Moratorium FAQs
The RBI has permitted that NBFCs may grant a moratorium of upto three months on payment of instalments falling due between March 1, 2020 and May 31, 2020. During this period, the NBFCs are permitted to defer collections of instalments due between March 1, 2020 and May 31, 2020. Accordingly, the residual tenor of the loan (repayment schedule) will be extended.
Moratorium is a temporary repayment holiday period where Chola offers its customers an option to defer payment of the EMIs during the Moratorium Period.
Chola shall be extending the moratorium to all customers whose delinquency status as at March 1st 2020 is less 180 days past due and against whom Chola has not initiated SARFAESI proceedings (specific to Home Equity customers).
If you opt for availing the moratorium scheme it shall mean that the loan repayment for upto three instalments (March 1st to May 31st due EMIs) will be postponed by a period of 3 three months and the tenure of your loan with Chola will be accordingly extended by upto 3 three months. If you opt for this scheme, your loan outstanding and dues status will remain unchanged as at March 1st 2020 upto the period of moratorium. Interest will continue to accrue on the outstanding loan amount which will be recovered post moratorium period.
No. These instalments are not waived. This means that payments for three instalments are deferred/postponed by a period of three months and the tenure of your loan with Chola will be extended by three months. You will still have to pay these instalments at the end of the current loan tenure.
The moratorium is optional and not compulsory. We advise you to take the benefit under this package only if there is disruption in your cash flow due to the pandemic / lock-down. You must take into account that the interest on the loan continues to accrue in your account during the moratorium period.
Customers who wish to avail the moratorium will need to submit their request to the company in a separate format either electronically or on soft copy of the format scanned.
Yes. You can opt to avail the moratorium for April and May dues and opt out at a later date as well. Please keep in mind that the request for moratorium needs to be communicated well in advance of your due date for it to be processed in time. Similarly, if you wish to opt out of the earlier request for moratorium, the same needs to be communicated to Chola through the following modes detailed here.
There will be no penal charges during the moratorium period.
No. The non-payment of dues during the moratorium period will not impact your credit rating.
Yes, you can opt for moratorium for each loan that you have availed from us. Please remember that additional interest for the moratorium period will be applicable for each loan separately.
Please click here to submit the request for moratorium.
There will be no impact. You may apply for any new loans / financing with Chola.
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