RBI 3-Month EMI Moratorium: Don't Defer EMIs If You Can Pay [With FAQs]
MoneyTap Blog
RBI 3 Month EMI Moratorium

RBI 3-Month EMI Moratorium: Don’t Defer EMIs If You Can Pay [With FAQs]

Important update, 26th May 2020: The content of this article refers to our policy with respect to the Moratorium declared on 27th March 2020. We’re in consultation with our Bank and NBFC partners regarding the extension of the moratorium 2.0. We will come up with our policy in the next 3 to 5 business days.

Important announcement about RBI Moratorium on loans due to the COVID-19 situation:

The Reserve Bank of India, on 27th March 2020, announced measures to improve the economy in response to the COVID-19 crisis. All financial institutions are permitted to allow a moratorium of three months on payments of EMIs of all term loans and credit card dues arising between 1st March 2020 and 31st May 2020.

Please check RBI’s notification dated 27th March 2020 for more details: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11835

What does a 3-month EMI Moratorium mean?

It means that if you do not have the means to pay, you can choose to defer your EMIs until 31 May 2020.

Please note that the 3-month moratorium is not a loan waiver. It is only a shift in EMI payment schedules. Interest will continue to accrue during this period which will be payable along with regular payment from June onwards. MoneyTap recommends that you continue paying your EMIs within the due date to avoid additional interest.

Pros and Cons of Availing the 3-month Moratorium

Before you make your decision, consider the following pros & cons carefully.

Pros:

  • You will get immediate financial relief.
  • Your credit score will not be affected.
  • You’ll buy time to build your finances.

Cons:

  • Interest will continue to accumulate during the moratorium period.
  • You’ll have to pay the additional interest along with regular EMIs June onwards.
  • You’ll not be able to borrow fresh credit from MoneyTap until your EMIs resume.

FAQs About RBI Moratorium:

Please read FAQs below to understand the full implications of the moratorium.

  • What Does This Mean For MoneyTap Customers?

We are pleased to inform you that you can avail the 3-month moratorium on the MoneyTap app. This means you can choose to pause your EMIs until 31st May, 2020. Your regular EMIs will resume from June, 2020. You’ll have to pay the additional interest along with regular EMIs June onwards.

  • What Happens If You ‘Opt In’ For The Moratorium?

If you ‘Opt In’ for the moratorium and ‘pause’ your EMIs till 31st May, 2020:

– You won’t have to pay EMIs until 31st May, 2020.
– Your regular payments will resume from June, 2020.
– Interest will continue to accumulate during this period.
– You’ll have to pay the additional interest along with regular EMIs June onwards.

Note: Your CIBIL score will not be affected by the moratorium.

  • How is the accrued interest calculated?

For the moratorium period, simple interest will be charged for each month at the same monthly interest rate as your current loan. No additional processing fees or late payment penalty will be charged during this period.

Consider the following example.

Outstanding loan at the beginning of the moratorium = ₹10,000
Monthly interest rate = 2%.
Simple interest per month = ₹200
Total interest during the moratorium period (3 months) = ₹600

This interest amount will get added to the payment when the EMIs resume in June 2020.

  • Moratorium EMI Calculator

*Disclaimer: All interest calculations made are only indicative and may not match exact numbers.

We recommend that you take the moratorium only if absolutely necessary. While it may give you a temporary financial relief, you’ll end up paying more at the end of the moratorium. If you’re comfortable paying your EMIs as scheduled, it is definitely the cheaper and easier option. Choose wisely.

Know More About the RBI Moratorium:

  • What is the RBI moratorium?

The Reserve Bank of India has permitted Banks and NBFCs to allow consumers a 3-month moratorium on EMI repayments, for all term loans. It means that if you do not have the means to pay at present, you can choose to pause your EMIs until 31 May 2020.

– This is not a loan waiver, just a shift in your EMI schedules.
– Interest will continue to be charged during this period.

  • Am I eligible for the moratorium?

As per our policy, the moratorium is only being offered to certain segments of customers. If you are eligible, you will see the option of opting-in for the 3-month moratorium in the MoneyTap Mobile Application – make sure you are on the updated version of the app.

  • What happens if I opt-in the moratorium?

Once you opt-in, your current EMIs will be paused until 31 May 2020. The payment cycle will resume from June 2020 onwards. However, you’ll have to pay the interest accrued during the moratorium period along with regular payment when your EMIs resume in June 2020.

Money transfer service for your account will also be disabled during the EMI moratorium period, and will be enabled once your EMIs resume from June 2020.

  • What happens if I opt-out of the EMI moratorium?

The payment cycle continues as it is. You’ll continue paying your EMIs as per the regular schedule.

Kindly pay the EMI amount on or before the due date. If you have registered for auto-debit, the auto-debit will continue to happen as scheduled. Please maintain required balance for the auto-debit on the due date.

  • Will my CIBIL score get affected if I opt-in?

No. Your CIBIL score will not be affected if you avail the benefits of the moratorium.

  • How will I know if my EMIs have been paused? Will I be receiving any confirmation for opting-in?

You’ll receive a confirmation email and SMS after opting-in.

  • Can I opt-in for a few days/weeks only?

Sorry, you’ll have to opt-in for the entire moratorium period, which is 3 months starting March 1st (until 31 May 2020).

  • How much extra interest do I have to pay if I opt-in?

For the moratorium period (up to 3 months), simple interest will be charged for each month, at the same rate as your current loan.

Consider the following example:

Someone has an outstanding loan of ₹10,000 at the beginning of the moratorium, and their monthly flat interest rate is 2%. As per the policy, they will need to pay an interest of ₹200 for each month during the moratorium period (3 months). This will add ₹600 to their regular payment when their EMIs resume in June 2020.

  • How and when do I have to pay the accumulated interest?

You’ll have to pay the interest accumulated during the moratorium period along with regular payment when your EMIs resume in June 2020.

  • Will I be charged late fees if I opt-in?

No late fees or additional fees will be charged if you opt-in for the moratorium.

  • Should I opt-in for the moratorium?

We recommend that you take the moratorium only if absolutely necessary. While it may give you a temporary financial relief, you will end up paying additional interest at the end of the moratorium period. If you are comfortable paying your EMIs as scheduled, it is definitely the cheaper and easier option.

MoneyTap

India’s first app-based credit line, MoneyTap is a Bangalore based business that lends money with flexible interest rates, making credit quick and easy.

79 comments

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  • Dear Sir
    I am Customer of Money tap mob 7020770310 since lockdown is extended in Maharashtra till 30 April our payement also will not credited in account so kindly request to you please approve EMI MORATORIUM for my account I am ready to pay. Extra interest …also if received any payment assure to pay you same

  • Hallo Team
    I want to avail EMI moratorium till 31-May. next month i am unable to pay EMI so please help my moneytap no 9766665509

  • Hi.sir I am gajanan jadhav I am money tap customer. I have moratoriums 3 months. Because covid 19 and 144.after I pay all interest and EMI.

  • Dear Sir
    I am Customer of Money tap mob 9676724402. I am using MONEYTAP RBL CREDIT CARD
    account so kindly request to you please approve EMI MORATORIUM for my account I am ready to pay. Extra interest …also if received any payment assure to pay you same

    • Hi, we do have an option to avail the RBI moratorium. Write to us at hello@moneytap.com for further details, we are happy to assist you. Thank you. 

  • Hi sir my mobile no 9901897081 my request is that the regarding the covid19 issues all my transactions and business is not I active so I am requesting to approve the EMI moratorium please do the favour thank you.

    • Hi, we do have an option to avail the RBI moratorium. Write to us at hello@moneytap.com for further details, we are happy to assist you. Thank you. 

  • Dear sir maine apke diye huye email hello monetap pe mail kar diya but wo log bol raje ki apka emi date fix huwa hai aapko anewale month ka emi bharna padega aap account me paisa rakho.abhi aap batao paisa kahase ayega

  • Hi I’m customer of money tap. Money tap is very helpful loan app for common people I request to you drop my EMI for next 2 months because. the covid 19 and money problem.

    • Hi, we do have an option to avail the RBI moratorium. Write to us at hello@moneytap.com for further details, we are happy to assist you. Thank you. 

  • Dear Sir
    I am Customer of Money tap mob 9643399723 since lockdown is extended in Maharashtra till 30 April our payement also will not credited in account so kindly request to you please approve EMI MORATORIUM for my account I am ready to pay.

    • Hi, we do have an option to avail the RBI moratorium. Write to us at hello@moneytap.com for further details, we are happy to assist you. Thank you. 

  • Sir I want apply moratorium bcz of covid 19 I didn’t get the salary my mobile no is 9870853217 please help me

    • Hi, we do have an option to avail the RBI moratorium. Write to us at hello@moneytap.com for further details, we are happy to assist you. Thank you. 

  • Dear Sir
    I am Customer of Money tap Pratik Tanaji Karche mob 7972184064. I am using MONEYTAP APP account so kindly request to you please approve EMI MORATORIUM for my account I am ready to pay. Extra interest …also if received any payment assure to pay you same

    • Hi, we do have an option to avail the RBI moratorium. Write to us at hello@moneytap.com for further details, we are happy to assist you. Thank you. 

  • I want to xtend my EMI coz iam unable to pay this time bcoz i have no money and my salary is delayed for covid19 lockdown situation please do you help me deu to 3 months Covid19 Moratorium RBI guidelines.

    • Hi, we do have an option to avail the RBI moratorium. Write to us at hello@moneytap.com for further details, we are happy to assist you. Thank you. 

    • Hi, we do have an option to avail the RBI moratorium. Write to us at hello@moneytap.com for further details, we are happy to assist you. Thank you. 

  • Hello team,

    Iam NUNAVATH ADITYA SINGH I hav loan in moneytap and I hav opted to moratorium but now I’ve got msg and mail saying that I hav opted out for moratorium I didn’t opted anything please do the need for I don’t hav salary for past 2 months and certain I same for next month too so please look into it

  • I already send a request and I got a reply also in reply they r mentioning u have to submit ur request in app only there r writen

  • Hello
    I am a customer. My mobile number is 8299419064. I want to avail to the moratorium facility. Please help me in this as I am not getting an option to avail it on the app

    • Hi, your request for the moratorium has already been considered. Let us know in case of any queries, we are happy to assist you.

  • Dear Sir
    I am Customer of Money tap mob 9660066205 since lockdown is extended in Maharashtra till 5may our payement also will not credited in account so kindly request to you please approve EMI MORATORIUM for my account I am ready to pay. Extra interest …also if received any payment assure to pay you same

    • Hi, your request for the moratorium has already been considered. Let us know in case of any queries, we are happy to assist you.

    • Hi, we do have an option to avail the RBI moratorium. Write to us at hello@moneytap.com for further details, we are happy to assist you. Thank you. 

  • Dear Sir

    I Am Customer For Money Tap Mob 9604503200 Since Lokdwon Ìn COVID19 I Have Moratorium After2 Month
    I AM NOT PAYMENT IN MY ACCOUNT FOŔ BANK OF INDIA

    • Hi, we do have an option to avail the RBI moratorium. Write to us at hello@moneytap.com for further details, we are happy to assist you. Thank you. 

  • I am Customer of Money tap Koppisetty Vijaya Bhaskar mob 9550906010. I am using MONEYTAP APP account so kindly request to you please approve EMI MORATORIUM for my account I am ready to pay. Extra interest …also if received any payment assure to pay you same

    • Hi, we would like to inform you that the option to enroll for RBI Moratorium is available on the app, please go ahead and check the same.

    • Hi, we do have an option to avail the RBI moratorium. Write to us at hello@moneytap.com for further details, we are happy to assist you. Thank you. 

  • Hello,
    I WANT TO AVAIL MORATORIUM DUE TO COVID 19.
    Name – Chetan chandrakant jadhav
    Mobile no- 9769669986
    Pan no- AVZPJ5927D
    BIRTH DAY- 15/04/1994

    • Hi, we do have an option to avail the RBI moratorium. Write to us at hello@moneytap.com for further details, we are happy to assist you. Thank you. 

    • Hi,

      Thank you for showing interest in MoneyTap.

      MoneyTap is a Credit Line (combination of personal loan & credit card) app, which is available on Google Play Store. You can download the app and finish the application process on your phone and check the eligibility.

  • Dear sir/madam
    I am Mankar santosh Damu ,i have humble request to you please provide me moratorium policy because last two month no salary company is closed lock-down and i am lock at contentment zone total stop all facility in my home area , so please concert my request.
    Thank you.
    Mankar S.D. (9767429365)

  • hi dear sir/ mam
    my name is ameeth sutarr , mo. 9920465768
    I want to apply for a moratorium , please accept my request

    • Hi, we do have an option to avail the RBI moratorium. Write to us at hello@moneytap.com for further details, we are happy to assist you. Thank you. 

  • Dear Sir
    I am Customer of Money tap mob 9767429365. I am using MONEYTAP PL
    account so kindly request to you please approve EMI MORATORIUM

    • Hi, we are currently seeking more clarity from relevant institutions on how to implement this. We’re in touch with our Bank and NBFC partners and will come up with our exact policy in the next 3 to 5 business days. We would request you to wait for an update.

  • Dear Sir
    I am Customer of Money tap Mankar santosh D. mob 9767429365. I am using MONEYTAP PL
    account so kindly request to you please approve EMI MORATORIUM of next three month as per RBI rule for my account payment assure to pay you same

    Reply