The nationwide lockdown caused by the pandemic has created panic in livelihoods. It has resulted in a massive shift within the economic conditions of people. RBI allowed all lending organisations to offer a moratorium to borrowers on repayment of all term loans. They stated a moratorium for all individual and non-individual borrowers of three months moratorium on loans, that is the borrowers can skip their monthly instalments. It includes all loans comprising personal loans, home loan, property loan, car loan, credit card dues, education loan, auto loan, working capital loan, etc and many more.

 

The borrower will have to pay additional interest for three months by either increasing the amount per instalment or number of instalments. This moratorium is not obligatory for borrowers who can continue to pay their EMIs. This rescheduling will not have any adverse impact on credit score for individuals or default for corporates or credit downgrade.

 

loan against property

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How To Apply For A Loan Moratorium?

 

It is not quite a tough task to apply for the loan EMI moratorium. To apply for the RBI moratorium at Fullerton India, visit this page and follow the below steps:

 

  1. Select “Existing Customer.”
  2. Enter your 14/15 digit LAN ID.
  3. Enter your details, such as the email ID and mobile number.
  4. In the dropdown “Nature of query/request/complaint”, click on “Moratorium.”
  5. From the dropdown “More details”, click on “Avail moratorium up to May 31, 2020.”
  6. Now submit the request.
  7. Optionally, you can also submit a request through an SMS. Send FULMOR to 560703 from your registered mobile number or reply from your registered email ID to the moratorium related email sent by us.

 

By following these steps you can easily apply for the loan EMI moratorium.

 

loan against property

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Moratorium EMI Calculator

 

Moratorium calculator returns increase in EMI, interest or tenure on particular loan balance amount, interest rate, and loan tenure. Moratorium on the loan is not waiving of loan repayment for a particular period. If the lender avails moratorium benefit, then the amount not paid throughout the moratorium period is adjusted as increased EMI, interest, or tenure by the bank after the moratorium period expires.

 

You can use Fullerton India’s free online moratorium EMI Calculator to estimate your EMI’s value accurately your EMI’s value accurately if you opt for the moratorium. The calculator is mentioned on the lender’s website. It is freely available. You have to only fill the right information for loan amount, rate of interest, loan tenure, No of EMIs already paid, Moratorium period preferred (in months) and click on submit button you will get the required information.

How To Use The Moratorium Emi Calculator?

 

To understand how going for a moratorium could affect your loan, use the calculator as per the following steps:

 

  1. Enter your loan amount. This amount is what was sanctioned at the start of the loan to you.
  2. Input rate of interest; this is the same that is currently applicable to your loan.
  3. Enter the overall loan tenure as per your existing schedule.
  4. Input the number of EMIs already paid.
  5. Input the number of months you would like to avail the moratorium for. This can be 1, 2 or 3 months.
  6. On the right-hand side, select an option from the drop-down list. If you want to keep your EMI amount the same as per the original loan agreement, select “No change in monthly EMI amount” from the dropdown. If you want to keep your tenure the same as per the original schedule, please select “No change in loan tenure”.
  7. Depending on our choice, your monthly EMI, loan tenure and no. of EMIs post moratorium period will be displayed.

 

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Does this waiver the EMIs?

 

No, you would have to pay the revised amount after the moratorium is lifted.

 

How will this affect my EMI amount?

 

If you wish to keep the same monthly EMI amount, the tenure of your loan will increase. Similarly, if you decide to keep your loan tenure the same, your monthly EMI amount will increase.

 

Will availing the moratorium impact the CIBIL score of the owner?

 

No, if you avail the RBI moratorium from March 01 to May 31, 2020, then your CIBIL score will not get impacted.