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Dear Customer,

As per the guidelines issued by RBI on 27th March, 2020 all commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, all-India Financial Institutions, and NBFCs (including housing finance companies and micro-finance institutions) (“lending institutions”) financial institutions are permitted to give moratorium to customers instalments in respect of all term loans outstanding as on March 1, 2020. It also states that, the Interest shall continue to accrue on the outstanding portion of the loans during the moratorium period.

Hence, we would like to provide clarity on the moratorium facility to help you decide accordingly.

In the case you wish to avail full or partial moratorium, and request us to suspend or revise EMI repayments of your loans during this period:

  • Interest will continue to accrue on the EMIs for which moratorium is provided at the same rate as contracted for the respective loan, and such interest will be collected as per applicable interest rate from you by extending the original tenor of your loan contract accordingly.

  • Unpaid interest amount of your loan account during this period of moratorium will be capitalised i.e. added to you outstanding principal amount and, the tenor of your loan will be enhanced accordingly. An updated loan repayment schedule will reach you by email, which can also be accessed on mobile app.

If you still wish to avail full or partial moratorium you can email your request for moratorium from your registered email address at mentioning your Loan Account Number.

You will hear from us soon regarding your eligibility and our acceptance of your request.

For FAQs related to the moratorium facility, click here.

We support you during this difficult time caused by COVID-19 and wish you all the very best.

Team Gromor