Tata Capital COVID 19 Moratorium: Steps, Guidelines & FAQs
Tata Capital has extended COVID 19 EMI moratorium to its eligible customers. The option to defer repayments is valid for EMIs falling due between June 1, 2020 to August 31, 2020, subject to terms and conditions. The decision to extend repayment deferment benefit to customers is in pursuant to Reserve Bank of India’s guidelines for extension of COVID 19 regulatory package said NBFC’s public notice.
The lender has also stated that the interest on outstanding loan amount will be capitalised during the moratorium tenor. The additional outstanding amount will be added to future instalments after August 2020.
Furthermore the NBFC has also released Moratorium Calculator for its customers so that they can assess financial impact as well as change in loan tenure due to missing payments.
The Moratorium is available to all retail loan customers for following products:
- Personal Loans
- Business Loans
- Home Loans
- Two Wheeler Loans
- Car Loans
- Consumer Durable Loans
- Loan against Property
- Tractor Loan
The customer should login and click on Moratorium. Here is the link to apply for moratorium: https://www.tatacapital.com/rbi-emi-moratorium-during-covid-19/csfd-form.html
The link opens into a form. Share your identification details and Loan Account Number, followed by how did COVID affect your business/income.
All interested customers, including those who opted for March, April or May EMI Moratorium need to apply for further deferment benefit.
Share consent for terms & conditions here: https://retailonline.tatacapital.com/login.html
The high ticket customers of Home Loan / Home Equity having accounts greater than Rs 5 crores, should write to email@example.com for Moratorium. The decision will be taken by the lender.
It is recommended to read following FAQs and understand all the terms before opting for Moratorium.
TATA CAPITAL HOUSING FINANCE – FAQS
✅ What is RBI’s COVID 19 relief package? What Moratorium benefits are Tata Capital offering?
Moratorium means delaying EMIs & payments of your loan and credit cards for a stipulated time period. On the backdrop of financial disruptions caused due to COVID 19, RBI has asked banks and financial institutions to grant a repayment holiday for payments falling due between March 1, 2020 to August 31, 2020. Though this six month extension announcement came in two phases. Tata Capital Housing Finance Limited has extended the same benefit to its customers. The contratcted rate of interest will continue to accrue during repayment deferment.
✅ What are eligibility criteria for moratorium deferment?
The moratorium benefit is available to all loan customers. However the account should not have more than 3 months of dues as on March 1st, 2020 to be eligible for Tata Capital Moratorium relief.
For Home Loan (HL) / Home Equity (HE) customers with high ticket loans, greater than Rs 5 crores, the decision will be based on case-to-case basis. These customers can write to firstname.lastname@example.org for assistance.
✅ Is moratorium available on principal or interest component?
Moratorium is deferment of payments and not the waiver. It is available on both principal as well as Interest component. Plus the interest amount will continue to accrue during the EMI holiday.
✅ If I already used Moratorium 1, do I need to apply again for Jun to Aug moratorium?
Yes. You need to apply again for June to Aug 2020 Moratorium. Any eligible customer who wants to avail of repayment deferment benefit, needs to apply online for Moratorium.
✅ Do I get flexibility to choice tenor – 1, 2 or 3 months, for Moratorium?
✅ How do I opt out of Moratorium?
You should continue paying your due EMIs as per schedule. No action is required to stay out of Moratorium with Tata Capital.
✅ How do I opt for Tata Capital Moratorium?
You need to follow following steps to opt for Tata Capital Moratorium:
- Visit Tata Capital’s official website or App.
- Login using registered mobile number/email ID or User Id & Password.
- Click on “EMI Moratorium.”
- Choose the type of loan account
- Select duration of Moratorium
- Accept Terms & conditions
- Submit the request
Alternatively, mail on email@example.com or call 1860 267 6060 (Monday to Saturday between 10am to 7pm).
✅ Will my overdue before March 1, 2020 also get deferred if I avail the moratorium?
Well, Tata Capital has allowed customers with a maximum of three months over dues before March1 to opt for Moratorium. However the deferment will be strictly available for March to August 2020. You should pay out dues prior Moratorium period as soon as possible and avoid penal charges.
✅ When will the deferred EMIs become due?
The revised repayment schedule would be communicated to you in the month of September 2020, if you have opted for Moratorium till August 2020. Those who are not extending Moratorium will be provided the new repayment schedule in June 2020.
✅ Will I be asked to pay in lumpsum after moratorium?
No. Your EMI size or Loan tenure will be modified as per the accumulated interest. The repayment schedule will be shared with you before the expiry of Moratorium period.
✅ How to apply Moratorium for multiple loans from Tata Capital Housing Finance Limited?
You can apply for moratorium for multiple products by selecting each account while filling an online application for on the Tata Capital website.
✅ Will EMI deducted be refunded if I have opted for Moratorium?
Yes. In case payment is processed within 7 days of making the request for Moratorium a refund will be initiated.
✅ Does moratorium impact my credit rating and CIBIL score?
No. RBI has clearly mentioned that deferment of payments will not impact the credit rating. However any payments due prior March 1 will definitely hurt your rating. So the lender has requested customers to pay out previous dues using “quick pay” option.
✅ Will there be any delay payment charges for moratorium period?
No. Late payment charges will not be levied to customers are deemed eligible for Moratorium, however those who delay payment despite being rejected for the same will be charged late payment penalty.
✅ Can I make Part or full pre-payment of loan?
Yes, but only after the end of moratorium period.
✅ What is customer care contact for Tata Capital moratorium?
Write to firstname.lastname@example.org and share your loan account details.
✅ Will I require new NACH debit mandate after Moratorium?
After the Moratorium you may require fresh NACH debit mandate according to new EMI.