NBFCs Are Not Mandated To Automatically Provide Moratorium, Insist Government Agencies And Other NBF

NBFCs Are Not Mandated To Automatically Provide Moratorium

Disproving allegations concerning not following the RBI's direction on giving EMI moratorium to its customers, Sunita Finance has clarified that the banking regulator has “permitted NBFCs”, however, “not mandated to automatically give moratorium” to any or all customers.

Reacting to allegations, the NBFC has categorically stated that the RBI has not limited them from presenting the customers’ EMI cheques to the bank if they'd not opted for a moratorium. Further, the EMI mandate bounce charges weren't credited to the company’s account.

Sunita Finance offered EMI moratorium from one to 6 months to eligible customers for unpaid EMI for installments due between March 1 and August 31. However, this offer might be availed only by those who maintained a standardized repayment track history, The customer who has EMI’s due in any of their loans and has a negative track record putting in an EMI Moratorium can be denied.

The company has appealed to its customers, particularly those seeking a moratorium to submit their request online, a minimum of seven days before the maturity date of the EMI.

SFL has also sought to let its customers understand that the interest on the loan would be added to the interest payable and principal outstanding for the time period of moratorium.

From Team,

Sunita Finlease

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