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All you need to know about Hero FinCorp EMI Moratorium

Written by Customer Service on . Posted in Public Companies.

Given the current situation of a lockdown, many borrowers are facing difficulty in the repayment of loan. Your loan is to be repaid in the form of an EMI. However, if you find it difficult to make the EMI payment on the due date, you can consider Hero FinCorp EMI moratorium. There is a lot being written and spoken about moratorium and many borrowers are under confusion about it. There are certain aspects you need to keep in mind before you decide to take the moratorium.

Hero FinCorp is providing a three month moratorium to its borrowers. First and foremost, it is important to note that the moratorium facility is available only for borrowers whose EMIs are due between March 1, 2020 to May 31, 2020. Any EMIs that are overdue before March 1, 2020 will not be eligible for the moratorium.

Before you choose to take the moratorium, you need to remember that the interest will continue to accrue at the present interest rate on your loan. There will be no change in the rate of interest whether you take the moratorium or not. This interest amount will be collected from you by extending the original loan tenure. You will be provided with an updated repayment schedule by Hero FinCorp. The reliable financial institution has a strong presence across the length and breadth of the country. They strive to help individuals with funds and offer several loan products to choose from.

You should opt for a moratorium only if it is very necessary. It is suitable for those individuals whose cash flow has been affected and they are unable to meet their monthly expenses. Moratorium will not reduce the amount of EMI or the interest payable. It will only provide an additional time for you to make the repayment. Hence, if you have funds on hand and if you can manage to pay the EMI, do not take the option of a moratorium. If you take the moratorium, you will pay a higher interest, the loan tenure will be longer and the overall outflow will be higher.

Consider your monthly inflows and outflows before you make a decision. It is important to have a practical approach towards the EMI payment. Keep the outstanding loan amount and EMI in mind. If you can meet the EMI, go for it! It is convenient, simple and the best approach towards repayment of the loan. Hero FinCorp EMI moratorium is designed for those who are dealing with extremely difficult financial situations and are unable to make their ends meet. It is an option where you can increase the loan tenure and repay it after a period of three months. It is an efficient solution for individuals in distress. Hero FinCorp keeps the consumers in mind when offering a solution. If you need any help, contact the customer executives for the same. If you choose to take the moratorium, you need to send a request from your email address with details about the loan account number and your mobile number.

Contact Us & Send Query-

Hero FinCorp Limited
09, Basant Lok, Vasant Vihar, New Delhi – 110057
Tel. 18001024145
Email Id: Corporate.Care@HeroFinCorp.com
Website – https://www.herofincorp.com/
For more information, visit: https://www.herofincorp.com/pay-online

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