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

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

RBI has permitted Bank’s to extend the moratorium facility on payment of the instalments falling due between June 1, 2020, and August 31, 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 June 1, 2020 and August 31, 2020 will be offered.  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 EMI’s during the moratorium period, as 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, or register his request for moratorium on - https://moratoriumoptin.indusind.com/ within the stipulated date, as communicated by the Bank. The Bank upon receipt of the SMS/request via the link will provide the moratorium benefit for unpaid EMI’s during the moratorium period, 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 EMI during the moratorium period as per the due date. If there is no standing instruction provided,  the customer can pay via https://www.indusind.com/loanemipayments.html on or after the EMI due date. 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.

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.  August 2020. However, you can  pay the EMI due through our digital link - https://www.indusind.com/loanemipayments.html, on or after the EMI due date.