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What happens when your moratorium ends?

If you’ve taken a moratorium on your mortgage, credit card, or personal loan, we'll be in touch by SMS and email before your payments are due to resume to explain what will happen next. We'll explain everything you need to know about resuming payments, including what you can do if you’re not able to resume payments.

How long does the moratorium last?

In line with the Reserve Bank of India (RBI) guidelines, we have extended the moratorium for mortgage /credit card /personal loan payments due between 1 March 2020 to 31 August 2020. This is to provide short-term help if your finances have been affected by the coronavirus outbreak.

If you've taken the moratorium, you won’t have to pay anything during that time.

For example:

  • Repayment Date: 15th of every month
  • Date moratorium was applied on your loan or credit card account: 20 April
  • Your usual payment dates during the moratorium:  15 May; 15 June; 15 July; 15 August
  • End of moratorium: 31 August
  • Next expected payment: 15 September

What can you do when the moratorium ends?

1. Resume your repayments

If you can, you’ll resume making monthly payments. See what this would mean for:

Mortgages & personal loans

Credit cards

Mortgages & personal loans

Simply make your monthly Equated Monthly Instalment (EMI) payment from your next payment date.

If you had set up automated instructions (Automatic Clearing House / Standing Instruction / Electronic Clearing System) for this before your moratorium, they will reactivate automatically.

Keep in mind:

Please make sure you have sufficient funds in your account to pay the full EMI amount. This will help you avoid incurring any penalties or impacting your credit score.

Interest accrued during the moratorium will get adjusted over subsequent EMI payments once the moratorium ends and will result in a longer repayment period.

Depending on the vintage of the loan and how long you had remaining, this may run into several months beyond the contracted term of the loan.

For Smart Loans you will need to pay the entire accrued interest along with the September EMI after the moratorium ends. However, if you have financial difficulty and will not be able to make that payment, you have the option to convert the interest accrued during the moratorium into a Funded Interest Term Loan (FITL). That will give you until 31 March 2021 to repay the accrued interest in easy monthly installments.

Credit cards

In the month following moratorium, your credit card balance will include the entire amount of deferred moratorium balances, EMIs and applicable interest plus all new balances generated in the recent months.

Your total outstanding credit card balance might include:

  1. All unpaid balances – This includes the unpaid balance before the moratorium and fresh purchases made during the moratorium.
  2. EMI balances – EMI pertaining to any loan plans you have opted for, as applicable during the moratorium.
  3. Interest charges on all unpaid balances including EMI balances as described in points (1) and (2) above.
  4. Other applicable charges as mentioned in the product T&Cs.

Your minimum payment due after the moratorium will be calculated as per the regular T&C of your card.

2. Discuss other options

If you’re concerned about resuming payments, don’t worry. We’ll be in touch with you again before your next payment is due and we’ll help you understand what you can do if you need more support.

What should you do?

You don’t need to call us. You should receive an SMS and an email explaining when your payments are due to resume, ahead of time. At that stage, if you need to, we’ll make it clear what to do if you need more support.

When we get in touch, please make sure you take action, one way or another.

Remember, if you’re worried about making future payments, we’ll work with you to find a solution.

Will using the moratorium affect your credit score?

If you took the moratorium, not paying your EMI during that time will not affect your credit score.

If you resume repayment of your EMI or credit card dues after the moratorium ends, your credit score will not be affected.

If you’re not able to resume payments, we’ll explain any potential impact it might have on your credit bureau report when we talk to you about alternative options.

Can you opt out of the moratorium early?

Yes, you can. All you have to do is send us an SMS from your registered mobile number.

  • For credit card: SMS "OPTOUT 1234" to 575750 where "1234" are the last 4 digits of your credit card number.
    For loans, if your loan account number is 123-456111-789, the SMS should be in this format:
  • For personal loans: SMS "OPTOUTPL 123-456XXX-789" to 575750
  • For mortgages: (Home Loan, Loan Against Property, Smart Home Loan, Smart Loan Against Property): SMS "OPTOUTHL 123-456XXX-789" to 575750

Need more information?

You can find even more answers by going to our credit card FAQs page or our mortgages and personal loans FAQs page.

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