Covid19 Relief by L& T Financial Services: Moratorium for Two-Wheeler, Farm Equipment, Micro & Consumer Loans

Following RBI’s guidelines to mitigate the financial stress of borrowers during difficult times of Covid19, L& T Financial Services & L&T Housing Finance have offered an option to choose a moratorium for up to 6 months to its customers. By opting for Moratorium, you can delay the payment of principal as well as interest amount for Six months- March, April, May June, July and August 2020.

In effect, you can choose to delay all instalments falling due between March 1, 2020, to Aug 31, 2020.

The loan deferment option is open to the following:

• Housing Finance Loans
• Two-Wheeler Loans
• Farm Equipment Loans
• Micro Loans
• Consumer Loans

To opt for Moratorium, click the following link and submit your consent for the same.

L& T Housing Finance: https://www.ltfs.com/companies/lnt-housing-finance.html

L&T Financial Services: https://docvault.ltfs.com/consentApp/#/login

The customers can also email their choice to customercare@ltfs.com

To opt for Moratorium, visit the following link and login to share consent: L&T Financial Services, L&T Housing Extend EMI Moratorium till Aug 2020

All customers of Micro Loans are automatically provided Moratorium by the company.

FAQs

✅ What are RBI’s suggestions for EMI Moratorium for COVID-19 relief?

The Reserve Bank of India on March 27, 2020, has announced a relief package to mitigate

impact of financial stress caused due to countrywide lockdown imposed to contain COVID-19 outbreak.

The RBI permitted all financial companies to grant a moratorium of up to six months on due payment, w.e.f. March 1, 2020, to Aug 31, 2020.

The central bank further said that the contracted rate of interest would continue to accrue on the outstanding amount during the moratorium period. The loan deferment is optional and is a temporary deferment for financial relief. The customer shall pay the accumulated accrued interest after the expiry of Moratorium.

✅ What is the L&T financial Services COVID-19 regulatory package?

L & T Financial services has provided a repayment moratorium for up to six months on instalments falling due between March 1, 2020, to Aug 31, 2020.

The option to defer EMIs is open to the following products:

• Two-Wheeler Loans
• Farm Equipment Loans
• Micro Loans
• Consumer Loans

✅ How will L&T FL adjust my loan after the Moratorium period?

As per RBI guidelines, the applicable interest will be calculated on the outstanding amount during the moratorium period. The accumulated interest will be charged as an adjustment to the last EMI or by adding more EMIs at the end of the loan tenor.

✅ What are overdue or cheque bounce charges during Moratorium?

There will be no cheque bounce or overdue charges for EMI delays during COVID 19 moratorium.

✅ What happens to my overdues prior to 1st March 2020?

The Covid19 Moratorium relief is applicable only for instalments falling due between months of March, April, May, June, July and August. For any overdue amount prior to March 1, 2020 you should clear your accounts as soon as possible and avoid penal charges. You can pay through the UPI Platform or PayTM.

Paytm: https://paytm.com/loan-emi-payment

✅ What is the process to avail of COVID 19 moratorium relief?

The L&T customers of Two-Wheeler Loan, Farm Equipment Loan & Consumer Loan can share the consent in 3 ways.

1. Reply to the SMS sent to your registered number
2. Visit website link https://docvault.ltfs.com/consentApp/#/login & choose preference
3. Email: Write your choice to customercare@ltfs.com

The customers of Micro Loans are automatically provided Moratorium for the six instalments falling due between March 1, 2020, and Aug 31, 2020.

✅ Will COVID 19 moratorium affect my credit score?

No.

✅ Can I opt for Moratorium on more than one loan from L&T Finance Ltd?

Yes. You are required to opt for an EMI moratorium individually for each account.

✅ Can I choose to pay all 3 pending EMIs in June 2020?

As per the loan agreement, if prepayment is permitted, you can pay all 6 EMIs of March, April, May, June, July and August in September. The lender will share a new repayment schedule with extended loan tenure, and you are required to pay accordingly.

✅ Do L&T update the approval of the moratorium request?

As you submit the moratorium request, you will receive the acknowledgment.

✅ Can I make foreclosure or partly prepay during COVID moratorium?

The terms & conditions of the loan remain the same. According to foreclosure and part payment terms, you can make the payments.

✅ Do I need to submit any document to opt for Moratorium?

No, documents are not required to opt for Moratorium.