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Yes, we are offering an option to all customers to opt for the full or partial moratorium.

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Please write to us at info@gromor.in clearly stating your loan account number, reason to seek moratorium, and nature of moratorium (full or partial).

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Post receipt of your request, we shall communicate if your request has been accepted and revised repayment schedule along with all terms and conditions applicable.

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You can avail moratorium benefits only for the unpaid EMIs.

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If you opt for full or partial EMI moratorium, -

1. We will not ask for any EMI Payment till May 31, 2020 in case of full moratorium.
2. We will ask for the reduced / agreed EMI amount in case partial moratorium is availed.
3. The loan tenure will get extended by the corresponding period for which the moratorium has been availed.
4. For example, if the EMI for the month of March 2020 has been paid and a moratorium for April and May 2020 has been availed, then the loan tenure will be extended by 2 months.

Since, interest will continue to accrue on the principal outstanding for the period of the moratorium at the contracted rate of the loan, it is recommended that you opt for a no or partial moratorium wherever possible.

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The moratorium, full or partial, has to be opted by the customer. Customers therefore need to write to us with their request for moratoriums. In the absence of such requests, we would like to believe that your ability to service your EMIs is unaffected by the COVID-19 impact. We also understand that all our customers may not opt for such a moratorium, since there is an additional levy of interest payable under the terms of the moratorium. If you have opted for any full or partial moratorium via an email, please get in touch with us on our contact numbers.

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Your loan tenor will increase as interest will be added to the interest payable and principal outstanding for the time period of moratorium. Your revised repayment schedule will be communicated to you and will be available on our mobile app.

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We shall not be levying any EMI bounce charges or late payment fees till May 31, 2020.

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Your credit bureau records will not be impacted due to full or partial moratorium on payment of EMIs during the moratorium period. This does not apply to any non-payment of EMI’s that would have been reported to the credit bureau prior to March 1, 2020.

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Yes, you can make payments towards your loan in between the moratorium period. It is a prudent and recommended practice to keep paying towards loan servicing even if you have availed moratorium.