As per recent statement issued by RBI through press release dated 27th March, 2020, various developmental and regulatory policies have been announced that directly address the stress in financial conditions caused by COVID – 19. Accordingly, RBI has permitted Lenders to grant a moratorium on payment of Loan instalments falling due between March 1, 2020 and May 31, 2020. On May 22, 2020, the RBI further announced an extension of Moratorium on all instalments falling due between from June 1, 2020 till 31st August 2020. Moratorium is a temporary postponement of payment of interest / principal / instalments. However, interest on the Loan outstanding will keep getting levied for the deferred or moratorium period.

All kinds of term loans are eligible for Moratorium.

Yes, it applies on both principal and interest component.

Please note that this is only a deferment of your EMI and not waiver. You will have to pay your monthly EMI at a later date.

Granting of moratorium is not automatic. You have to request for Moratorium at any of our touch points – branch or call center (1800 266 3202) or send us an email (customercare@magma.co.in). Also upon non-clearance of June EMI, our team shall be in touch with you to understand the reasons for non- payment and discuss moratorium preference for June-August.

We do not envisage submission of any physical document for availing moratorium. You will receive a call from our representative once you send us an email. You can discuss your specific queries with our representative. We encourage you to read the Company’s policy on moratorium at .Once you opt-in and the Company grants you moratorium, it would be deemed that you have read and understood the Company’s policy on moratorium.

Interest shall continue to accrue on the outstanding portion of the loan during the deferment period. Accrued interest shall be capitalized, and a revised repayment schedule would be drawn up. Please note that your loan tenure will increase by the period of Moratorium offered, and there will be additional interest on the principal outstanding which will be levied till the end of the tenure. Your EMI amount may either change over the entire remaining tenure or over the last few months as a result of the additional interest accrued during the Moratorium period. It will depend on your banking instrument validity etc., along with other factors. Details of interest and EMI will be provided to you in the revised repayment schedule once Moratorium is applied to your loan.

No, this is a deferment of your EMI. You will pay your monthly EMIs as per revised repayment schedule after moratorium period. There will be an extension of tenure in your loan tenure after the end of the original loan tenor based on the number of months for which you have availed Moratorium. It is not compulsory for you to pay all the deferred EMIs at one go.

My financial position is not impacted and hence I do not intend to avail moratorium and want to continue to make the EMI Payment as in the past. Can I do so?

After the relief period, your Loan will run as per the revised repayment schedule. Your EMI amount may either change over the entire remaining tenure or over the last few months as a result of the additional interest accrued during the Moratorium period. It will depend on your banking instrument validity etc along with other factors. Details of interest and EMI will be provided to you in the revised repayment schedule once Moratorium is applied to your loan.

After the relief period, the accrued interest will be added to the principal outstanding and a revised repayment schedule will be generated.

Yes; our team shall be in touch with you to collect the updated ACH; upon registration of the same your existing ACH/ECS/PDCs shall stand cancelled.

You will be provided a confirmation through one of the many modes, like SMS/emails.

Yes it is applicable for all loans as long as you meet the internal eligibility criteria.

Please note that overdue interest is charged in case of default in payment. However, during the moratorium, the payment itself is contractually suspended. If there is no payment due, there is no question of a default. Therefore, there will be no overdue interest or delayed payment charges levied. If there is any outstanding EMI as on 1st March, then ODI shall continue to accrue on it & we encourage customers to clear over dues. Note: ODI charge for EMIs defaulted prior to March 20 will continue to be levied.

In case your loan EMIs due are paid then the payment will be accounted for respective month and the moratorium shall be granted only for the remaining moratorium period.

No. The terms and conditions of loan agreement will not change other than the repayment schedule.

Yes, one can always make the payment voluntarily if one’s cash flow permits. However, always exercise caution and ensure that the concerned person is Magma staff or its collection agent. Please ensure to collect valid receipt for the payment made to our representative.

No. Interest rate for these Moratorium changes remain unchanged.