RBI 3-Month EMI Moratorium Extension: Should I Defer EMIs? [With FAQs]
MoneyTap Blog
RBI 3 Month EMI Moratorium
Home » RBI 3-Month EMI Moratorium Extension: Everything You Need to Know

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

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.

Shiv Nanda

Shiv Nanda

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.

213 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

      • Hi sir my mobile no 9966073898 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.

    • 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

      • 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!

  • 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. 

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

        • 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!

  • Hallo Team
    I want to avail EMI moratorium till 31-May. next month i am unable to pay EMI so please help my moneytap 7990852021

  • 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. 

  • Dear sir,mar&Apr EMI Paid may month not working salary not credited & my wife pregnancy you helped this month EMI not deducted please help me

  • 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

        • 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.

  • 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

    • 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. 

  • 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

    • 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

    • 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. 

    • 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 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

      • 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

        • 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.

      • 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!

  • 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

  • Dear Sir
    I am Customer of Money tap mob 7715961216 since lockdown is extended in Maharashtra till 17 may our payement also will not credited in account so kindly request to you please approve EMI MORATORIUM for my account

    • 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. 

  • 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.

  • 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.

      • Hi, The moratorium is not a default extension to everyone. In case you are facing any financial constraints (Job loss/ income loss), we request you to share with us a supporting document i.e. 3 months’ bank statement (1st of March till date) in PDF format from your beneficiary account to moratorium@moneytap.com, so that we can check and help you.

      • Dear Customer,

        This is an update on your moratorium extension request for the period of June 1st to August 31st, 2020. We are trying our best to provide financial relief to those customers whose incomes have been affected by the pandemic. With this end in view, our finance partners have formulated a revised moratorium policy.

        As per the updated policy, the moratorium will be granted to a customer if:
        1. Their salary has been adversely impacted by more than 5%.
        2. Their closing account balance is insufficient to handle more than 2 EMIs.

        We request you to reach out to us with your 3 months’ bank statement at hello@moneytap.com. This will help our finance partners validate your financial duress and grant you the moratorium.

        Note: Opting-in for the moratorium will not affect your CIBIL score.

  • 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

    • 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 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

  • 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

  • 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

    • 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.

  • 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

  • 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

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

    • 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.

  • 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.

    • 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.

    • 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. 

  • 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

    • 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. 

  • 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.

    • They will send a msg nd say sorry we have cancelled Ur request right now I’m facing the same issue

      • 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.

    • 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.

  • I want take Moratorium till Aguest.but I donot find any link to apply my Moratorium extension. What will i do.

    • 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.

    • 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.

  • 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 . .

    • 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.

  • 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.

    • 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.

  • 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

    • 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!

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

    • 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!

    • 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!

    • 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!

  • 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.

  • Hi Team,

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

    Thanks for your understanding

    Anbarasan A

    9791191140

    • 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!

    • 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. 

  • 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.

    • 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. 

    • 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.

        • Hi Vishal,

          This is an update on your moratorium extension request for the period of June 1st to August 31st, 2020. We are trying our best to provide financial relief to those customers whose incomes have been affected by the pandemic. With this end in view, our finance partners have formulated a revised moratorium policy.

          As per the updated policy, the moratorium will be granted to a customer if:
          1. Their salary has been adversely impacted by more than 5%.
          2. Their closing account balance is insufficient to handle more than 2 EMIs.

          We request you to reach out to us with your 3 months’ bank statement at hello@moneytap.com. This will help our finance partners validate your financial duress and grant you the moratorium.

          Note: Opting-in for the moratorium will not affect your CIBIL score.

      • Dear Customer,

        This is an update on your moratorium extension request for the period of June 1st to August 31st 2020. We are trying our best to provide financial relief to those customers whose incomes have been affected by the pandemic. With this end in view, our finance partners have formulated a revised moratorium policy.

        As per the updated policy, the moratorium will be granted to a customer if:
        1. Their salary has been adversely impacted by more than 5%.
        2. Their closing account balance is insufficient to handle more than 2 EMIs.

        We request you to reach out to us with your 3 months’ bank statement at hello@moneytap.com. This will help our finance partners validate your financial duress and grant you the moratorium.

        Note: Opting-in for the moratorium will not affect your CIBIL score.

      • Hi, this is an update on your moratorium extension request for the period of June 1st to August 31st, 2020. We are trying our best to provide financial relief to those customers whose incomes have been affected by the pandemic. With this end in view, our finance partners have formulated a revised moratorium policy.

        As per the updated policy, the moratorium will be granted to a customer if:
        1. Their salary has been adversely impacted by more than 5%.
        2. Their closing account balance is insufficient to handle more than 2 EMIs.

        We request you to reach out to us with your 3 months’ bank statement at hello@moneytap.com. This will help our finance partners validate your financial duress and grant you the moratorium.

        Note: Opting-in for the moratorium will not affect your CIBIL score.

    • Hi, this is an update on your moratorium extension request for the period of June 1st to August 31st, 2020. We are trying our best to provide financial relief to those customers whose incomes have been affected by the pandemic. With this end in view, our finance partners have formulated a revised moratorium policy.

      As per the updated policy, the moratorium will be granted to a customer if:
      1. Their salary has been adversely impacted by more than 5%.
      2. Their closing account balance is insufficient to handle more than 2 EMIs.

      We request you to reach out to us with your 3 months’ bank statement at hello@moneytap.com. This will help our finance partners validate your financial duress and grant you the moratorium.

      Note: Opting-in for the moratorium will not affect your CIBIL score.

    • Dear Customer,

      This is an update on your moratorium extension request for the period of June 1st to August 31st 2020. We are trying our best to provide financial relief to those customers whose incomes have been affected by the pandemic. With this end in view, our finance partners have formulated a revised moratorium policy.

      As per the updated policy, the moratorium will be granted to a customer if:
      1. Their salary has been adversely impacted by more than 5%.
      2. Their closing account balance is insufficient to handle more than 2 EMIs.

      We request you to reach out to us with your 3 months’ bank statement at hello@moneytap.com. This will help our finance partners validate your financial duress and grant you the moratorium.

      Note: Opting-in for the moratorium will not affect your CIBIL score.

  • I put down a mail already two times on your registered mail I’d at(hello@moneytap.com) to pause my EMI till 31 August 2020. still I have not received any confirmation to pause my EMI from your MoneyTap Team. Please do not hit ECS repeatedly in my account. My CIBIL score is getting very bad. Please do help.

    Thanking you
    Jaspreet Singh

    9997905800

    • Hi, this is regarding your moratorium request for the period of June 1st to August 31st, 2020. We’re very sorry to inform you that your request was not approved by our finance partner.

      As per our finance partner’s policy, the moratorium will be granted to a customer if:
      1. Their salary is adversely affected by more than 5%.
      2. Their closing account balance is insufficient to handle more than 2 EMIs.

      Unfortunately, your request could not be approved because one of these conditions was not met.

      Your regular EMI schedule will continue as it is.

      We request you to make the EMI payments on time to avoid damaging your CIBIL score.

      Once again, we sincerely apologize for the inconvenience this might have caused you.

  • Dear sir
    I have applied for loan moratorium from june to august but it is not yet approval from you’re side and club instantly NACH bounced it affected penalty from my bank i have requested for moratorium during this difficult time but no any positive feedback from you’re team
    Anand Ashok Kamble
    8652303045

  • Hello

    I want to take loan nut on the dashboard yhe withdraw available amount is not working … My available amount is 89000in my dashboard …
    .
    When i will able to take loan again…

  • ovide-19 monatorium apply I am customer money tap mob:9657264426 pls approve emi monatorium I am ready too pay extra interest pls help 3 month August 2020 pls help pay interest

    • Dear Customer,

      This is an update on your moratorium extension request for the period of June 1st to August 31st, 2020. We are trying our best to provide financial relief to those customers whose incomes have been affected by the pandemic. With this end in view, our finance partners have formulated a revised moratorium policy.

      As per the updated policy, the moratorium will be granted to a customer if:
      1. Their salary has been adversely impacted by more than 5%.
      2. Their closing account balance is insufficient to handle more than 2 EMIs.

      We request you to reach out to us with your 3 months’ bank statement at hello@moneytap.com. This will help our finance partners validate your financial duress and grant you the moratorium.

      Note: Opting-in for the moratorium will not affect your CIBIL score.

  • Dear Customer,

    This is an update on your moratorium extension request for the period of June 1st to August 31st 2020. We are trying our best to provide financial relief to those customers whose incomes have been affected by the pandemic. With this end in view, our finance partners have formulated a revised moratorium policy.

    As per the updated policy, the moratorium will be granted to a customer if:
    1. Their salary has been adversely impacted by more than 5%.
    2. Their closing account balance is insufficient to handle more than 2 EMIs.

    We request you to reach out to us with your 3 months’ bank statement at hello@moneytap.com. This will help our finance partners validate your financial duress and grant you the moratorium.

    Note: Opting-in for the moratorium will not affect your CIBIL score.

  • Dear Sir / Medam. I am jayaseelan. I will paid continue in due still june 05/05/2020. month, now i cant pay loan due kindly EMI modotorium in three months after i will pay my. Loan dues

    • Dear Customer,

      This is an update on your moratorium extension request for the period of June 1st to August 31st, 2020. We are trying our best to provide financial relief to those customers whose incomes have been affected by the pandemic. With this end in view, our finance partners have formulated a revised moratorium policy.

      As per the updated policy, the moratorium will be granted to a customer if:
      1. Their salary has been adversely impacted by more than 5%.
      2. Their closing account balance is insufficient to handle more than 2 EMIs.

      We request you to reach out to us with your 3 months’ bank statement at hello@moneytap.com. This will help our finance partners validate your financial duress and grant you the moratorium.

    • Dear Customer,

      This is an update on your moratorium extension request for the period of June 1st to August 31st, 2020. We are trying our best to provide financial relief to those customers whose incomes have been affected by the pandemic. With this end in view, our finance partners have formulated a revised moratorium policy.

      As per the updated policy, the moratorium will be granted to a customer if:
      1. Their salary has been adversely impacted by more than 5%.
      2. Their closing account balance is insufficient to handle more than 2 EMIs.

      We request you to reach out to us with your 3 months’ bank statement at hello@moneytap.com. This will help our finance partners validate your financial duress and grant you the moratorium.

  • Dear sir, I am Karthikeyan I am moneyTap customer My Mobile number 8189899901. My loan details March to sep 2020 I will paid already 3 months. But this month don’t me salary covid 19 issue please kindly this month extend 1 month please don’t money me this month.

    • Hi, the moratorium option was available till the 30th of June. We are sorry, as per the bank policy, we have stopped taking the moratorium requests for the current month. We request you to reach out to us with your 3 months bank statement at hello@moneytap.com. This will help our finance partners validate your financial duress and grant you the moratorium for the next month.

  • Dear Sir
    I am Customer of Money tap mob 9730978391. 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 regret but, as per the bank policy, we have stopped taking the moratorium requests for the current month. We request you to reach out to us with your 3 months bank statement at hello@moneytap.com. This will help our finance partners validate your financial duress and grant you the moratorium for the next month.

    • Hi, we regret but, as per the bank policy, we have stopped taking the moratorium requests for the current month. We request you to reach out to us with your 3 months bank statement at hello@moneytap.com. This will help our finance partners validate your financial duress and grant you the moratorium for the next month.

  • Hi sir my mobile no 9879106428. My requests that the regarding the covid 19 issues all my transactions and business is not i activities im requested to approve the EMI moratorium please dothe favour thank you

  • Ji mene august tak emi ka moratorium karvaya he application ke through phir bhi emi wale hume pareshan kar rahe he
    Mobile number:9173497075
    Please ye jaldi se solve kare.

  • Dear Sir
    I am Customer of Money tap mob 9726980240 since lockdown is extended in GUJARAT till JUN,JULY AND AUGUST 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