by the bank?

Late payment charges will not be levied on your term loan during the moratorium period.

6. What will happen after the relief period /moratorium is completed?

During the said moratorium period, if you have opted for the moratorium facility, Interest shall continue to accrue on the outstanding portion of the term loan.  The Interest accrued during the moratorium period will be added to the outstanding loan amount and the loan will be extended for a revised tenor, keeping the EMI as the same

7. Does this moratorium period affect my credit rating?

No

8. Can I OPT IN for the moratorium for one month and OPT OUT for another?

If you avail the moratorium, it will be applicable till the end of the moratorium period i.e.  May 2020. However, you can  pay the EMI due through our digital links, if you wish to.

Personal Loan/Business Loan customers can pay the EMI through IndusInd Bank Website PAYU Link: https://www.indusind.com/loanemipayments.html on or after the EMI due date.

The above link is not applicable to ‘Loan against Property’(LAP) customers. They can pay the EMI through below link on or after the EMI due date:
https://cfddealer.indusind.com/collections/loanpay

9. What is the relief RBI has provided for Overdraft and Cash Credit accounts under COVID 19- regulatory package?

RBI has permitted Bank’s to grant a deferment of three months on payment of interest in respect of all such facilities outstanding as on March 1 2020. Hence Interest on such overdraft and cash credit account will not be debited from now till 31st May 2020 for standard accounts. The interest from 01st March 2020 to 31st May 2020 shall be debited to the Overdraft and Cash credit account on 01/June/2020.

10. I have availed a Loan Against Property from the Bank and have not drawn yet the sanctioned amount fully. Would I be eligible to get the moratorium relief?

Yes