Dear Customer

In accordance with RBI Covid-19 regulatory package referring circular RBI : 2019-20:186 DOR.No.BP.BC.47/21.04.048/2019-20 dated 27th March 2020, Manappuram Finance Ltd. (hereafter referred to as “MAFIL”) will consider extending a moratorium involving deferment of instalments (interest and principal) falling due between March 1, 2020 and May 31, 2020 for a period up to 3 months (deferment allowed up to May 31, 2020) , in the loan accounts of borrowers’ whose income / cash flows are affected by COVID– 19.

Salient features of the Moratorium Scheme are given below:

Eligible borrowers

All borrowers enjoying credit facilities classified as standard asset with MAFIL as on 29th February, 2020 and whose income is affected by infliction of COVID – 19.

Eligible facilities
  • Gold loans
  • Commercial Vehicle loans, including farm equipment and auto loans.
  • Two-wheeler loans
  • Personal loans, including digital loans.
  • Personal loans - Salaried
  • SME / MSME loans
  • School Finance
  • Micro loans, including SSIs, Bakery, restaurant, healthcare, travel, Teachers, Micro Home Finance etc.
Extent of moratorium permissible.

Eligible borrowers who are desirous of taking advantage of the scheme will have to “opt in” by submission of an application through the option given as below by attaching scanned copy of signed request letter duly signed by Borrowers and including Guarantors

Maximum permissible deferrals shall be three monthly instalments.

Servicing of interest during the moratorium (deferral) period.

Where the borrower’s income to service the interest during the moratorium is sufficient, such borrowers shall service the interest accrued. In other cases, interest accruing during the moratorium shall be added to the principal to be repaid through future EMIs/ instalments as may be fixed by MAFIL.

Re-fixing of Instalments.

Borrowers have the following options for payment of the deferred EMIs / instalments with accrued interest:

ABy distributing the accrued interest component uniformly in the remaining EMIs; or

BAdding the interest during the moratorium to the last one or last three instalments; or

CThrough additional EMIs/instalments at the end of the current contracted period.

Deferred principal along with interest shall be repaid within a maximum period of 24 months, if the remaining tenure/ period of loan is longer.

Conditions

1Moratorium shall be applicable for instalments and interest payments falling due between March 1, 2020 and May 31, 2020.

2Request for moratorium signed by the borrowers, guarantors and co-obligants shall be submitted in the format provided in Annexure A.

3Suitably modified NACH mandate shall be submitted, wherever necessary.

4Borrowers who have opted in for the moratorium shall have the freedom to opt out and revert to the original terms and conditions of the agreement, after giving intimation to this effect to the company in writing. Prepayment charges will not be applicable to such cases.

5Borrower shall remit arrears, if any, in the account at the end of 29/2/2020 as soon as possible to prevent deterioration in asset quality and credit score and avoid adverse reporting to Credit Information Companies. Borrowers and co-obligants / guarantors shall undertake to remit such arrears as soon as possible.

6Asset classification of the loans for which moratorium is granted under the Covid-19 package, shall be determined on the basis of revised due dates and revised repayment schedule.

Special conditions for borrowers with exposure of Rs 25 lakh and above.

Borrowers seeking moratorium shall submit the application with the following supporting documents:

1Extent of disruption in cash flows

2Plans for streamlining operations.

3Cash flow projections for the balance tenor.

4Provisional / audited accounts as on 31/3/2020.

Moratorium (Loans)
Moratorium (Gold Loans)
Impact of availing moratorium

By availing the moratorium option, you will defer your immediate instalments /payments/accrued interest. Please note, it is only an option to defer and there is no concession or waiver in interest or principal involved. In fact, interest will continue to accrue for the period of moratorium and this interest will be added to your outstanding principal. Further, this extra amount is payable by the borrower through extra EMIs/ instalments as needed. Accordingly, for those borrowers who have the financial capacity, it will be advisable to continue with the existing repayment arrangements (i.e. without availing moratorium) so as to minimise interest outflow.

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