If I avails 5 Month EMI Moratorium, that mean my loan tenure gets extended just by 5 more Months.
I am told that moratorium is costly.
Moratorium is same thing as EMI Waiver.
Everyone should avail moratorium.
Banks give moratorium for my loans, automatically.
Interest accrued during moratorium is added to Principal. So its like taking another loan.
Cost of moratorium varies by loan type, interest rate and outstanding tenor.
Moratorium is not EMI Waiver. Its deferment of EMI to later months.
It is to be availed by borrower only if necessary.
Banks don't enable moratorium for your loans, automatically. You've to request them through their website or by sending a request letter/e-mail to the respective branch manger.
One-touch capture of all your active loans along with interest rate and current outstanding details using CRIF Credit Bureau data.
Select months for which you want to avail moratorium, auto-generate new amortisation schedule compare it against the original schedule.
While many Financial institutions have tried to explain the impact with simple calculators, ours is a comprehensive analysis tool (powered by actual data from CRIF) which explains the moratorium impact in detail on the amortisation schedule.
Make informed decisions on whether to avail or not avail moratorium based on the extra cost incurred and impact of COVID on your income and industry.
Generate personalized moratorium request emails that can be forwarded to your branch manager.
Explore various ways and recommended timeline for settling the extra cost incurred if the moratorium is availed.