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EMI Mortorium

EMI Moratorium FAQs

We're currently in one of the most extraordinary times in our history. The Corona Virus (COVID-19) pandemic has affected each one of us adversely in one way or another - our & our loved ones' health, the businesses we depend upon, the overall state of our economy, and the way we live our daily lives.

In light of these uncertain times, the Reserve Bank of India declared an economic bailout package on 27 Mar 2020, wherein we, at Moneyview, on behalf of our lending partners, gave you the option to postpone your loan EMIs until May 2020.

The RBI has further allowed extending the moratorium for 3 more months from June to August 2020. Moneyview is extending the same offer to its customers.

As a result, we’ve compiled a list of frequently asked questions about the moratorium to help you gain an understanding & make an informed choice.

Frequently Asked Questions

Due to the unprecedented calamity that has hit business and individuals alike, the RBI had allowed all banks, non-banking financial institutions and housing finance companies to allow a moratorium on payment of all instalments (postponement of all EMIs) falling due between March 1 2020, and May 31, 2020, which is now extended until August 31, 2020.
All customers of any term or retail loans like personal loans, home loans, auto loans, education loans, etc can take up the moratorium option, except for the customers who have an overdue payment as on March 1st, 2020. However, final discretion lies with your lending company to give you the option.
When you choose the EMI moratorium option, your EMIs that fall due between the declared period or moratorium will be postponed & your next EMI payment will be due after the period of moratorium . This is to help you sail through any financial difficulties that may come up due to the prevailing situation.
RBI has allowed extension of moratorium from the month of June 2020 till August 2020. So you can request a moratorium for these months. However, Moneyview would be allowing you to request 1 month’s moratorium at a time so as to allow you flexibility in managing your finances better.

To avail moratorium for a loan availed from Moneyview,

  • Go to the Loans Overview on Moneyview loans app >>
  • Click on the three dots on your top right-hand side >>
  • From the Dropdown- Select the EMI Moratorium option >>
  • In the next screen, you will have to give in your consent to opt-in or out of Moratorium (In this screen, we explain the consequences of each of your action to help you make an informed decision)
  • Check the button for Opt-out or Opt-In for Moratorium and Click on I Confirm button.

After you apply for the moratorium, we will review your request, before granting you the moratorium.

The starting interest rate depends on factors such as credit history, financial obligations, specific lender's criteria and Terms and conditions. Moneyview is a digital lending platform; all loans are evaluated and disbursed by our lending partners, who are registered as Non-Banking Financial Companies or Banks with the Reserve Bank of India.

This article is for informational purposes only and does not constitute financial or legal advice. Always consult with your financial advisor for specific guidance.

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