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FAQ related to Individuals and Small business

Under this framework, as per RBI guideline, Aavas is permitted to offer a limited window to individual borrowers and small businesses to implement resolution plans in respect of their credit exposures while classifying the same as Standard upon implementation of the resolution plan. If their cash flows are impacted due to the pandemic

Eligible customers are:

  • Individuals and Small Businesses who have availed personal loans or business loans
  • Having aggregate exposure not more than Rs.25 crore as on March 31, 2021, from all lending institutions
  • Have not availed of any resolution under the Resolution Framework 1.0

Provided, these credit facilities are classified as Standard as on March 31, 2021.

Credit facilities of following categories shall not be eligible:

  • Loans to Primary Agricultural Credit Societies (PACS), Farmers' Service Societies (FSS) and Large-sized Adivasi Multi- Purpose Societies (LAMPS) for on-lending to agriculture.
  • Exposures to financial service providers.
  • Exposures to Central and State Governments, Local Government bodies (e.g., Municipal Corporations) and body corporates established by an Act of Parliament or State Legislature
  • Aavas Financiers Limited employees.
  • Consumption loans to farmers under KCC
  • NPA loans as on March 31, 2021
  • Borrower Accounts who have availed of any resolution under the Resolution Framework – 1.0

If the borrower is affected financially and cash flows are adversely impacted due to COVID pandemic, can place request for resolution plan.

Aavas shall assess and validate the impact on cash flows due to pandemic and viability to service revised EMIs based on income streams of the borrower. Intention, repayment behavior shall be factored in.

The resolution process under this window shall be treated as invoked once Aavas and borrower agreed to proceed with the resolution plan to be implemented.

Based on an assessment of income streams of yours, the resolution plans implemented under this window may include:

  • Rescheduling of payments,
  • Conversion of any interest accrued or to be accrued into another credit facility,
  • Granting of moratorium. The moratorium period, if granted, may be for a maximum of two years, and shall come into force immediately upon implementation of the resolution plan.
  • The extension of the residual tenor of the loan facilities may also be granted to borrowers, with or without payment moratorium. The overall cap on extension of residual tenor, inclusive of moratorium period, if any, permitted, shall be two years.
  • However, compromise settlements are not permitted as a resolution plan for this purpose

Borrower to provide documents to validate adverse impact on cash flows and to ascertain the viability to service revised EMIs as needed by Aavas.

Additionally, a consent letter and supplementary agreement with re-negotiated terms shall be signed by all borrowers, co-borrowers and guarantor of the existing loan.

All requests submitted on or before September 20, 2021. Shall be possible to process

Yes, within 90 days from date of invocation.

Yes

You can approach to your branch with written application to avail the same. Alternatively, you can send your written request at [email protected] .