EMI Moratorium
I hereby place a request for the grant of EMI moratorium on the Outstanding dues between March, 2020 till May, 2020 due to the lack of fund availability with me during the COVID-19 pandemic.
I hereby agree & understand that:
1> EMI payment will be postponed to June 2nd onward, and the payment cycle will be restarted from June 2nd onwards. I agree that the terms & conditions of the Loan shall be applicable to me thenceforth and I will not use the extension of my loan tenure as a defence for non-payment of my outstanding dues.
2> Interest shall accrue on my Outstanding dues at the same rate as agreed at the time of sanction during the Moratorium period. Such additional interest shall be charged and thus, the total payment amount may vary from the Sanction letter,
3> The approval for grant of Moratorium shall be solely on the discretion of PIFCO based on its internal policies and I do not have any right to challenge such decision of PIFCO.
4> After the moratorium period, I will pay the dues in accordance with the sanction letter and the interest, fees & charges shall be applicable to me as agreed at the time of obtaining the Loan facility and the Additional Moratorium Interest. Due to this Moratorium Interest my number of EMI’s will tend to increase.
5> payment of the Outstanding dues will be restarted from June 2nd onwards as per the payment schedule provided by PIFCO at the time of grant of Moratorium.
I hereby declare that the information provided by me is true and forms part of the legally binding contract between me and PIFCO. I undertake to adhere to my commitments made herein.
