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Note: We request customer to keep his or her loan account number handy before starting the process.
What is extension of moratorium?
Moratorium is temporary postponement of payment of interest/ principal/ instalments (and is not a waiver) for the period from Mar 01 to May 31, 2020 and further extended till August 31, 2020 as communicated by RBI. Interest will be payable on all amount(s) for which payment is being postponed pursuant to the Moratorium.
Is moratorium compulsory or optional?
The moratorium is optional for all customers availed loan from Toyota Financial Services India Ltd.
Will the loan tenure increase?
Yes, the loan tenure will get extended by the corresponding period for which the moratorium has been availed.
- For example, if the EMI for the month of March 2020 has been paid and moratorium from April to August 2020 has been availed, then the loan tenure will be extended by 5 months
Is Toyota Financial Services India Ltd (TFSIN) giving extension of moratorium to all the customers?
TFSIN is offering moratorium to its customers who have availed the earlier moratorium benefit i.e. March to May 2020. However, reconfirmation for extension of moratorium is required.
Customers who have not availed moratorium earlier i.e. March to May 2020 can EITHER avail the moratorium from June to August 2020 OR retrospectively from April to August 2020, in case they have not made repayment in April & May 2020. However, in both the cases, the account should have a standard repayment track as on February 29, 2020. Under no circumstances, moratorium for March 2020 can be availed.
For which month EMI can I request extension of moratorium?
Customers can request moratorium for unpaid EMI’s that are due in the month of April to August 2020.
Will Interest be charged on outstanding loan amount for extension of moratorium period?
Yes, Interest will be charged at contracted rate on loan outstanding on the moratorium period availed and same will become part of loan outstanding at the end of moratorium. Total resulting interest accrued during remaining loan tenure will be added to last EMI.
If you are availing moratorium first time from Apr’2020 to Aug’2020 (5 months Moratorium)-
Loan amount INR10 Lakhs. Term: 48 months (EMI Term: 10 February 2019 TO 10 January 2023). Regular EMI: INR 25,363/- Term completed: 14 months. Balance Term: 34 months. If opting for 5 months Moratorium i.e. Apr-20 & August-20; last EMI will be due on 10th -June-2023. The additional interest would be about INR 42,034/- and the resultant last EMI will be INR 67,397/- (Regular EMI INR 25,363/- plus recoverable interest INR 42,034/-)
If you have already availed moratorium from Mar’2020 to May’2020 and seeking 3 months extension till Aug’2020- (6 months moratorium in total)
Loan amount INR10 Lakhs. Term: 48 months (EMI Term: 10 February 2019 TO 10 January 2023). Regular EMI: INR 25,363/- Term completed: 13 months. Balance Term: 35 months. If opting for 6 months Moratorium i.e. Mar-20 & August-20; last EMI will be due on 10th-July-2023. The additional interest would be about INR 52,369/- and the resultant last EMI will be INR 77,732/- (Regular EMI INR 25,363/- plus recoverable interest INR 52,369/-)Disclaimer—Above examples are approximate calculations and may vary borrower to borrower depending on agreed terms of contract
I have availed moratorium till May 2020, however do not want the extension of EMI moratorium, what should I do?
If you do not want the extension of EMI moratorium, do not send any confirmation through any channel, or please communicate with us on the following channel and we will continue to bank your repayment instructions.
We encourage customers with adequate funds to continue paying during this period to avoid the extra interest charges and tenor extension.
Will the extension of moratorium be applicable in case of new loans sanctioned after March 1, 2020 during the lockdown period?
New loans sanctioned and availed after 01 March 2020 will not be eligible for moratorium. Nonpayment of EMI’s for loans sanctioned or availed after 01 Mar 2020 will lead to tagging of loans as overdue and delinquent and will be reported to credit bureaus as well.
I have not availed moratorium earlier. Can I place request for Moratorium now?
Yes, you can avail moratorium starting from April to August 2020.
Write to us at email@example.com with details of your loan account and reason for requesting the same.
You Can also send an SMS mentioning you 11 Digit Loan Account No in the following format “TFS Moratorium XXXXXXXXXXX” to 53030
WhatsApp us at 9901325656 mentioning your 11 Digit Loan Account No in the following format “Yes Moratorium XXXXXXXXXXX”
When can I place a request for Moratorium / extension of Moratorium?
You have to place a request for moratorium till August 31, 2020. In the event, if your loan EMI has been debited for June 2020, requests for refund should reach us no later than 5 days of date of EMI debit from your bank account. Refund of such EMI’s which have got debited from your bank account will be processed in 15 working days from the date of receipt of such requests.
Will I be communicated if my request for moratorium / extension of has been accepted?
If you have already availed moratorium, your moratorium tenure will be extended till August 2020, should you not want to avail the same, inform us on the above communication channel. For new requests, we shall communicate if your request has been accepted and inform you on the applicable interest along with all terms & conditions applicable for the moratorium.
How will the treatment of my loan be after the moratorium / extension of moratorium period?
Your loan tenor will increase by the number of months for the time of moratorium availed. You shall be communicated on the interest applicable for your moratorium request and your revised re-payment schedule will be sent across to you.
Will I be required to submit any documents, fresh NACH debit mandate?
The borrower as prescribed by the company may need to furnish fresh NACH debit mandate as and when informed to you.
Will my EMI’s get debited from my bank account during the moratorium / extension of moratorium period?
For all loans which have been offered moratorium or extension of moratorium, we shall be putting the EMI’s on hold, subject to the receipt of moratorium request 10 days prior to EMI banking date(s) & acceptance of your moratorium request. In case the EMI got debited, The Refunds net off Overdue, if any applicable, will be processed as explained above.
Will bounce charges be levied for EMI’s of the moratorium / extension of moratorium period?
The EMI months for which customer has opted for moratorium, we shall not be levying any EMI bounce charges.
Will I get EMI moratorium for loan account with all EMIs paid and scheduled tenure has already been completed
For all loans which have been fully paid EMIs and time matured till May 2020, will not be offered moratorium or extension of moratorium. We request such customers to clear pending charges if any post which NOCs will automatically dispatched to their registered address.
Will late payment penalty be levied for EMI months of the moratorium / extension of moratorium period?
For the EMI months in which moratorium has been offered we shall not be levying any late payment charges.
Will my Credit Bureau records be impacted if I apply for Moratorium / extension of moratorium?
If you are eligible and you have availed of the moratorium, your credit bureau records will not be impacted due to non-payment of EMI’s during the moratorium period. This does not apply to any non-payment of EMI’s that would have been reported to the credit bureau prior to Mar 01, 2020 or for loans sanction/availed after Mar 01, 2020. However, that you availed the moratorium facility will get reported to Credit Bureaus.