Moratorium Extension FAQs

What is a moratorium?

A moratorium is simply the temporary suspension or delay of an activity or practice. In this case, it basically means that, should your financial situation not allow you to pay, you have the option to defer/postpone payments for your loans and EMIs.

I have opted-in for the moratorium which ends on May 31, 2020? Will this automatically be extended until August 31, 2020?

No. Your moratorium will not be automatically extended. To avail an extension of the moratorium until August 31, 2020, you must reach out to the ZestMoney Customer Service team at +91 6269000097. 

You must bear in mind that the extension of your moratorium is not guaranteed. Based on instructions from your lenders, we may ask you to re-pay a small amount of money and/or submit some documents to help us/your lender understand your finances and the stress caused by COVID-19. 

Can I opt-in to extend my moratorium at any time?

No, to avail an extension of the moratorium until August 31, 2020, you will have to reach out to the ZestMoney Customer Service team at +91 6269000097 before June 10, 2020.

I have not opted-in for the moratorium until now. Can I opt-in for the moratorium now?

If you are facing financial distress on account of COVID-19, you may be able to avail the benefit of the moratorium. As mentioned above, you may be asked to provide some documents to evidence the financial hardship being faced by you. Do bear in mind that the final decision regarding granting your moratorium rests with your lender.

Do I have to pay any money to opt-in on the extension of the moratorium until August 31, 2020?

Depending on instructions we receive from your lender, we will ask you to re-pay a small amount to extend your moratorium period.

Will my interest continue to accrue during the moratorium period? If yes, when should I pay the accumulated interest?

Yes, interest will continue to accrue on your loan at the same rate of interest for the moratorium extension period. Your interest amount will be collected as per instructions from your lender.

I have opted-in for the moratorium until May 31, 2020. I do not want to extend my moratorium. I want to start making payments from June, 2020 onwards. What should I do?

Unless you specifically opt-in for extension of the moratorium, you will automatically be opted out of the moratorium on May 31, 2020. We will be automatically debiting your EMI payments for your lender from your account from June 2020 onwards. To avail an extension of the moratorium until August 31, 2020, you must reach out to the ZestMoney Customer Service team at +91 6269000097.

Will my CIBIL score be affected if I request for my moratorium to be extended?

No, your CIBIL score will not be impacted if you choose to extend your moratorium.

Can I make payments towards my loan during the moratorium period, even though I have chosen to extend the moratorium?

Yes, similar to the moratorium period until May 31, 2020, you are free to make prepayments (full or partial) to your lender towards your loan during the moratorium period. To make a manual payment during the moratorium period, visit your My Account section by logging in to your ZestMoney account. Under EMIs, you can click on the Pay EMI link next to each active loan in order to make payments to your lender manually.

I am currently facing financial difficulties. Do I have any other options other than opting-in on moratorium extension?

Yes, as a borrower, you may always update your lender about your financial difficulties and explore other options including revising your payment obligations by reducing your EMI and/or increasing the tenure of your loan so as to suit your finances. Please reach out to the ZestMoney Customer Service team at +91 6269000097 to understand the options available to you. 

I am currently not in the position to regularly pay the EMI amount agreed previously. I will only be able to pay a smaller amount. Can I reduce my EMIs to a smaller amount?

Yes. Depending on the policies of your lender and your revised financial position, it may be possible to revise your EMIs to a smaller amount and increase the tenor of your loan. This revision would be subject to payment of a small fee. Please reach out to the ZestMoney Customer Service team at +91 6269000097 for further details on this.

What should I do if I have any complaint regarding anything to do with the moratorium or my loan?

We are here to ensure you have a seamless experience in availing and repaying your loan. Please reach out to us at help@zestmoney.in or call us at +91-6269000097.  You may also reach out to your lender directly using the details available here.