Dear Customers,
We are facing an unprecedented challenge and threat from the COVID-19 pandemic (the Corona Virus). To support you in this hour of crisis, and in line with RBI guidelines, Shiksha Finance has drafted a policy to offer its customers EMI Moratorium as a relief measure. We are sure that this will help you tide over this temporary disruption.
We pray to God that we shall emerge out of this situation at the earliest with good health. Please be at home. Stay safe and take necessary precautions.
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.
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—31st 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 customer has the choice not to avail the moratorium and pay the EMIs regularly. In case the customer does not revert to the communication from Shiksha Finance sent to all eligible customers, it is assumed that the customer has accepted the moratorium. The customer is free to remit the EMI on the agreed EMI due date and once EMI is remitted, it is confirmed that the customer is not opting for the moratorium.
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.
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. However the balance tenure will get extended. We will intimate the revised repayment schedule after the deferment period—31st 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 for which the loan was availed. The interest due on the outstanding amount at the contracted rate of interest will be calculated for the period of the moratorium and the interest amount will be divided equally and will be added to the last two extended EMIs. For example, if the loan is for 12 months and the interest amount for the two months is Rs. 700, Rs. 350 per month will get added to the 13th and 14th EMI (extended EMIs) for the loan.