COVID-19 Relief Package – EMI Moratorium
At a time when our nation is facing unprecedented disruption due to COVID-19, and as per advice of the Reserve Bank of India, we extend our support by moratorium to our eligible customers’ loans who might be facing cash flow issues.
The moratorium will be applicable for all eligible customers whose loan repayment due falls between 1st March 2020 up to 31st August 2020.
Eligible customers who wish to avail the moratorium need to OPT-IN through the LoanFront app. The people who avail moratorium option need to note that the interest, will be accrued till the repayment and the maximum tenure of the loan can be extended only up to 180 Days.
To ease the burden of additional interest the VVPL is providing the below option:
- A) Partial repayment of the loan.
- B) Split the loan into smaller EMI’s.
- C) Flexible deferment option to ease the interest burden i.e defer the repayment by 15 days, 30 days, 45 Days, 60 Days or up to 180 days.
Frequently Asked Questions (FAQ’s)
1. What is the Moratorium period for a Vaibhav Vyapaar loan?
A moratorium period as regards to a Vaibhav Vyapaar loan means a period wherein the repayment can be delayed by eligible customers up to 180 Days. It is only postponing of the dues to be repaid and not a concession or waiver with respect to repayment of the loan repayments.
2. Am I eligible to avail the Moratorium?
The moratorium will be applicable for all eligible customers of Vaibhav Vyapaar who have their repayments due from 1st March 2020 up to 31st August 2020. However, following customers of Vaibhav Vyapaar will not be considered for Moratorium:
- A) Customers whose accounts are overdue before 01st March 2020.
- B) Customers who do not have a good repayment history, for example, delays on prior closed loans before the existing loan by more than 15 days.
3. Should I avail the moratorium option?
No. This is not a waiver, but a postponement. You will have to pay the entire accumulated outstanding amount along with the interest that shall continue to accrue on the outstanding portion of your loan during the moratorium period.
4. Will interest be charged during the moratorium period?
Yes. Interest will be continuing to accrue on the outstanding amount at applicable rate of interest.
5. If I avail moratorium will it affect my credit score?
No. There will be no adverse impact on your credit history or credit score in respect of repayments due during the moratorium period, if you avail the moratorium option.
6. Will the penal interest be charged for the repayments due which are falling between 1st March 2020 to 31st August 2020 and who have deferred the repayment due by availing the moratorium option?
No. Penal interest will be waived to the eligible customers who availed the moratorium option at the time of repayment.
7. Can I OPT-IN for the moratorium for one month and then OPT-OUT?
Yes. if you OPT-IN for the moratorium you can OPT-OUT in the next month as per your convenience.
8. How do I OPT-IN or OPT-OUT for moratorium?
You can OPT-IN or OPT-OUT for moratorium in following ways:
- At LoanFront APP
- By sending an email from your registered email id to firstname.lastname@example.org.
However, take note that Vaibhav Vyapaar fully reserves the right to accept/reject the moratorium OPT-IN requests.
9. How do I know that my request for moratorium is accepted or rejected?
You can know the status of your moratorium application in the LoanFront app through which you have availed the loan. Further, LoanFront will communicate the status of your application by sending an email and SMS to your registered email id and mobile number.
10. Is there any alternative option to Vaibhav Vyapaar customers apart from Moratorium?
Yes, Vaibhav Vyapaar is happy to provide following alternative options to eligible customers in order to reduce the interest burden.
- A) Partial repayment of the loan.
- B) Splitting the loan into smaller EMI’s.
- C) Flexible deferment option to ease the interest burden i.e defer the repayment by 15 days, 30 days, 45 Days, 60 Days or up to 180 Days.