RBI 3-Month EMI Moratorium Extension: Should I Defer EMIs? [With FAQs]
RBI 3 Month EMI Moratorium
RBI 3-Month EMI Moratorium Extension: Everything You Need to Know
Shiv Nanda
Mar 31 • 6 mins read

RBI 3-Month EMI Moratorium Extension: Everything You Need to Know

6 mins read

Topic

IMPORTANT NOTE ABOUT THE MORATORIUM EXTENSION POLICY [Announced 22 May, 2020]:

RBI has announced an EMI moratorium extension of 3 months (June, July, August 2020) of its previously declared Moratorium for Retail Loan EMIs. How does it affect you?

As per the RBI guidelines, MoneyTap will extend the moratorium for its customers till 31st August. However, an automatic extension of the moratorium will not happen on MoneyTap. To extend the moratorium period till 31st August, customers will have to opt-in afresh, even if they have availed of the previous moratorium (March, April, May 2020).

“At MoneyTap, we’re working towards offering moratorium to deserving customers. Since the moratorium is to be offered keeping in mind the borrower’s financial situation and impact due to Covid-19, we’re exchanging information with our customers so that we can understand their situation and act accordingly and swiftly.

The regulator has outlined that the moratorium can be offered at the discretion of the lenders. Our financing partners are also committed towards helping deserving customers and in doing what’s right by both – the borrowers and the business. It’s a tough balancing act as you would understand.

We are working round-the-clock and have taken extra measures to communicate and engage with customers at this difficult time.”

– Kunal Varma
CBO & Co-founder, MoneyTap

What to do if you had already opted for the moratorium earlier?

Your moratorium period ended on 31st May. If you do not extend it, your EMIs will resume. To extend the moratorium period till 31st August, you’ll have to opt-in again on the app. Please check the SMS sent to your registered number, or the notification card displayed on the app that will allow you to opt-in for the extension.

Please note: Interest will continue to accumulate during the moratorium period.

What to do if you haven’t opted before but want to opt-in now for the moratorium extension?

We understand that these are unprecedented times. If you’re facing financial hardships, you can opt-in for the moratorium afresh, provided you have and not missed any EMI payments with us. If you are eligible to opt-in for the moratorium, you will see a notification card on the MoneyTap app.

Note: Only those customers who have paid at least one EMI before 1st March can opt-in for the Moratorium.

What happens if you choose to opt-in for the moratorium/moratorium extension?

– You won’t have to pay any EMIs till 31st August 2020.

– Your regular payments will resume from September 2020.

– Interest will continue to accumulate during this period.

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

Please be advised that if you are financially stable, choose not to opt for the moratorium/moratorium extension as you’ll have to pay additional interest for the moratorium period. Regular EMI payments will help you to build a good credit profile at the credit bureau.

The following information is about the previous announcement of RBI Moratorium shared on 31st March 2020:

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.

RBI 3-Month EMI Moratorium Extension: Everything You Need to Know
Shiv Nanda
Mar 31

Shiv Nanda is a financial analyst at MoneyTap who loves to write on various financial topics online. He also advises people on financial planning, investment choices and budgeting skills, and helps them make their financial lives better.

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Comments (160)

  • JAYSING DNYANOBA ZALTE says:

    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

    • Syed Mehboob Ali says:

      I put down a mail already two times on your registered mail I’d at(hello@moneytap.com) to pause my EMI till 31 May 2020. still I have not received any confirmation to pause my EMI from your MoneyTap Team. Please do help.

      Thanking you

      Mob No: 9861102786

      • saranya says:

        Hi,

        The moratorium is not a default extension to everyone. We regret to inform you that, unfortunately, you cannot be enrolled for the 3-month (June to August) EMI Moratorium. There are 4 reasons that you might not be eligible for Moratorium:

        1. You haven’t sent us an email.
        2. The email was not sent from registered details.
        3. Bank statement not sent.
        4. Account details were not provided. Any email requests from a non-registered email address or without a copy of the bank statement will be deemed invalid and not considered for moratorium evaluation. Let us know in case of any queries. We are happy to assist you. 

        Thank you!

  • shriniwas dharmadhikari says:

    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

  • Gajanan jadhav says:

    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.

  • LINGADAS VADNALA says:

    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

    • saranya says:

      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. 

  • ARUN KUMAR v.c. says:

    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.

    • saranya says:

      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. 

  • Mohammed myfas says:

    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.

    • saranya says:

      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. 

  • SURAJ KUMAR MANDAL says:

    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.

    • saranya says:

      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. 

      • Akbar Shaikh says:

        Sir I wat apply moratorium bcz of covid 19 I didn’t get the salary my mobile number is 9552092040 plugin help me

        • saranya says:

          Hi,

          The moratorium is not a default extension to everyone. We regret to inform you that, unfortunately, you cannot be enrolled for the 3-month (June to August) EMI Moratorium. There are 4 reasons that you might not be eligible for Moratorium:

          1. You haven’t sent us an email.
          2. The email was not sent from registered details.
          3. Bank statement not sent.
          4. Account details were not provided. Any email requests from a non-registered email address or without a copy of the bank statement will be deemed invalid and not considered for moratorium evaluation. Let us know in case of any queries. We are happy to assist you. 

          Thank you!

    • saranya says:

      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. 

  • Pratik Karche says:

    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

    • saranya says:

      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. 

  • Vikas Bansal says:

    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.

    • saranya says:

      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. 

    • saranya says:

      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. 

  • NUNAVATH Aditya singh says:

    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

        • saranya says:

          We regret to inform you that your moratorium request (June to August) could not be approved by our finance partner – DMI.

          We at Moneytap are trying our best to provide financial relief to our customers during these difficult times. Unfortunately, we are unable to extend the moratorium period without the support of our banking partner.

          Following this decision, your regular EMI auto-debit will resume in June’20. We request you to maintain sufficient balance in your account for auto-debit.

          We understand you might be under financial duress. In case you need some more time to build your finances, please reach out to DMI with 2 months of bank statement of the bank account registered with them.

          This will add credibility & build a strong case in your favour. Their team can be reached at moratorium@dmifinance.in.

          We sincerely apologize for the severe inconvenience this might have caused & appreciate your understanding.

  • Arish pasha says:

    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

    • saranya says:

      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. 

  • Arjun Galgat says:

    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 9671418445

    • Arjun Galgat says:

      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 9671418445

    • saranya says:

      Hi, the moratorium is not a default extension to everyone. We regret to inform you that, unfortunately, you cannot be enrolled for the 3-month (June to August) EMI Moratorium. There are 4 reasons that you might not be eligible for Moratorium:

      1. You haven’t sent us an email.
      2. The email was not sent from registered details.
      3. Bank statement not sent.
      4. Account details were not provided. Any email requests from a non-registered email address or without a copy of the bank statement will be deemed invalid and not considered for moratorium evaluation. Let us know in case of any queries. We are happy to assist you. 

    • saranya says:

      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. 

    • Ravi thakur says:

      I had sent request EMI MORATORIUM last March to august month Only. But i couldn’t receive any reply from u. Plz accept my request

      Reply

      • Ravi thakur says:

        Iss waqt ek maseg aya ki aap ka moreteriyam nahi hua hai kall aap ko emi pay kar na hoga magr kye sye av to salry v nahi milla hai or aap kuch din pehele v nahi bole av mai kiya karu
        Pllz help me

        • saranya says:

          Hi,

          We regret to inform you that your moratorium request (June to August) could not be approved by our finance partner – DMI.

          We at Moneytap are trying our best to provide financial relief to our customers during these difficult times. Unfortunately, we are unable to extend the moratorium period without the support of our banking partner.

          Following this decision, your regular EMI auto-debit will resume in June’20. We request you to maintain sufficient balance in your account for auto-debit.

          We understand you might be under financial duress. In case you need some more time to build your finances, please reach out to DMI with 2 months of bank statement of the bank account registered with them.

          This will add credibility & build a strong case in your favour. Their team can be reached at moratorium@dmifinance.in.

          We sincerely apologize for the severe inconvenience this might have caused & appreciate your understanding.

      • saranya says:

        Hi,

        The moratorium is not a default extension to everyone. We regret to inform you that, unfortunately, you cannot be enrolled for the 3-month (June to August) EMI Moratorium. There are 4 reasons that you might not be eligible for Moratorium:

        1. You haven’t sent us an email.
        2. The email was not sent from registered details.
        3. Bank statement not sent.
        4. Account details were not provided. Any email requests from a non-registered email address or without a copy of the bank statement will be deemed invalid and not considered for moratorium evaluation. Let us know in case of any queries. We are happy to assist you. 

        Thank you!

  • Fahad azim says:

    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

    • saranya says:

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

  • Mukesh says:

    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

    • saranya says:

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

    • saranya says:

      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. 

  • GOKUL BHAGWAN KUMBHAR says:

    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

    • saranya says:

      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. 

  • Koppisetty Vijaya Bhaskar says:

    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

    • saranya says:

      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.

    • saranya says:

      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. 

  • Chetan chandrakant jadhav says:

    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

    • saranya says:

      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. 

    • saranya says:

      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.

  • Mankar Santosh Damu says:

    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)

  • Ameeth Sutarr says:

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

    • saranya says:

      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. 

  • Gaurav says:

    I am continuously trying to opt for moratorium facility from money tap. Today I received mail for the same. Can anyone please let me know the process to follow and opt for moratorium.

    Thanks in advance.

  • Mankar Santosh D. says:

    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

    • saranya says:

      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.

  • Kamal singh dangi says:

    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 9179919182

    • saranya says:

      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.

  • Umeshkumar Sonone says:

    Dear Sir
    I am Customer of Money tap mob 8055177108 since lockdown is extended in Maharashtra till 31 May 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

  • Dhruvil shah says:

    I wants to apply for 3 months monatorium for money tap loan EMI so what should I do to process further for that please suggest me

  • Dheeraj Kumar says:

    Covide-19 monatorium apply I am customer money tap mob:9953200925 pls approve emi monatorium I am ready too pay extra interest pls help 3 month August 2020 pls help pay interest

    • saranya says:

      Hi, we are currently seeking more clarity from relevant institutions on how to extend the moratorium. 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.

  • Mankar Santosh Damu says:

    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

  • VIPUL Palan says:

    Dear Sir
    I am Customer of Money tap mob 8767750758 since lockdown is extended in Maharashtra till 30 May 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

  • Amit prahaladka says:

    I useing moneytap rbl credit card I like to apply covid 19 moratorium.. But nit getting any link to apply so kindly help me

    • saranya says:

      Hi, we’re in talks with our finance partners regarding the extension of the moratorium. Our final policy will be in place in 2-4 working days.

  • Ramji Maheshwari says:

    Dear sir/ madam,
    I have taken Rs.10000 loan vide loan Account/Mob no:-9157686117. My main source of income is now 50% from last tow months and the same is got affected due to current scenario of lock down. As per the latest loan repayment relaxation announcement by RBI, I wish to get the
    benefit of three months moratorium; which will help me to reduce my financial burden in this crucial
    time.
    I will start paying the EMI / payments on regular basis as per the RBI guidelines.
    In view of extension of repayment tenor of loan by 3 months as per my request, I undertake to
    submit fresh NACH debit mandate to cover such extended tenor of my loan.
    Kindly do the needful and grant me the benefits of moratorium period.

    And i have paid also last two month NACH Debit charges.
    ***Total charges of NACH AUTO DEBIT CHARGES Rs.590 x 11 times Debit from my Account = Rs.6490/-
    Now i decided My Bank Account I will closed Due to no any Answer given to your company.
    and i I will FIR against your company.
    because i am fully tried from your company if any Humanity in Company please contact me. My Mob:- 9157686117.

    • saranya says:

      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 1 to 2 business days. We would request you to wait for an update.

    • saranya says:

      Hi, we can see that you have already requested the 3-months (June, July, and August) EMI Moratorium from the app. We have taken your request and you’ll receive the final status confirmation communication in the next 1-2 days. 

  • SARVESH KUMAR says:

    Hiii

    There is no option on App to avail the Moratorium Facility

    Please guide me as soon as possible

    I have duly updated Moneytap application but there is no option to avail Moratorium facility

    Please help me as soon as possible

    Regards
    Sarvesh Kumar
    9711773818

    • saranya says:

      Hi, the moratorium is not a default extension to everyone. We regret to inform you that, unfortunately, you cannot be enrolled for the 3-month (June to August) EMI Moratorium. There are 4 reasons that you might not be eligible for Moratorium:

      1. You haven’t sent us an email.
      2. The email was not sent from registered details.
      3. Bank statement not sent.
      4. Account details were not provided. Any email requests from a non-registered email address or without a copy of the bank statement will be deemed invalid and not considered for moratorium evaluation. Let us know in case of any queries. We are happy to assist you. 

  • Anshu thakur says:

    Hi

    i got a message yesterday only from Moneytap, that to again opt in for moratorium till August 2020 i need to fill the details again. after filling up the details , it has mentioned that they will let me know for opt in confirmation but i have not received any confirmation and my EMI is due for tomorrow. How will i check with my opt in thing has started from June onwards or not.

      • saranya says:

        Hi,

        We regret to inform you that your moratorium request (June to August) could not be approved by our finance partner – DMI.

        We at Moneytap are trying our best to provide financial relief to our customers during these difficult times. Unfortunately, we are unable to extend the moratorium period without the support of our banking partner.

        Following this decision, your regular EMI auto-debit will resume in June’20. We request you to maintain sufficient balance in your account for auto-debit.

        We understand you might be under financial duress. In case you need some more time to build your finances, please reach out to DMI with 2 months of bank statement of the bank account registered with them.

        This will add credibility & build a strong case in your favour. Their team can be reached at moratorium@dmifinance.in.

    • saranya says:

      Hi,

      We regret to inform you that your moratorium request (June to August) could not be approved by our finance partner – DMI.

      We at Moneytap are trying our best to provide financial relief to our customers during these difficult times. Unfortunately, we are unable to extend the moratorium period without the support of our banking partner.

      Following this decision, your regular EMI auto-debit will resume in June’20. We request you to maintain sufficient balance in your account for auto-debit.

      We understand you might be under financial duress. In case you need some more time to build your finances, please reach out to DMI with 2 months of bank statement of the bank account registered with them.

      This will add credibility & build a strong case in your favour. Their team can be reached at moratorium@dmifinance.in.

      We sincerely apologize for the severe inconvenience this might have caused & appreciate your understanding.

    • saranya says:

      Hi,

      We regret to inform you that your moratorium request (June to August) could not be approved by our finance partner – DMI.

      We at Moneytap are trying our best to provide financial relief to our customers during these difficult times. Unfortunately, we are unable to extend the moratorium period without the support of our banking partner.

      Following this decision, your regular EMI auto-debit will resume in June’20. We request you to maintain sufficient balance in your account for auto-debit.

      We understand you might be under financial duress. In case you need some more time to build your finances, please reach out to DMI with 2 months of bank statement of the bank account registered with them.

      This will add credibility & build a strong case in your favour. Their team can be reached at moratorium@dmifinance.in.

      We sincerely apologize for the severe inconvenience this might have caused & appreciate your understanding.

    • saranya says:

      Hi,

      We regret to inform you that your moratorium request (June to August) could not be approved by our finance partner – DMI.

      We at Moneytap are trying our best to provide financial relief to our customers during these difficult times. Unfortunately, we are unable to extend the moratorium period without the support of our banking partner.

      Following this decision, your regular EMI auto-debit will resume in June’20. We request you to maintain sufficient balance in your account for auto-debit.

      We understand you might be under financial duress. In case you need some more time to build your finances, please reach out to DMI with 2 months of bank statement of the bank account registered with them.

      This will add credibility & build a strong case in your favor. Their team can be reached at moratorium@dmifinance.in.

      We sincerely apologize for the severe inconvenience this might have caused & appreciate your understanding.

  • Prabhakaran A says:

    They cancelled my extended Moratorium june to august when I’m in financial problem I requested them in mails to extend . . I put more than 2 mails daily but also they cancelled .nw I’m going to file a case against this company . .

    • saranya says:

      Hi,

      We regret to inform you that your moratorium request (June to August) could not be approved by our finance partner – DMI.

      We at Moneytap are trying our best to provide financial relief to our customers during these difficult times. Unfortunately, we are unable to extend the moratorium period without the support of our banking partner.

      Following this decision, your regular EMI auto-debit will resume in June’20. We request you to maintain sufficient balance in your account for auto-debit.

      We understand you might be under financial duress. In case you need some more time to build your finances, please reach out to DMI with 2 months of bank statement of the bank account registered with them.

      This will add credibility & build a strong case in your favour. Their team can be reached at moratorium@dmifinance.in.

      We sincerely apologize for the severe inconvenience this might have caused & appreciate your understanding.

  • G.Narayana Moorthy says:

    Hi

    i applied that to again opt in for moratorium till August 2020 in app but receive below message from your end.

    Quote++

    We regret to inform you that your moratorium request has not been approved by our finance partner. EMI auto-debit will resume. Please check email for details.

    Un Quote ++

    How will i check that details also my opt in thing has started from June onwards or not.

    Pls clarify.

    • saranya says:

      Hi, we regret to inform you that your moratorium request (June to August) could not be approved by our finance partner – DMI.

      We at Moneytap are trying our best to provide financial relief to our customers during these difficult times. Unfortunately, we are unable to extend the moratorium period without the support of our banking partner.

      Following this decision, your regular EMI auto-debit will resume in June’20. We request you to maintain sufficient balance in your account for auto-debit.

      We understand you might be under financial duress. In case you need some more time to build your finances, please reach out to DMI with 2 months of bank statement of the bank account registered with them.

      This will add credibility & build a strong case in your favor. Their team can be reached at moratorium@dmifinance.in.

      We sincerely apologize for the severe inconvenience this might have caused & appreciate your understanding.

  • Pradeep Kumar says:

    Dear Sir
    I am Customer of Money tap mob 9811505840 since lockdown is extended in GHAZIABAD till 30 June 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

    • saranya says:

      Hi,

      The moratorium is not a default extension to everyone. We regret to inform you that, unfortunately, you cannot be enrolled for the 3-month (June to August) EMI Moratorium. There are 4 reasons that you might not be eligible for Moratorium:

      1. You haven’t sent us an email.
      2. The email was not sent from registered details.
      3. Bank statement not sent.
      4. Account details were not provided. Any email requests from a non-registered email address or without a copy of the bank statement will be deemed invalid and not considered for moratorium evaluation. Let us know in case of any queries. We are happy to assist you. 

      Thank you!

  • shalu sharma says:

    mam maine mail b kara apko pehle hi fir bhi meri ecs laga ke bounce kara di apki compny ne.
    mobile no.9654112354

    • saranya says:

      Hi,

      The moratorium is not a default extension to everyone. We regret to inform you that, unfortunately, you cannot be enrolled for the 3-month (June to August) EMI Moratorium. There are 4 reasons that you might not be eligible for Moratorium:

      1. You haven’t sent us an email.
      2. The email was not sent from registered details.
      3. Bank statement not sent.
      4. Account details were not provided. Any email requests from a non-registered email address or without a copy of the bank statement will be deemed invalid and not considered for moratorium evaluation. Let us know in case of any queries. We are happy to assist you. 

      Thank you!

    • saranya says:

      Hi,

      The moratorium is not a default extension to everyone. We regret to inform you that, unfortunately, you cannot be enrolled for the 3-month (June to August) EMI Moratorium. There are 4 reasons that you might not be eligible for Moratorium:

      1. You haven’t sent us an email.
      2. The email was not sent from registered details.
      3. Bank statement not sent.
      4. Account details were not provided. Any email requests from a non-registered email address or without a copy of the bank statement will be deemed invalid and not considered for moratorium evaluation. Let us know in case of any queries. We are happy to assist you. 

      Thank you!

    • saranya says:

      Hi,

      Thanks for reaching out.

      This is to confirm that you have been granted the 3-month (June to August) EMI moratorium.

      Following this decision:

      – You won’t have to pay EMIs until 31st August 2020.
      – Your regular payments will resume from September 2020.
      – Interest will continue to accumulate during this period.
      – You will have to pay the accumulated interest along with your regular payment in September onwards.

      Your payment schedule will get updated in a few days.

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

      Thank you!

  • NITYANAND says:

    I sent a lot of email (dubeyrocky22@gmail.com) for emi moratorium but no reply came from you, the bank is charging me a check bounce daily.

  • Anbarasan says:

    Hi Team,

    Need Moratorium for my loan till August bcz, I lost my job..

    Thanks for your understanding

    Anbarasan A

    9791191140

    • saranya says:

      Hi,

      The moratorium is not a default extension to everyone. We regret to inform you that, unfortunately, you cannot be enrolled for the 3-month (June to August) EMI Moratorium. There are 4 reasons that you might not be eligible for Moratorium:

      1. You haven’t sent us an email.
      2. The email was not sent from registered details.
      3. Bank statement not sent.
      4. Account details were not provided. Any email requests from a non-registered email address or without a copy of the bank statement will be deemed invalid and not considered for moratorium evaluation. Let us know in case of any queries. We are happy to assist you. 

      Thank you!

    • saranya says:

      Hi, the moratorium is not a default extension to everyone. We regret to inform you that, unfortunately, you cannot be enrolled for the 3-month (June to August) EMI Moratorium. There are 4 reasons that you might not be eligible for Moratorium:

      1. You haven’t sent us an email.
      2. The email was not sent from registered details.
      3. Bank statement not sent.
      4. Account details were not provided. Any email requests from a non-registered email address or without a copy of the bank statement will be deemed invalid and not considered for moratorium evaluation. Let us know in case of any queries. We are happy to assist you. 

  • Arun Kumar Singh says:

    I have extend my Emi 31 august.
    Please send process how extend EMI.
    And related phone no .
    I have face problem daily .
    Your collection team call me daily .and presser for me to payment

    Please solve this problem.
    Thanks.

    • saranya says:

      Hi, the moratorium is not a default extension to everyone. We regret to inform you that, unfortunately, you cannot be enrolled for the 3-month (June to August) EMI Moratorium. There are 4 reasons that you might not be eligible for Moratorium:

      1. You haven’t sent us an email.
      2. The email was not sent from registered details.
      3. Bank statement not sent.
      4. Account details were not provided. Any email requests from a non-registered email address or without a copy of the bank statement will be deemed invalid and not considered for moratorium evaluation. Let us know in case of any queries. We are happy to assist you. 

    • saranya says:

      Hi, we regret to inform you that unfortunately, the option of availing the 3-months EMI moratorium (June to August) is now unavailable. However, we will reach out to you once the option is back on the app.

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