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Moratorium Terms and Conditions

Pursuant to Statement of Development and Regulatory Policies released by RBI (RBI/201920/186DOR.No .BP.BC.47/21.04.048/2019-20) dated March 27, 2020, EarlySalary Services Private Limited (formerly known as Ashish Securities Private Limited), hereinafter referred to as “ESPL” will be offering a deferment* on loan instalment / interest dues falling due between March 01, 2020 and May 31, 2020.

During this moratorium period the customers availing this facility do acknowledge the following,

  • I understand that instalment / interest dues need not be paid only for time period from 1st March 2020 to 31st May 2020.
  • I understand that it is only a deferment of the payment and not a concession or any kind of waiver. Interest will continue to accrue on outstanding dues during the deferment period at applicable rate of interest.
  • I understand no penal interest would be levied during the deferment period. However, all other charges would continue to accrue, and will be payable at the end of the deferment period. Such charges include, but are not limited to, joining etc.
  • I am aware that for Instant Loans, the EMI payments would be deferred till after the moratorium period.
  • I understand that there will be no adverse impact on my credit history if I avail the moratorium. The rescheduling of payments, including interest, will not qualify as a default for the purposes of supervisory reporting and reporting to Credit Information Companies (CICs) by the lending institutions.
  • I agree for the deferment to be applicable for all loans mapped under the customer id.
  • I am aware that availing of moratorium would impact my credit facility(ies) with ESPL wherein the repayment schedule for such loans as also the residual tenor, will be shifted across the board by period upto three months after the moratorium period. Interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period.
  • Since the moratorium/deferment/recalculation of the ‘drawing power’ is being provided specifically to enable me to tide over economic fallout from COVID-19, the same will not be treated as concession or change in terms and conditions of loan agreements.
  • I am aware that this facility(ies) will be extended to me in respect of payments falling due during the period March 01 to May 31, 2020 only and no Payments due before 1st March 2020 will be considered for this Moratorium, and any and all payments overdue on or before February 29, 2020 will continue to attract current IRAC (Income Recognition and Asset Classification) norms.
    • I understand that repayment for my loan account(s) after moratorium period will fall due from June 2020 onwards.
    • I am aware that the moratorium would start only after the request is received. Any prior payments, would not be refunded.
    • I understand that once I have OPTED IN / AVAILED the moratorium, I will not OPT OUT.
    • I understand that for my Loan facility(ies):
      • The deferment request if given 5 days prior to the instalment / interest due date would be applicable for the current month, else would be applicable for the month of May 2020 only.
      • The deferment would be applicable to all standard loans as on March 1. If March 2020 instalment has already been paid by me, the deferment would be applicable for instalments or interest due in April and May 2020.
    • I authorise ESPL and its representatives to Call/SMS/ or communicate via WhatsApp regarding my application. This consent overrides any registration for DNC/NDNC.
    • I confirm that I am in India, I am a major and a resident of India and I have read and accepted ESPL’ s Privacy Policy.
    • I confirm that I have read and understood these Terms and Conditions in their entirety.

Term loans - Moratorium on instalments