Dear Customer,

Hope you and your family are in good health.

The Covid- 19 Pandemic that all of us are facing is an exceptional and unprecedented situation affecting our lives, work and business. Taking cognizance of this, and also in line with the RBI guideline, we are happy to offer all our customers a moratorium (‘Intellegrow COVID-19 Moratorium’) of 3 months starting from 1st March 2020 to 31st May 2020. Our goal, through the rollout of the Intellegrow COVID-19 Moratorium is to be together with you in this difficult period and support you in dealing with disruptions in business so that you can focus on your family’s health and safety.

Please make note of the following in relation to the above Intellegrow COVID-19 Moratorium:

  1. In line with the RBI guideline on the COVID-19 Moratorium, interest shall continue to accrue on your Principal Outstanding during the moratorium period, at the same rate as contracted for your loan. The interest payable by you shall be communicated to you in due course, and the same shall be collected immediately after the moratorium period is completed
  2. If you have already fully paid the March 2020 EMI, the relief would only be applicable for the EMIs payable in April 2020 and May 2020
  3. There is no moratorium on overdues prior to 1st March 2020. Hence in case you have any overdue instalments /other dues, we request you to kindly pay the same immediately to avoid penal charges and slippage in credit bureau rating.

In line with the moratorium offered as above, we shall not present the Cheque/NACH for payment on the EMI due-date. However, in case you want to continue to pay the EMI during this period, kindly send your confirmation to customersupport@intellegrow.com within 7 days. Alternatively, please fill in your details on this page and submit your confirmation within 7 days if you wish to continue to pay your EMIs. Non receipt of any communication within the given time will be considered as your deemed consent for the Intellegrow COVID-19 Moratorium.

Since the moratorium is being provided specifically to enable the borrowers to tide over economic fallout from COVID-19, the same will not be treated as concession or change in terms and conditions of loan agreements due to financial difficulty of the borrower, and shall not result in asset classification downgrade/ deterioration in the credit bureau score.

To help you take the right decision, we have also provided an FAQ and urge you to go through the list of questions. Feel free to write to us at customersupport@intellegrow.com for any other clarifications.

We assure you that we are with you in this challenging time, as always. Take care, stay safe and stay healthy.

Warm Regards,

IntelleGrow



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FAQs

Ans: It’s a deferment of payment of dues. It’s not a waiver.



Ans: No, RBI has permitted the lenders to grant a moratorium of three months. It’s not automatic and up to the discretion of each Lender to extend the moratorium to their borrowers
Ans: All commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, all-India Financial Institutions, and NBFCs (including housing finance companies and micro-finance institutions) have been permitted to allow the moratorium relaxation to its borrowers.
Ans: Three months moratorium is permitted on payment of all instalments falling due between March 1, 2020 and May 31, 2020.
Ans: All term loans outstanding as on March 1, 2020 are eligible to claim the relaxation. Along with term loan there can be a deferment of interest on working capital facilities like cash credit and overdraft and outstanding as on March 1, 2020.
Ans: Instalment will cover – i) EMI – Equated Monthly Instalment ii) Principal and/or interest components iii) Bullet repayments iv) Credit Card dues.
Interest will continue to accrue on the loan amount outstanding during the moratorium period.
Interest will be charged at the same contracted rate of the loan for the moratorium period
Yes, the repayment schedule for such loans as also the residual tenor, will be increased by the number of months of moratorium.
Deferment of payment due to moratorium will not qualify as default hence will not impact credit score.
Yes, he/she may choose to do so if repayment capacity is there.
You can do one of the following to opt out of the Intellegrow COVID-19 moratorium - (a) respond to the mail with a request (b) Go to https://covidresponse.intellegrow.com/ and submit the request with the required Loan Account details. The link to this page has also been sent to you over email and SMS
No. You can only avail the moratorium for the unpaid EMIs. If you’ve already paid the March installment, the relief would only be applicable for the EMIs payable in April 2020 and May 2020
No. We will be unable to present the PDCs on account of the lock-down. You will have to make a Bank transfer using NEFT/RTGS.
Yes. If you have requested to opt out of the Intellegrow COVID-19 Moratorium, we shall present the NACH on your EMI date. You have to only ensure that sufficient balance is maintained in your Bank Account
Yes. Interest for the moratorium period upto May 31, 2020 will be accrued and added to the overall outstanding balance. The moratorium helps you in postponing your cash flows by 3 months, for the cost of interest-accrual
That is for you to decide based on the cost-benefit analysis since the costs and benefits vary for each individual customer. The accrued interest during the 3-month moratorium period is the cost associated with the deferral of EMIs. You may want to opt for this only if your cash flows have been severely affected by the COVID-19 situation and the benefit of deferral exceeds the cost of deferral (accrued interest)








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