The unprecedented challenge in the form of COVID-19 is being faced all across the globe. Indian government along with all the state governments reacted quickly to this unknown & invisible enemy by imposing complete lockdown. Quick measures were taken across all sectors to safeguard citizens of India one which is Moratorium, imposed by RBI, on all consumer loan for 3 months. While a moratorium is not a new concept in the banking space, many loan borrowers are not well-acquainted with it.
Many of us, who are part existing loan payers, are still not clear with this decision and how it’s going to impact our credit ratings. This resulted in a bit of a chaos. Some banks and housing finance companies received a flurry of queries from customers wishing to implement moratorium soon after the RBI’s announcement. However, most of us are not aware of the impact as the interest would accrue during the period of the moratorium. Herein, Startupglide comes to rescue with their free moratorium calculator which ease out all your doubts by calculating the interest accumulated, if you opt for it, thereby giving you the actual figures. If you intend to opt for moratorium, get rid of all your doubts and dilemmas with the help of Moratorium calculator by Startupglide before you initiate the process.
Gaurav Kumar, Co-founder, Startupglide said, “While almost all the banks in conjunction with RBI are trying to resolve the queries raised by the seekers of moratorium option in their very own ways, we at Startupglide – being a technology company, thought to build an unrestricted tool for all and try to help for the bigger cause”. He further added that this tool will not only help the seekers of moratorium options but will also aid the banks, financial institutions, NBFCs as well.
This is a web based tool accessible both on the web and mobile platforms. It expects 4 input parameters from the user: Loan amount, Total loan tenure (in months), EMIs paid till date (in months) with interest rate and provides the user with desired output. The unique thing about this tool is that user is presented with three moratorium options:
Option 1: increased EMI increased Tenure
Option 2: Increased EMI with same tenure
Option 3: Same EMI with increased tenure
Varun Gulini, CTO, India Shelter said, “A renowned NBFC termed this as ‘most accurate and comprehensive calculator for generating Moratorium options for any type of loan. This would help the borrower and lender to be on the same understanding page”.
Madan Srinivasan, Co-founder, Creditas Solutions, feels this is a much needed social cause and a super cool tool for all citizens who are evaluating moratorium options. He further adds that this is the most extensive moratorium options calculator he has come across in last 15 days.
Hopefully, in a few weeks from now we all will all be able to counter this and the world will come back to normal.