According to RBI guidelines, the loan moratorium was applicable up to August 2020. Therefore, if you have availed a loan from Magma Fincorp, the EMI moratorium for Covid-19 ended in 2020 itself and is no longer applicable.
What is the moratorium benefit announced by RBI?
A moratorium is a temporary postponement of interest and principal repayment towards a loan. The interest on the outstanding loan amount continued to be levied for the moratorium period.
Which loans did Magma Fincorp provide moratorium for?
Magma Fincorp provided moratorium benefit on all loan categories.
How do you use Magma moratorium?
During the period that the moratorium benefit was applicable, a borrower could request for a moratorium at any of Magma Fincorp’s branches or call centre (1800 266 3202). The financial company also allowed borrowers to email at email@example.com. In case of non-clearance of June 2020 EMI, the company was getting in touch with borrowers to understand the reasons for the delay in repayment and offered a moratorium through June-August 2020.
How can I get a loan from Magma Finance?
Borrowers who wish to avail various loans like a car loan, housing loan, tractor loan, used vehicle loan, SME loan, etc can reach out to Magma Finance at their toll-free customer care number at 1800 3002 3202. Alternatively, borrowers can also write an email at firstname.lastname@example.org.
Borrowers should ensure that they give careful consideration before opting for a moratorium relief since it could result in financial stress if not planned well. The moratorium is primarily a deferment of loan repayment for a few months as against being a waiver. Banks can continue to charge interest on the unpaid loan amount during the moratorium. Therefore, it is best to go for it only if one is unable to pay the EMI.