What is a moratorium?
A moratorium is simply the temporary suspension or delay of an activity or practice. In this case, it basically means that, should your financial situation not allow you to pay, you have the option to defer/postpone payments for your loans with Nahar Credits.
I have opted-in for the moratorium which ends on May 31, 2020? Will this automatically be extended until August 31, 2020?
No. Your moratorium will not be automatically extended. To avail an extension of the moratorium until August 31, 2020, you must send an email to firstname.lastname@example.org or reach out to our authorised service providers as may be mentioned in your loan agreement.
Can I opt-in to extend my moratorium at any time?
No, to avail an extension of the moratorium until August 31, 2020, you will have to reach out to us at email@example.com or our authorised service provider as may be mentioned in your loan agreement before June 10, 2020.
I have not opted-in for the moratorium until now. Can I opt-in for the moratorium now?
If you are facing financial distress on account of COVID-19, you may be able to avail the benefit of the moratorium. As mentioned above, you may be asked to provide some documents to evidence the financial hardship being faced by you. Do bear in mind that the final decision regarding granting your moratorium rests with us .
Do I have to pay any money to opt-in on the extension of the moratorium until August 31, 2020?
Yes, you may be requested to pay a small amount as a sign of your commitment to repay the loan after the additional moratorium period, i.e. August 31, 2020, ends.
Will my interest continue to accrue during the moratorium period? If yes, when should I pay the accumulated interest?
Yes, interest will continue to accrue on your loan at the same rate of interest for the moratorium extension period.
I have opted-in for the moratorium until May 31, 2020. I do not want to extend my moratorium. I want to start making payments from June, 2020 onwards. What should I do?
Unless you specifically opt-in for extension of the moratorium, you will automatically be opted out of the moratorium on May 31, 2020. We will be automatically debiting your EMI payments from your account from June 2020 onwards. To avail an extension of the moratorium until August 31, 2020, you must reach out to firstname.lastname@example.org or our authorised service provider as may be mentioned in your loan agreement.
Will my CIBIL score be affected if I request for my moratorium to be extended?
No, your CIBIL score will not be impacted if you choose to extend your moratorium.
Can I make payments towards my loan during the moratorium period, even though I have chosen to extend the moratorium?
Yes, similar to the moratorium period until May 31, 2020, you are free to make prepayments (full or partial) to your lender towards your loan during the moratorium period.
I am currently facing financial difficulties. Do I have any other options other than opting-in on moratorium extension?
Yes, as a borrower, you may always update us about your financial difficulties and explore other options including revising your payment obligations by reducing your EMI and/or increasing the tenure of your loan so as to suit your finances. Please reach out to us at email@example.com or our authorised service provider as may be mentioned in your loan agreement to understand the options available to you.
What should I do if I have any complaint regarding anything to do with the moratorium or my loan?
We are here to ensure you have a seamless experience in availing and repaying your loan. Please reach out to us at firstname.lastname@example.org. in case of any complaint or query.