With a view to mitigate the burden of debt servicing brought about on account of the disruptions caused by the COVID - 19 pandemic, the Reserve Bank of India in their Notification no. RBI/ 2019-20 /186/DOR No. BP. BC. 47/21.04.048/2019-20 dated 27th March 2020 has announced certain regulatory measures. These measures inter alia permit banks and financial institutions including NBFCs to grant a moratorium on repayment of loan installments in the manner stipulated in the Notification.
The Board of Directors of Max Value Credits and Investments Ltd (MVCIL) has accordingly approved a Scheme for permitting re-schedulement of payment of loans on the lines mentioned below.
1. The rescheduling shall be by way of a moratorium on the payment of loan installments on all categories of loans sanctioned by MVCIL.
2. The moratorium shall apply only to those Loan installments that fall due for payment in the months of March, April and May 2020 and remain unpaid.; that is, on the loan installments falling due during the period from 01st March 2020 to 31st May 2020 and remain unpaid.
3. The moratorium shall not apply to all those loan installments that had fallen due up to and including 29th February 2020. All such installments shall continue to be under demand and hence remain payable immediately irrespective of the moratorium.
4. The benefit of the moratorium will be extended only to those loan customers who opt for it.
5. Once the option for the moratorium is exercised, the repayment schedule of such loans as well as the residual tenor of the loan shall stand shifted across the board by three months after the moratorium period.
6. Interest shall continue to accrue on the loan amount outstanding during the moratorium period.
7. The additional interest accruing on the loan on account of the extended repayment period resulting from the moratorium shall be paid by the loan customer along with the residual loan installments in the manner advised by MVCIL.
8. The rescheduling of loan repayment and/or extending of repayment period on account of the moratorium described herein will not qualify as a 'default' for the purpose of reporting to credit information companies (CICs)
9. Those loan customers who wish to opt for the moratorium may convey their option immediately to the nearest branch/office of MVCIL or get in touch with / e-mail to the following contact numbers/mail id. The request should clearly mention the name of the customer; loan number; type of loan ( Two Wheeler/ Consumer/ Business/ Micro Finance, etc); EMI amount and EMI due date.
10. The option should reach MVCIL at least one day before the due date of the EMI.
For further details, please contact the nearest branch/office of MVCIL.
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