How to use moratorium EMI Calculator?

To understand how opting for a moratorium could affect your loan, please use the calculator as per the steps below.

  1. Enter your loan amount. This amount equals the loan amount that was sanctioned to you at the beginning of the loan.
  2. Enter the Rate of Interest. This is the same rate of interest which is currently being applied to your loan.
  3. Enter your loan tenure. This refers to the overall tenure as per the existing schedule.
  4. Enter the number of EMIs you have already paid.
  5. Enter the number of months for which you would like to avail the moratorium. This can be 1,2 or 3 months.
  6. On the right hand side, please select an option from the drop down list. If you want to keep your EMI amount the same as per the original loan agreement, please select "No change in monthly EMI amount" from the dropdown. If you want to keep your tenure the same as per the original schedule, please select "No change in loan tenure".
  7. Depending on your choice, your monthly EMI, loan tenure and no. of EMIs post moratorium period will be displayed.

NOTE: Please note that if you choose to keep your monthly EMI amount the same, your loan tenure will increase. Similarly, if you choose to keep your loan tenure the same, your monthly EMI amount will increase.

Moratorium EMI Calculator

You can use our free online moratorium EMI Calculator below to accurately estimate the value of your EMI if you opt for the moratorium.

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Months
Months Months

Your Monthly EMI amount is

As per your choice, your monthly EMI amount will remains the same

No. of EMIs Post Moratorium Period

Months

This is the no. of EMIs to be paid after months if you avail the moratorium

Overall Tenure

Months

This is the overall tenure of your loan excluding the moratorium period of months

Disclaimer:The above moratorium EMI calculator is applicable across all products eligible for moratorium. Please note that these values are for demonstration purposes only, and the actual values may vary slightly. The moratorium will only be granted after you apply for a moratorium and the subsequent consideration, evaluation and verification of your request at the sole discretion of Fullerton India. Please view the moratorium policy for more details.

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How to Apply for a Moratorium at Fullerton India?

  1. To apply for the RBI moratorium, please visit the page and follow the below steps
  2. Select “Existing Customer”
  3. Enter your 14/15 digit LAN ID
  4. Enter your details such as mobile number and email ID.
  5. From the dropdown “Nature of query / request / complaint”, select “Moratorium”
  6. From the dropdown “More details”, select “Avail moratorium upto May 31, 2020”
  7. Submit the request.
  8. Alternatively, you can also submit a request by sending an SMS FULMOR to 560703 from your registered mobile number or reply from your registered e-mail ID to the moratorium related email which had been sent by us

Moratorium Eligibility

To apply for a moratorium, the following eligibility criteria have to be satisfied.

  1. You must be a current customer of Fullerton India having outstanding loans as of Mar 01, 2020.
  2. Salaried/self-employed, Individual and non-individual borrowers (including Ltd companies, Partnerships & Proprietorships etc.) may apply
  3. The moratorium is applicable for customers of all kinds of Fullerton India loans.
  4. Your account can be Standard or otherwise and must not have been written-off from the books of FICCL books at end of the month preceding the month in which moratorium/deferment is requested for
  5. You must submit consent for terms and conditions governing the moratorium and for the revised repayment schedule. The offer of moratorium/decrement and acceptance may be through any mode of communication (Email/SMS/Digital Document/Voice Recording/Physical Document).
  6. You must have paid all your previous dues as of Feb 29, 2020.

RBI Moratorium

In light of the lockdown to check the spread of COVID – 19 virus, as you are aware, the RBI has recently declared a moratorium for all borrowers (individual and non-individual) of 3 months.

At Fullerton India, we sincerely hope that you and your family are healthy and are following the safety precautions as instructed by the authorities. However, we also understand that the nation-wide lockdown rules may have caused quite a few challenges - socially and financially.

Fullerton India is wholly committed to ensuring that all our customers utilise this time to focus on the well-being of themselves as well as their families. In order to make this happen, we are extending the option of taking a moratorium on your Fullerton India term loan. This basically means that you can choose to defer your EMI payments between Mar 01 – May 31, 2020 and restart paying them from June, 2020 onwards. Availing this facility can help reduce your financial burden. On the other hand, interest will be charged on the outstanding principal amount for the number of months you chose to avail the moratorium.

Interested in Personal Loan Balance Transfer

If you are currently not a customer of Fullerton India and want to transfer your outstanding Personal Loan from your current lender to Fullerton India, then check out benefits of personal loan balance transfer. Alternatively you can directly apply for a personal loan here.

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FAQs

What does opting for a moratorium mean?

If you opt for a moratorium, you will not have to make your usual EMI payments for a period of 3 months between Mar 01 – May 31, 2020. So if your EMI date was Mar 30, 2020 and you opt for a moratorium of 3 months, your next EMI payment date will now be Jun 30, 2020.

Who is eligible for a moratorium?

For customers of Fullerton India, the moratorium can be availed by all customers who have outstanding EMIs after Mar 01, 2020. Thus, you may be salaried, self – employed, or a business owner – and the moratorium will be applicable to you. The moratorium is also applicable for business entities including proprietorships, Ltd. companies, partnerships, etc.

Will the moratorium be applied automatically?

No. In order to avail the moratorium, you will need to submit a request for the same. You will be granted the moratorium only after your request has been approved. ECS/ collections for customers who have not submitted a request and/or whose request has not been approved will continue as per schedule, and non-payment of EMIs in such a case will be taken as a default.

If I opt for the moratorium, will I have to pay the remaining instalments within the existing tenure?

If you opt for a moratorium, your next EMI date will get deferred. Your tenure will get extended by the number of months of moratorium you take. Thus, if your loan was supposed to mature on Dec 01, 2020 and you now opt for a moratorium for 2 months, your loan maturity date will now be after Feb 01, 2021, depending on how your loan tenure will change due to accrued interest.

What types of products does the moratorium cover?

At Fullerton India, we are extending the moratorium across all products of Fullerton India and Grihashakti.

How can I apply for a moratorium?

To apply for the moratorium, please click here to submit a request. Alternatively, you can also send us an SMS FULMOR at 560703 from your registered mobile number or reply from your registered e-mail ID to the moratorium related email which had been sent by us. Your application will then be reviewed and moratorium may be granted depending on our evaluation and verification of the same.

Do I have to opt for the moratorium?

No. You can choose to continue paying your EMIs as per the agreed upon schedule.

If I opt for a moratorium, will I have to pay extra charges?

There are no extra charges for availing the moratorium, however interest at the existing rate will be continue to be charged on the outstanding principal amount for the moratorium period, which will keep getting accrued.

Thus, if you had taken a loan of INR 500,000 for a period of 36 months, your monthly EMI amount would be INR 17,089. Let’s assume that the starting date was Mar 01, 2020 and the actual maturity date was Feb 01, 2023.

Now, if you have opted for a moratorium of 3 months, an additional INR 17,705 will be added to your principal outstanding. Thus, when your EMI repayments resume, your monthly EMI amount will continue to be INR 17,089. However, you will need to pay 1 more EMI in addition to the ones that were deferred to cover up the accrued interest charges, which means that your loan will now mature on Jun 01, 2023.

Alternatively, if you would like to keep the loan tenure the same, you will have to pay a revised EMI of INR 17,694 every month for the rest of the tenure.

How is the interest calculated if I opt for the moratorium?

If you opt for the moratorium facility, simple interest will be charged for the number of months you have taken the moratorium on the principal amount outstanding.

Will opting for the moratorium impact my CIBIL score?

No. If you choose to defer your EMI payments by opting for the RBI extended moratorium during the period Mar 01 – May 31, 2020; then your CIBIL score will not get impacted. However, if you don’t pay your EMIs as per the revised schedule after the moratorium period, your credit bureau record will be impacted. Hence, we advise you to make a note of the revised schedule once you receive the same, and pay your EMIs on time. Please also note that you will need to apply for the moratorium to avail the facility. If you don’t submit a request, we will consider that you are choosing to pay your EMIs as per the original schedule. Any late payment / failure to pay the EMI in such a case will attract bounce / penal charges.

What is the difference between this RBI Moratorium and EMI Holiday?

Technically, this RBI moratorium acts like an EMI Holiday in that it allows you to defer your EMI payments for the period Mar 01 – May 31, 2020 and resume the repayments from June, 2020. However, unlike an EMI Holiday, the RBI moratorium is applicable to all loan products. Also, the RBI moratorium is a special facility which has been extended by the Reserve Bank of India to all Indian borrowers during this period to help the nation cope with their financials in the face of the COVID-19 threat and challenges due to the lockdown.

Is the moratorium like a waiver of my EMIs?

No. The moratorium is a special facility to defer EMI payments. However, you will still need to pay the revised EMI amount post the moratorium period.

Do I have to pay anything during the moratorium period?

No. If you submit a request to avail the RBI moratorium for a period of 3 months, which gets accepted, then your next EMI date and amount will be 3 months from the deferred date. Thus, if your usual EMI payment is scheduled for the 30th of every month, and you had chosen to avail the moratorium, your next EMI payment date will be automatically on June 30, 2020. You will not have to pay anything until then.

I have taken a Fullerton India SME Loan. Can I avail the moratorium?

Yes. The facility is available to all Fullerton India customers who apply for it, and includes customers of all our products. However, the moratorium will be granted based on evaluation and verification of the request and at the sole discretion of Fullerton India.

I have already paid my EMI for March, 2020. Will I get the moratorium only for 2 months?

If you have already paid your EMI for March, 2020 and you have applied for the moratorium, we will extend the same to you from April – May, 2020. Thus, for the period of April – May, 2020 you will not have to pay any EMIs. Your next EMI payment will now be scheduled in June, 2020. However, please note that we will not be providing a refund of the March, 2020 EMI in case you have already paid it or if it has already been debited from your account via ECS facility.

Should I opt for the moratorium?

The moratorium is one of the tools extended to customers to help you tide over the challenges posed by the nationwide lockdown and the threat of the novel coronavirus. Here are a few things you may consider before you make your decision:

  • Your Net Monthly Income for the next 3 months – if this amount is going to be impacted as a result of the current situation, opting for the moratorium could relieve you of some of the financial stress
  • Your monthly expenses for the next 3 months – Have a good look at your budget for the next 3 months. Try to check if you can do away with some of the expenses which could help you repay your monthly obligations even in the face of a reduced monthly income.

On the other hand, if your net monthly income is not going to reduce to the extent of causing financial distress, it may be wiser to continue paying your EMIs as per the schedule and avoid the extra charges on accrued interest.

My loan is not fully disbursed, can I avail moratorium?

Yes, the moratorium scheme is available for all eligible customers, including those whose loans are not fully disbursed.

I am currently paying pre EMI. Will I be eligible for the moratorium?

Yes, the moratorium scheme will be available for eligible customers who are currently paying pre-EMI, However the interest should be paid back or will be deducted before the final tranche of disbursal.

I have heard that loans would be waived off. Is this true?

Despite rumours that may be circulating across various media channels, any decision pertaining to your loan is something which can only be taken by your lender. We advise you to contact your lender with regards to any such queries.

I am a rural customer. How can I pay my EMI during lockdown?

Please take note that since no group meetings are allowed during lockdown, collection of repayment will resume only after lockdown is over. During this time, if you want to repay your installments, you can do so online. Please visit our page to complete your EMI payment. We advise you avoid making any cash payments to the loan officer during the lockdown.

I am a rural customer, and I have taken a group loan with some other people. While others in my group want the moratorium, I don’t want it. What do I do?

The moratorium is not compulsory. If you wish to repay, irrespective of your group members choice, you can choose to continue repaying your instalments. Please click here to pay your EMI online.

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** Subject to foreclosure charges. Terms and conditions applicable.

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