Prevailing situation would have disrupted your businesses or income generating activities resulting in adverse impact on cash flows. With a view to supporting your efforts to take care of your businesses, your family and yourself, The Zoroastrian Coop Bank Ltd.(ZCBL) has decided to reschedule payments of Term Loans and Working Capital facilities (Cash Credit, Overdraft) as under:
- A moratorium of three months on payment of all instalments falling due between March 1, 2020 and May 31, 2020. Interest shall continue to accrue on the outstanding portion of the Term Loans during the moratorium period. The repayment period of the Term Loan will extend accordingly by the period of moratorium plus period to recover the interest applied during the moratorium.
- In respect of working capital facilities sanctioned in the form of Cash Credit, Overdraft (CC/OD), the recovery of interest applied in respect of all such facilities during the period from March 1, 2020 up to May 31, 2020 shall be deferred. The accumulated accrued interest shall be recovered immediately after the completion of this period. In other words, entire interest shall become payable on June 1, 2020.
Please note that there is only deferment of recovery of Term Loan Instalments / Interest during the period from March 1, 2020 to May 31, 2020 and there is no waiver.
In case you do not want to avail above relief package, you may contact us on following numbers / mail id / website and inform / write / update your unwillingness to avail reschedulement of Instalments / Interest giving account number of your Loan / Facility:
Note: Please keep your Loan/Facility account number ready before calling/writing/updating as above.
If the Bank does not receive your communication by April 7, 2020, it would be presumed that you have opted to avail above two reliefs.
Bank will also consider re-assessment of working capital cycle, recalculation of drawing power with lower margin on receiving application of the customers along with justifiable reason(s) for such reliefs. You may mail your request to our Branch where you are maintaining your account and/or write to us with complete details on firstname.lastname@example.org
Reserve Bank of India has permitted Banks/Financial Institutions to inter alia grant moratorium of three months for payment of instalments of Term Loans and deferment of interest on working capital facilities like Cash Credit/Overdraft for three months. This package is available only for the instalments of Term Loan falling due between March 1, 2020 and May 31, 2020 and interest on Cash Credit/Overdraft facilities applied during the period from March 1, 2020 to May 31, 2020. Moratorium period will end on May 31, 2020.
Who is Eligible?
All the customers who are availing all types of Term Loans, Cash Credit and Overdraft facilities as on March 1, 2020.
What will be the impact of moratorium on interest and Repayment Period?
Interest will continue to be applied in account at the contracted rate during the period of moratorium. In case of Cash Credit and Overdraft facilities, interest will become payable immediately after the end of moratorium period i.e. May 31, 2020. In other words, entire interest shall become payable on June 1, 2020.
In case of Term Loan, interest will continue to be applied at the contracted rate in the account. However, we shall not ask for payment of instalments for the months of March, April and May, 2020. The repayment period of the Term Loan will extend accordingly by the period of moratorium plus period to recover the interest applied during the moratorium period.
Is moratorium available on more than one Term Loan?
Yes, it is available subject to applicable conditions in each case.
Is there any Penal Interest/Charges for availing moratorium?
No. There are no penalties or charges for availing moratorium.
Moratorium will Impact my Credit Score/Credit Ratings?
No. There will not be any adverse impact of moratorium on your Credit score/Credit Rating
Will I get moratorium on the instalment already paid?
Moratorium is available on instalments due