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MORATORIUM CLARIFIED

FAQs on Suryoday Small Finance Bank Home Loan, Loan Against Property, Secured Business Loan against Property, Commercial Vehicles Loan, Dropline Overdraft Loan, MSME, SME, Vikas Loan, Individual Loan, MSME-T Nagar (Unsecured) Loan and Personal Loan (Loan for Insurance Premium) outstanding as on March 1, 2020.


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

RBI has permitted Bank to grant a moratorium of three months on payment of all instalments falling due between March 1, 2020 and May 31, 2020. Hence Bank will not raise the instalment demand during this period and Borrowers are not required to pay the Instalment during the period. Accordingly, the residual tenor of repayment schedule will be extended by three months.

2. Since the instalment are not to be paid, 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 and no instalment demand will be raised to the loan account of the borrower. During the said moratorium period, Interest shall continue to accrue on the outstanding portion of the term loan. The interest accrued will be added to the outstanding loan amount and the repayment schedule for such loans as also the residual tenor, will be shifted across the board by three months after the moratorium period.

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

The scheme will be uniformly applicable to all standard term loans such as Home Loan, Loan Against Property, Secured Business Loan against Property, Commercial Vehicles Loan, Dropline Overdraft Loan, MSME, SME, Vikas Loan, Individual Loan, MSME-T Nagar (Unsecured) Loan and Personal Loan (Loan for Insurance Premium)] outstanding as on March 1, 2020. Wherever the March 2020 instalment has already been paid by the borrower, the relief would be applicable for the EMI payable in April and May 2020. There is no separate request required from the borrower.

4. What I need to do If I do not want the relief facility?

If you wish to make the EMI payment during this moratorium period as well, then the same can be remitted to your 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. NACH/SI option will not be active during this period hence the EMI payment if desired by the customer has to be paid by him/her separately.

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

Interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period and will be added in the loan amount outstanding which might result in marginal increase in EMI. Post completion of the relief period, the repayment schedule for such loans as also the residual tenor, will be shifted across the board by up to three months after the moratorium period.

6. Does this moratorium period affect my credit rating?

No

7. What will happen to the accounts which are delinquent/ in default/overdue on or before 1st March 2020?

Since the relief is extended for instalments of loan which are due only between 1st March 2020 to 31st May 2020, the instalments/other amount overdue on or before 1st March 2020 in any of the loan account will have to be paid in order to avoid penal charges.


For any further assistance - Call us at Toll Free No: 1800 266 7711 or Email us at Smile@suryodaybank.com


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