Frequently Asked Questions

We understand that the current COVID-19 situation could be posing challenges for our customers to pay their EMIs on time. Home Credit India stands with its customers in these difficult times and offers a moratorium on loan EMIs to them

However, opting for the Moratorium is entirely the customers’ choice and subject to Company’s moratorium policy. We understand that all our customers may not opt for the Moratorium given that there is an additional interest payable under the terms of the Moratorium.We recommend that it is wise to consider paying your monthly instalment amount and the moratorium should be used only as the last resort. You can use our Mobile App for paying your monthly instalments and accessing your loan account related information as well.

Q. What is the EMI moratorium provided by Home Credit India?
EMI moratorium provides an option to defer the EMI payment by a period of 30 days without any change in the existing Terms & Conditions of the loan. The applicable interest amount will be charged for the moratorium period which will be payable in the subsequent instalment(s).

Q. What is the extended moratorium scheme recently announced by RBI?
To help borrowers who have been economically impacted by COVID-19, RBI has issued further directives on 23rd May 2020 to extend the moratorium for another 3 months for the instalments due between 1st June 2020 and 31st August 2020. The key factors of this extended EMI moratorium period have not changed, and this option will help to defer the EMI payment by paying the applicable interest charges.

Q. Is EMI moratorium optional?
EMI moratorium is optional for all eligible customers. Customers who have regular source of income and are not under any financial distress should opt for continuation of the regular EMIs.

Q. Who are eligible to avail the EMI moratorium?
Customers who have paid all their instalments (including the late payment charges, if any) up to 29th February 2020 are eligible for the EMI moratorium. Customers can request moratorium for the EMI which is due in this month.

Note: EMI moratorium is applicable for the loans availed before 1st June 2020.

Q. What will happen to the loans which are overdue/delinquent/in default on or before 1st March 2020?
As of now, EMI moratorium is available for your upcoming EMI. EMIs up to 29th February 2020 have to be paid at the earliest with applicable interest and late payment charges. Once the previous outstanding amount is paid, customers can place a request for EMI moratorium.

Q. Should I opt for EMI moratorium?
Home Credit India offers you a choice to continue making your EMI payment on time or opt for a moratorium in this month.

We will help you to understand it better and make a wise decision.

  • EMI moratorium provides extra time to pay your EMI in case the COVID-19 situation has caused financial distress for you. It will only defer your EMI for a month, and you will have to pay it after the moratorium period
  • Applicable interest will be charged for the moratorium period and this additional interest will have to paid in subsequent instalment(s)
  • If you continue to pay your EMIs on time, you can save this additional interest amount in your future EMIs

 

We encourage you to make full payments towards the outstanding loan amount to avoid interest charges for the moratorium period and not be worried about arranging extra money once moratorium period gets over.

 

Q. What should I do to not opt for extended EMI moratorium?
No further action is required from your side. We encourage our customers with adequate funds to continue paying EMIs on time to avoid extra interest charges & extension of loan term. If you have opted for Direct Debit as repayment mode of your loan, the instalment amount will continue to be debited from your bank account every month.


Q. What will happen if I had already chosen moratorium during March 2020 - May 2020? Will moratorium continue for the instalments due in the period of June 2020 - Aug 2020?
No. Your moratorium availed earlier will not continue. You will have to place a new request to avail moratorium for the respective month EMI. In case you are not interested in availing the moratorium, please continue to pay your monthly instalments using any of our digital repayment modes. We always recommend you pay your EMIs on time as availing EMI Moratorium option will incur additional interest charges, which may increase your loan tenure sharply thus only provide a temporary relief. The decision to offer a moratorium to a customer will be at the sole discretion of Home Credit.


Q. I had availed Moratorium during March 2020 to May 2020, can I choose not to apply for Moratorium during the extended period of June 2020 to August 2020?
This is possible, you can choose not to avail Moratorium for these months and you can pay your EMIs using our digital repayment modes. If you have opted for Direct Debit as repayment mode of your loan, the instalment amount will be debited from your bank account every month.


Q. What if I had not applied for moratorium earlier but now, I want to apply?
You can apply for moratorium now to defer the EMI payment by a period of 30 days.

Q. How can I place a request for EMI moratorium?
You can request for moratorium by

  • Log in to our App, opt in for EMI Moratorium. Steps are as per below:
  • Click on Hamburger Menu from the top left corner of the App> Select EMI moratorium> Tap the checkbox “I want to avail EMI moratorium”.
  • Please Update the APP in case you are not able to see this option
  • For detailed step by step process, please watch this video here - https://youtu.be/7W5JHPopjlE

Or,

Send an email to us at care@homecredit.co.in and we will process your request as soon as we can
You will receive a confirmation SMS once your moratorium request is processed.

Q. When can I place a request for Moratorium?
You need to place a request 6 days before your due date of the monthly instalment, otherwise your instalment will be debited from your bank account. Your bank may levy the bounce charges for insufficient balance in your bank account. Please note that you will be charged the interest (as per the applicable interest rate of your loan) for the moratorium period and this additional interest amount may increase your loan tenure sharply.

Q. In case I avail the EMI Moratorium, how will it impact my loan?
Please note that if you have the ability to pay your EMIs, then you should consider paying your EMI for the period of June 2020 to August 2020 as per repayment schedule. Availing the moratorium will incur additional interest charges on your loan outstanding which you have to repay in the form of additional EMIs once the moratorium period is over. If you choose to avail moratorium:

  • Home Credit will not ask for payment of EMIs falling due in the moratorium months
  • Interest will be levied at the applicable rate of interest of the loan for the period of EMI moratorium on the outstanding loan amount.
  • The revised repayment schedule will be generated once additional interest is charged into your loan post moratorium period.

 

Q. Can I pay in between the moratorium period?
Yes, you can. It is a relief granted to the customer due to the temporary disruption caused by the COVID-19 situation. However, the customer has an option to make any advance EMI payment as per existing terms of his loan. The amount paid during the moratorium period will get adjusted against the next month EMI.

Q. How can I withdraw for the moratorium?
You can request to cancel the moratorium post making payment of your due amount. You can contact us either through our live chat option available on our website and mobile App or send us an email at care@homecredit.co.in, we will update you once your request is processed.

Q. Do I need to place one request for all my active loans with Home Credit India or Do I need to place individual request for every loan?
You need to give one request for all your active loans and EMI moratorium will be applied to all loans on successful processing of your request. Please note that you will have to pay additional interest charges for the moratorium period for each loan separately.

Q. How will I get to know if my moratorium request has been accepted?
We will process the moratorium request within 5 working days of the receipt of the request and a confirmation SMS will be sent to your registered mobile number.

Q. Will I be levied a late payment charge for deferring the instalment with EMI moratorium?
No late payment charges will be levied for deferring the instalment during the moratorium period. However, applicable interest amount will be charged on the outstanding loan amount for the moratorium period.

Q. Will I will have to pay all my EMIs in one go after the moratorium period?
EMI moratorium will extend your loan tenure by a month due to the deferment of this month EMI and you will continue to pay only one EMI every month.

Q. Will my repayment schedule/loan summary be generated again if I opt for EMI moratorium?
Loan documents shared at the time of your application would remain the same. Your loan term will extend by a month if you opt for EMI moratorium.

Q. What type of loans are covered under EMI moratorium?
All term loans offered by Home Credit India are covered under the EMI moratorium.

Q. Can I make EMI payment after opting for EMI Moratorium?
Yes, customer can pay EMIs during the moratorium as per the due dates even after opting for the moratorium.

Q. Will I be charged a higher interest rate if I opt for the moratorium?
No. You will be charged additional interest amount for the moratorium period as per the applicable interest rate of your loan.

Q. Will moratorium affect my credit score?
No. Opting for EMI moratorium will not affect your credit score as rescheduling of the EMIs will not qualify as a default.

Q. Can I avail moratorium for already paid EMI in March 2020 and get a refund?
No. EMIs which have already been paid do not qualify for EMI moratorium.

Q. Do I need to submit fresh Direct Debit/ECS/NACH debit mandate?
You don’t need to submit a fresh Direct Debit/ECS/NACH debit mandate while opting for the EMI moratorium. However, you may have to submit a fresh Direct Debit/ECS/NACH debit mandates if asked by Home Credit India.

Q. Do I need to provide my bank details if I opt for EMI Moratorium?
Please note that we never ask Net banking details, OTP, Customer ID, PIN or Mobile banking password for deferring your EMI payments. Do not share any confidential details with anyone over phone/email/SMS.

Q. Why did you debit my bank account for EMI when the RBI has announced a moratorium?
Home Credit requests for direct debit of the bank account for EMI payments per the instructions provided at the time of the loan application.
Customers need to place a request of EMI moratorium for the eligible loan(s). Post successful processing of the request, the EMI will be deferred for a month.

Q. My EMI is due soon. Will the EMI be deducted from my bank account after opting for the moratorium?
If the request for EMI moratorium is successfully processed 3 days before the due date of the loan, the EMI will not get deducted from your bank account.

Q. I have given a Direct Debit mandate for my loan? Will there be any bounce charges if I don’t maintain sufficient balance in my bank account?
As mentioned in point above, we will present the mandate to your bank If the moratorium request is not processed successfully 3 days before the due date. You are advised to check with your bank for any query related to bounce charges.

Q. Can I take a loan now and avail EMI moratorium on it?
No, EMI moratorium is applicable for the loans that existed before 1st June 2020. For loans availed on or after 1st June 2020, customers are advised to pay their monthly instalments on time to prevent any additional charges being levied to the account due to non-payment. Please note that in case of non-payment of monthly instalments, we will have to report the overdue status to credit bureaus which will affect customers’ credit scores and affect their chances of availing loans in future.  

Q. I have opted for EMI Moratorium on my existing loan, then why am I not eligible to avail moratorium on my new loan (Taken on or after 1st June)?
The EMI moratorium is available for all the loans which were signed before 1st June 2020. Loans availed on or after 1st June 2020 are not covered under the EMI moratorium policy and customers are advised to make timely payments of the monthly instalments as agreed at the time of loan application.

Q. I opted for Gift pay offer at the time of loan application, will I still be eligible for last EMI waiver if I opt for EMI Moratorium?
Yes, you will still be eligible for your last EMI waiver as a gift payment if you pay as per the Moratorium terms. Please note, all the previous EMIs which were due till the month of February 2020 should have been paid on or before the due date as agreed at the time of loan application.

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