0712-2585800 / 9607954702
142 Golcha House, New Colony, Byramji Town, Nagpur, Maharashtra 440001
Covid19 Policy
A. OBJECTIVE:
The objective of this policy is to provide relief to the borrowers of the Company brought about by disruptions on account of COVID-19 pandemic in line with RBI Notification titled ‘COVID -19 - Regulatory Package’ dated March 27, 2020
B. SCOPE AND APPLICABILITY:
C. RELIEF:
Pursuant to the guidelines of RBI the Company may at its discretion grant the following relief to active borrowers as on March 1, 2020
Assumptions: | |
Loan O/s as on 29-02-2020 | 60,000 |
Actual closure Date: | 12/31/2020 |
ROI | 24% |
Illustrations:
Borrower A:
Doesn't pay all the three EMIs due in the month of March, April and May'2020
New closure date : 3/31/2021
Month | Mar-20 | Apr-20 | May-20 | Total |
EMI Due | 5,000 | 5,000 | 5,000 | 15,000 |
EMI Paid | - | - | - | - |
Interest on non payment | 101.64 | 199.27 | 311.89 | 612.79 |
Borrower B:
Doesn't pay only one EMI due in the month of March, April and May' 2020
New closure date : 1/31/2021
Month |
Mar-20 |
Apr-20 |
May-20 |
Total |
EMI |
5,000 |
5,000 |
5,000 |
15,000 |
EMI Paid |
- |
5,000 |
5,000 |
10,000 |
Interest on non payment |
101.64 |
100.64 |
106.04 |
308.32 |
Month |
Mar-20 |
Apr-20 |
May-20 |
Total |
EMI |
5,000 |
5,000 |
5,000 |
15,000 |
EMI Paid |
5,000 |
- |
5,000 |
10,000 |
Interest on non payment |
- |
98.63 |
103.93 |
202.56 |
Month |
Mar-20 |
Apr-20 |
May-20 |
Total |
EMI |
5,000 |
5,000 |
5,000 |
15,000 |
EMI Paid |
5,000 |
5,000 |
- |
10,000 |
Interest on non payment |
- |
- |
101.92 |
101.92 |
Borrower C:
Doesn't pay any of the two EMIs falling due in the month of March, April or May' 2020
New closure date : 2/28/2021
Month |
Mar-20 |
Apr-20 |
May-20 |
Total |
EMI |
5,000 |
5,000 |
5,000 |
15,000 |
EMI Paid |
5,000 |
- |
- |
5,000 |
Interest on non payment |
- |
98.63 |
205.85 |
304.48 |
Month |
Mar-20 |
Apr-20 |
May-20 |
Total |
EMI |
5,000 |
5,000 |
5,000 |
15,000 |
EMI Paid |
- |
5,000 |
- |
5,000 |
Interest on non payment |
101.64 |
100.64 |
207.96 |
410.23 |
Month |
Mar-20 |
Apr-20 |
May-20 |
Total |
EMI |
5,000 |
5,000 |
5,000 |
15,000 |
EMI Paid |
- |
- |
5,000 |
5,000 |
Interest on non payment |
101.64 |
199.27 |
209.97 |
510.87 |