Pursuant to the Reserve Bank of India (RBI) "COVID-19–Regulatory Package" dated March 27, 2020 to tackle the un-precedented scenario created due to COVID 19 outbreak, Aavas Financiers Limited (Aavas) is offering its customers an option to continue to make payment towards their loan or opt for moratorium/deferment of PEMI and EMI for the month of June, 2020.Moratorium Request form for July and August months will be available 5 days prior to EMI due date respectively.
The moratorium/deferment of PEMI & EMI is Optional, not compulsory for Customers. Moratorium/Deferment is temporary postponement of payment of interest/ principal/ instalments for the period.
InterestshallcontinuetoaccrueontheoutstandingLoan Amountduringthemoratoriumperiod and accordingly there will be increase in EMI/PEMI and a commensurate increase in number of instalments by number of months for which Moratorium is opted.
To opt for the moratorium, customers can communicate to Aavas by filling form
Aavas shall be presenting the installment cheques/actioning ECS orNACH - mandates etc., provided by the customers, for collection on the respective due dates who have not opted for moratorium. Customers desirous of availing the deferment under the RBI circular, shall send a communication to Aavas through any of the modes as mentioned above. Customers, who have not communicated their option and whose instruments sent for collection are not cleared, shall be deemed to have opted for availing themoratorium and necessary relief shall be provided to such borrowers as per RBI Circular.
Further, customers who have paid their April or May EMI/PEMI/Installment and still want to avail the deferment, can communicate to Aavas using any mode mentioned above, within 15 days from the date of EMI/PEMI/Installment paid. Aavas shall then refund or reverse such amount of EMI/PEMI/Installment by crediting their respective bank account.
The facility of deferment shall be available to the borrowers affected by this Covid 19, pandemic as assessed by Aavas
Thanking you for your understanding and support.
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