Notice No. 1 of 2
Dear Customers,
Today, the entire world is facing a crisis in the form of Covid-19, and it is during these times that we all need to come together to support each other and to act responsibly.
In light of the recent nationwide lockdown, we at Hero FinCorp are providing a three months moratorium to our loan customers as per eligibility and guidelines issued by RBI. This moratorium facility is only applicable for EMIs due between March 01, 2020 and August 31, 2020. EMIs / over dues prior to March 01, 2020 are not eligible for moratorium.
Please note, if you opt for the moratorium, interest will continue to accrue for the duration of the moratorium period at the currently running interest rate on your loan. This additional interest will be collected from you by extending the original tenor of your loan. We will also share an updated loan repayment schedule which would include all relevant details.
We urge customers to use this option only if absolutely necessary. This facility has been especially designed for those customers whose cash flows have been severely affected and they do not have sufficient savings or other income sources which they could use for paying their EMIs. The downsides of opting for the moratorium include:
- Higher interest costs
- Longer loan tenor
- You pay more overall
If you can, then you must continue to pay EMIs as per your existing Repayment Schedule. This would be a far superior option in the long run as it offers several benefits, it is easier, simpler, and cheaper to do, so choose wisely!
To apply for moratorium, please send us a request from your Registered Email Address, along with your Loan Account Number and Registered Mobile Number. Post which we shall initiate the moratorium for unpaid EMI of March 2020 (if any), and for EMI of April and August 2020.
For moratorium request or any other information, please write to us at:
Best Wishes,
Team Hero FinCorp