RBI has permitted all Indian Banks / Indian Financial Institutions to offer it’s customers up to 6 months moratorium on their EMI payments falling due between Mar 1st, 2020 to August 31st, 2020.

All Kubiz Capital customers who have availed a loan prior to 1st March 2020 are eligible. However, Kubiz Capital reserves the right to offer moratorium to only those customers with no dues in their account as on 1st March 2020. Customers must clear all their past dues to avail of this facility.

All our customers who wish to avail moratorium on payment of instalments falling due between April 1, 2020 and August 31, 2020 must notify KuBiz Capital by sending a request at customersupport@kubiz.in. Kubiz Capital will acknowledge the receipt of customer request, approve the request and send a revised repayment schedule with EMI due date starting September 2020.

Yes. It does. The complete EMI consisting of Principal and Interest part is eligible for deferment.

If customers choose EMI moratorium, Kubiz Capital will not ask for any EMI Payment till August 31st 2020. However, interest will continue to accrue on the principal outstanding for the period of the moratorium at the rate of interest as per loan agreement. Customers may choose to pay accrued interest along with EMI due in September 2020 or the same will get added to principal outstanding. A revised repayment schedule will be sent accordingly.

This is NOT A WAIVER, but a deferment. Interest on the Loan outstanding will keep getting levied for the deferred or moratorium period. Customers must pay the EMIs and the accrued interest as per the revised repayment schedule that will be shared by Kubiz Capital

Kubiz Capital will acknowledge the receipt of customer request and approve the Moratorium request basis the customer’s repayment track record with us, which will be communicated to the customer. Subsequently, customer will receive a revised repayment schedule with EMI due date starting September 2020

Kubiz Capital may request additional details/documentation from the customers as necessary to enable moratorium facility for their customers. Customers may be required to furnish additional postdated cheques, fresh NACH debit mandates, etc. Kubiz Capital will try to maintain the EMI and take NACH/cheque for additional tenure and Interest payment cheque. All compliance to PDD to be completed before June 30th 2020, failing which August 2020 Moratorium will be disallowed.
Customers with pending PDDs beyond the date specified will be liable to pay an additional 1% administrative charge on your account. In case a customer does not comply with Kubiz Capital terms of EMI moratorium, customer’s moratorium facility will stand cancelled. Any non-payment of EMIs during the moratorium duration will attract penal interest charges as per the terms mentioned in the loan agreement.

EMI bounce charges or late payment charges will not be levied for the EMI months for which Kubiz Capital has approved moratorium for customers. In case they are levied, Kubiz Capital will waive / reverse them.

No. Opting for the EMI moratorium will not affect your Credit Rating or Credit Score. However, this does not apply to any non-payment of EMI’s that would have been reported to the credit bureau prior to March 1st 2020 and Kubiz Capital will continue to report customer track to CIBIL for existing delinquent accounts and customers whose moratorium facility has not been approved by Kubiz Capital.

In case of customers whose EMIs were due after March 2020 and have been paid by the customers, the same will not be refunded. Customers can avail moratorium benefits only for the unpaid EMIs. Once Kubiz Capital approves moratorium facility for a customer, Kubiz Capital will not request EMI Payment till August 31st 2020.

Customers may choose to pay accrued interest along with EMI due in September 2020 or the same will get added to principal outstanding. A revised repayment schedule with EMI due date from September 2020 will be shared accordingly.

The loan tenor will increase as interest accrued during moratorium will be added to principal outstanding. Customers may choose to pay accrued interest along with EMI due in September 2020 or the same will get added to principal outstanding. Kubiz Capital highly recommends customers to not take additional burden of the Interest. A revised repayment schedule with EMI due date from
September 2020 will be shared accordingly.

Customers will not be charged any processing fees. However, there will be a levy of interest at the contracted rate of the loan for the period of EMI moratorium on the loan outstanding. Such interest will be collected by extending the original tenor of the loan accordingly. As an option, Customer has a choice to pay the accrued interest in September 2020, and not increase their debt burden.

New loans sanctioned and availed after March 1st 2020 will not be eligible for moratorium. Nonpayment of EMI’s for loans sanctioned or availed after March 1st 2020 will lead to tagging of loans as overdue and delinquent and will be reported to credit bureaus as well.

Yes. Customers who have availed the moratorium facility but wish to pay their EMI during the moratorium period may do so. Kubiz Capital will only charge interest up to the date of such EMI realisation.

Only customers with no past dues in their account as on March 1st 2020 will be eligible to avail the moratorium facility. Please speak to our helpdesk and make necessary payments to avail of this moratorium.

If you do not wish to avail the EMI moratorium, no action is required from your side. Kubiz Capital will continue to bank your EMIs based on your original repayment instructions

Customers with adequate funds are requested to continue paying during this period to avoid the extra interest charges and tenor extension. If you skip your EMI payment during this period, the treatment in that case will be the same as mentioned in the Loan agreement

RBI Circular covering the Covid-19 Moratorium is available on RBI website. Same can be accessed here:COVID-19 – Regulatory Package (DOR.No.BP.BC.71/21.04.048/2019-20)