The customer has the choice not to avail the moratorium and pay the EMIs regularly. In case the customer wishes to avail the moratorium, the same has to be intimated through an email to service@shikshafinance.com or info@shikshafinance.com. In case there is no written confirmation from the customer, it will be assumed that the customer is willing to pay the EMIs as per the original repayment schedule.

This is not a waiver, but a deferment. Customer will have to pay the EMIs at a later date with an extension of the tenor.

• The moratorium option shall be applicable to all school loan customers of Shiksha Finance except for the loan accounts with more than 89 days due as of 29^th February 2020.
• For customers who have not paid EMI of March 2020 are eligible for Moratorium for three months ie. March 2020, April 2020 and May 2020
• For customers who have paid EMI of March 2020 are eligible for moratorium for two months, i.e., April 2020 and May 2020. The amount paid for March 2020 will not be refunded. 

• It is not mandatory to opt for a moratorium.
• We suggest that the moratorium should be availed, only if there is disruption in cash flow due to the pandemic/lock-down.
• It has to be taken into account that the interest on the loans continue to accrue in the account of the customer resulting in higher payout for the loan.

No. The non-payment of dues during the moratorium period will not impact the credit rating.

There will be no impact. The customer may apply for any new loans/financing with  Shiksha Finance.

No, this will be payable after the original loan period. A revised repayment schedule would be drawn up for the loan for which moratorium is opted. The EMI will remain the same, however the balance tenure will get extended. We will intimate the revised repayment schedule on the registered email id after the deferment period—31^st May 2020.

For customers eligible and opted for moratorium, late payment charges will not be applicable.  For customers not eligible for moratorium and for customers who have not opted for a moratorium, applicable charges as per the loan agreement will be levied.

During the said moratorium period, interest shall continue to accrue on the outstanding portion of the term loan at the interest rate at which the loan was availed.  The interest accrued will be added to the outstanding loan amount and the repayment schedule for such loans and the residual tenor, will be revised after the moratorium period.

Illustration: 

What happens when a customer opts for a 3-month moratorium  of loan amount Rs.5 lacs @ 26% ROI and 36 months tenor:

The tenor gets increased. 

EMI remains unchanged at Rs. 20145 except the last EMI.

The interest gets added to the principal during the period of moratorium (instalment no. 25, 26, 27 in the above example).

Additional interest will be Rs. 18507 on account of the moratorium