Further to our Moratorium Policy dated March 31, 2020 for the repayment of loans falling due between March 1, 2020 and May 31, 2020, in view of the extension of lockdown and continuing disruptions due to COVID – 19, RBI has, vide circular no. RBI/2019-20/244 DOR.No.BP.BC.71/21.04.048/ 2019-20 dated May 23, 2020, permitted NBFCs to extend the Moratorium by another three months from June 1, 2020 to August 31, 2020. In line with this notification and empathising with our customers and standing by them during these troubled times, we are pleased to extend the moratorium on repayment of loans falling due between June 1, 2020 to August 31, 2020.

While extending support to the customers as per the Covid-19 Regulatory package, Samunnati would follow the following approach in grant of Moratorium to our customers.

Farmer Producer Organisations (FPO) – FPO(AC), FPO (WCTL), Retail and Agri Enterprises –

All customers in these verticals whose loans have instalments or interest payments falling due during the period 1st June 2020 till 31st August 2020, Samunnati will extend the moratorium benefit based on customer request (anytime till 31st August 2020 but not with retrospective effect) on a case to case basis depending on our assessment of the impact of Covid-19 on the customer’s income and cash flows and such other similar factors. Accordingly, all such customers, who wish to avail the moratorium benefit are requested to send in a request for availing the moratorium to bpsupport@samunnati.com with a copy to their respective relationship manager quoting their loan number.

All customers who wish to avail moratorium are requested to note that, Interest will continue to be charged on the outstanding loan amount during the period of moratorium as well as the extended tenor of your loan.

The Interest charged to the Loan account during the moratorium period will be recovered from the customer after the moratorium period.

The revised amortisation schedule shall be communicated to such customers in due course.
In instances where a customer does not wish to avail the moratorium benefit, the original repayment schedule shall remain in force
In line with the above cited RBI circular, the rescheduling of payments, including interest, will not be deemed as default for the purposes of supervisory reporting and reporting to Credit Information Companies (CICs) by Samunnati.

For any further clarifications, please feel free to get in touch with your relationship manager or write to us at bpsupport@samunnati.com

FAQs on Moratorium Scheme (Version 2) of Samunnati

a) Which products / borrowers are covered under Samunnati Moratorium Scheme?

All borrowers in Farmer Producer Organisations (FPO), Agri Enterprises and Retail categories are eligible for moratorium. Samunnati will extend the moratorium benefit based on customer request on a case to case basis based on our assessment of the impact of Covid-19 on the customer’s income and cashflows

b) Does this moratorium scheme cover both Principal and Interest payment?

Yes, the moratorium scheme covers both Principal and Interest payment in case of Term loans.

c) Do I have to pay EMI / Instalments during the moratorium period?

No, you do not have to pay any EMI / Instalments during the moratorium period. There will be Interest charged to your Loan account during the moratorium period which will be recovered after the moratorium period.

d) Does this mean that my EMI / Instalment is waived off?

No, this does not mean that your EMI / Instalment is waived off. This is only a deferment of EMI / Instalment where you are not required to pay EMI / Instalment during the moratorium period. All Interest accrued during the moratorium period will be recovered along with Loan EMI / Instalment after the moratorium period.

e) For what period can I avail the EMI / Instalment moratorium?

You can avail the EMI / Instalments which are falling due between June 1, 2020 to August 31, 2020.

f) Can I continue to pay my EMIs / Instalments as per normal schedule. Is it mandatory to avail moratorium?

It is not mandatory to avail the moratorium scheme. You can continue to pay the EMI /Instalments/ Interest as per normal process. In case you are able to make normal EMI /Instalments/ Interest in time, it is suggested to continue making the timely payments to reduce your Interest burden and avoid extension of Loan End date.

g) What will be my EMI /Instalment after the moratorium period and will my loan end date change due to moratorium?

As there will be Interest accrued during the moratorium, the new EMI to be paid after the moratorium will depend on your Principal outstanding and no. of EMIs / Instalments already paid. You will be provided with the revised Loan repayment schedule. The Loan End date (Loan Tenor) will increase depending on the no. of months that you have availed for EMI moratorium.

h) Are there any charges applicable for availing moratorium?

No, there are no additional charges applicable to avail moratorium. However, the interest charged in the account during moratorium period had to be borne by the customer.

i) Under what circumstances should I avail the Moratorium?

You may avail the moratorium to help you manage any financial crisis that you may be facing.
In case you are able to make the instalment payments in time, it is suggested to continue making the timely payments to reduce your Interest burden and avoid extension of Loan End date.

j) Will availing moratorium impact my credit history or affect my bureau score?

No, there will be no impact on your credit history. Your account will not be reported as default during the moratorium to Credit Bureau (CICs). This is applicable if all your previous dues are cleared with no interest/ principal overdue.

k) Whom should I contact in case I need any clarifications or support regarding the moratorium?

You may get in touch with your relationship manager. Also, you can contact us as per the following details, by quoting your Loan account number:

Phone – 9790897909
Mail – bpsupport@samunnati.com