With the circumstances that we find ourselves in, we wish you well and hope you and your family stay healthy and safe.
As per the guidelines issued by RBI on 27th March, 2020 all commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, all-India Financial Institutions, and NBFCs (including housing finance companies and micro-finance institutions) (“lending institutions”) financial institutions are permitted to give moratorium to customers instalments in respect of all term loans outstanding as on March 1, 2020. It also states that, the Interest shall continue to accrue on the outstanding portion of the loans during the moratorium period. Further to this, as announced in the Governor’s Statement of May 22, 2020 and subsequent RBI’s Circular dated May 23, 2020, in view of the extension of lockdown and continuing disruption on account of COVID-19, permitted to extend the moratorium by another three months i.e. from June 1, 2020 to August 31, 2020 on payment of all instalments in respect of term loans.
Hence, we would like to clarify few points so that there is clear understanding and you decide accordingly.
In the case you wish to avail moratorium and request us to stop EMI repayments of your loans during this period. Interest will continue to be charged on the outstanding loan amount during the period of moratorium as well as the extended tenor of your loan.
- Unpaid interest amount of your loan account during this period of moratorium will be capitalised i.e. added to you outstanding principal amount and in order to keep your instalment at the current level, the tenor of your loan will be enhanced accordingly.
- As a result of above points, while your EMI amount will remain same, the amount of interest cost on your loan will increase due to extension of the remaining tenor of your loan.
- The customers availing moratorium from BFL, will not be entitled for the benefits of third party products namely Digital Fone Safe (DFS)/ Screen Protect/ Mobile Protect, until the loan dues pertaining to the moratorium period are paid by such customer to BFL.
For further details, you may click here for FAQs related to moratorium under covid-19.
We will accordingly evaluate the request based on our defined policy and process the same.
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