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USFB EMI MORATORIUM SCHEME (Click Here to Know Your EMI)

What is RBI EMI moratorium scheme?

In order to ensure the financial health of borrowers (Individuals and Business owners) during the Covid-19 pandemic crisis, RBI has allowed all Financial Institutions to allow deferment of EMI and Interest payments for a period of upto 3 months (March, April and May 2020). This scheme covers all EMI and / or Interest due or charged for the period from March 1 to May 31, 2020.

Further details regarding the scheme is available at the below RBI website link:

Click here
What is the duration of the EMI moratorium scheme?

The EMI moratorium scheme covers all EMI and /or Interest due charged between March 1, 2020 and May 31, 2020.

Which products are covered under EMI moratorium scheme?

The EMI moratorium scheme covers all Term Loan products which includes MSE loan, Affordable Housing loan, Personal loan, Vehicle Finance loan. It also covers all MSE Overdraft accounts.

Does this moratorium scheme cover both Principal and Interest payment?

Yes, the moratorium scheme covers both Principal and Interest payment in case of Term loans.

Does the moratorium scheme cover Overdraft product?

Yes, the moratorium scheme covers Interest payment in case of all Overdraft accounts.

Do I have to pay EMI during the EMI Moratorium period?

No, you do not have to pay any EMI during the EMI moratorium period. There will be Interest charged to your Loan account during the moratorium period which will be recovered after the moratorium period.

Does this mean that my EMI is waived off?

No, this does not mean that your EMI is waived off. This is only a deferment of EMI where you are not required to pay EMI during the moratorium period. All Interest accrued during the moratorium period will be recovered along with Loan EMI after the moratorium period.

For how many months can I avail the EMI moratorium?

In case you are enrolling for EMI moratorium in March 2020 you can avail up to 3 months EMI moratorium (till May 2020). Please also note if EMI is already paid for March 2020, then you can enrol for April and May 2020 EMI moratorium only

In case you are enrolling for moratorium in April 2020, you can avail up to 2 months moratorium. If you are enrolling in May 2020, you can avail 1 month moratorium.

Can I continue to service EMI and/or Overdraft Interest as per normal schedule? Is it mandatory to avail EMI moratorium?

It is not mandatory to avail the EMI moratorium scheme. You can continue to service EMI and/or Overdraft Interest as per normal process. In case you are able to make normal EMI and/or interest payments in time, it is suggested to continue making the timely payments to reduce your Interest burden and avoid extension of Loan End date.

Will I be charged Interest during the EMI moratorium?

Yes, Interest will continue to be charged during the EMI moratorium period. This Interest accrued during the moratorium period will be recovered along with Loan EMI after the moratorium period.

Does this mean that I have to pay all pending EMI after the moratorium period in one go?

No, all pending EMI will not have to be paid in one go after the moratorium period. The interest accrued during the moratorium period will be recovered after the moratorium period. There will be a revised Loan repayment schedule which will adjust the accrued interest during the moratorium period to derive the new EMI to be paid after the moratorium period.

What will be my EMI after the EMI moratorium period?

As there will be Interest accrued during the EMI moratorium, the new EMI to be paid after the moratorium will be higher than existing EMI, and will depend on your Principal outstanding and no. of EMIs already paid.

You will be provided with the revised Loan repayment schedule, which will adjust the accrued interest during the moratorium period to derive the new EMI.

Will the no. of EMIs I have to pay change due to the moratorium?

No, the Total no. of EMIs to be paid will not change due to the moratorium. You will be provided with the revised Loan repayment schedule, which will adjust the accrued interest during the moratorium period to derive the new EMI.

Will the Loan End date (Tenor of my loan) change due to the moratorium?

Yes, the Loan End date (Loan Tenor) will increase depending on the no. of months that you have availed for EMI moratorium. For example, if the original Loan End date was October 15, 2020 and you have availed 2 months moratorium, the new Loan End date will be December 15, 2020.

Are there any charges applicable to avail the EMI moratorium?

No, there are no additional charges applicable to avail the EMI moratorium.

When should I avail the EMI moratorium scheme?

You can avail the EMI moratorium scheme to help you manage any financial crisis that you may be facing. Business owners who are not able to operate their business and are facing severe cash shortage, can make use of the EMI moratorium scheme.

In case you are able to make EMI and / or interest payments in time, it is suggested to continue making the timely payments to reduce your Interest burden and avoid extension of Loan End date.

Will my EMI get deducted through ACH or SI if I avail the EMI moratorium?

No, if you enroll for the EMI moratorium scheme, your EMI will not get deducted through Automatic Clearing House (ACH) or Standing Instruction (SI) during the EMI moratorium period.

How will my EMI get debited after the moratorium period? Do I have to pay the next EMIs in cash?

Your EMI will get debited as per the existing process after the moratorium period. In case you were paying EMI through ACH or SI, your EMI payment method will remain unchanged after the moratorium period. You will not need to pay EMI in cash if your existing EMI payment mode is through ACH or SI.

Do I need to sign any documentation for the EMI moratorium scheme?

Yes, suitable documentation will be required for enrolling under the EMI moratorium scheme. Please get in touch with your nearest USFB Branch,

or your Relationship Officer (RO) / Loan Officer (LO) / Sales Officer (SO) who can guide you for this. You can also reach us at our toll free helpline 18002082121 or mail to customercare@ujjivan.com. Please mention Registered Mobile number, Customer ID and Loan Account number in the mail.

What is the process to enroll under the EMI moratorium scheme?

Please get in touch with your nearest USFB Branch, or your Relationship Officer (RO) / Loan Officer (LO) / Sales Officer (SO) who can guide you for this. You can also reach us at our toll free helpline 18002082121 or mail to customercare@ujjivan.com. Please mention Registered Mobile number, Customer ID and Loan Account number in the mail.

Will I have to bear any additional EMI Bounce charges or Late payment charges during the EMI moratorium period?

No, there will be no additional EMI Bounce charges or Late payment charges applicable during the EMI moratorium period.

Will I have to bear any Penal Interest in my Overdraft account during the EMI moratorium period?

No, there will be no Penal interest applicable during the EMI moratorium period.

Will it have any impact on my credit history or affect my Bureau score?

No, there will be no impact on your credit history. Your account will not be reported as default during the moratorium to Credit Bureau (CICs). This is applicable if all your previous dues are cleared with no interest/ principal overdue.

Will my Loan and / or Overdraft account show in default or NPA due to not paying EMI and / or Interest during the EMI moratorium period?

No, your Loan and / or Overdraft account will not show in Default or NPA due to not paying EMI and / or Interest during the EMI moratorium period.

What are the moratorium months? How will March Overdue customers (ODs) be treated?

Moratorium period is applicable from March to May 2020. We are giving 3 months moratorium to customers who could not pay their EMI due to the problem in March. Customers who have paid their dues in March will be eligible for 2 months moratorium (viz., April and May 2020). For the 1st case, loan tenure will be extended by 3 months whereas it will increase by 2 months for the 2nd case.

Please note, this is only an extension of the loan tenor and not a loan waiver.
If a customer wants to continue her repayment and does not want moratorium, can she pay?

Moratorium will automatically apply to all eligible customers. A customer not willing to opt for it, must intimate USFB by calling the toll free helpline 18002082121 or contact tge nearest USFB branch team.

Will there be any change in interest rate? If customer opts for moratorium period, does the interest amount accrued increases compared to original schedule?

No. There is no change in the rate of interest. However, as the loan tenure is increasing, total interest amount accrued will increase. The excess interest amount will be spread across all remaining EMIs. So, EMIs after moratorium period will be slightly higher compared to original EMI.

Will customer’s Credit history be affected if the customer opts for moratorium?

No. Moratorium will not impact customer’s repayment history if customer starts repaying the loan again regularly, after completing the moratorium period.

If customer requests for two months moratorium, how will instalments get structured once repayment resumes?

The loan will be rescheduled and after moratorium, total tenure of loan will increase by 2 months.

Will we issue fresh loan cards and agreements?

Yes we shall issue a fresh loan card (signed by customer) as the loans are getting rescheduled and EMI amounts are going to change.

What will happen if few group members want moratorium and few customers in same group want to pay EMI?

Yes, that is allowed. But customers who are willing to repay (and not willing to opt for moratorium), have to call our toll free helpline 18002082121 for doing that or contact the USFB branch team.

Is this moratorium available for only core loan or it is applicable for additional loans also?

It is applicable for all live loans provided customer was not in OD before March 2020.

Can a customer get loan during moratorium period?

Yes depending on fulfilment of all eligibility criteria.

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