Appeal to Customer Credit

Dear Customer/s,

This is further to the SMS in the month of April 2020, along with the options for deferment for 3 months then in regards to the relief package announced by RBI. The extension of lockdown the moratorium was extended for 6 months i.e. from March 2020 to August 2020.

In terms with the relief package the Bank offered moratorium for all loans across the board for the benefit of the customers. Accordingly all loan accounts are given the benefit of deferment of EMI for the period 6 months from March 2020 to August 2020, reflecting in your respective loan accounts. The residual period of the loan tenure is postponed by 6 months (termed as revised residual tenure)

The interests during the Moratorium period are charged to respective loan accounts and added to your outstanding amount. The funded interest along with interest charged thereon will remain as unpaid amount, at the prevailing EMI serviced as per original sanction terms for the residual period.

We now offer two options to customer:

A. The customer can pay the ideal balance (unpaid/outstanding amount) in the loan account at the end of the tenure by bullet payment

B. The customer to give revised EMI mandate for SI/ECS along with the Supplementary Loan Agreement.

(Supplementary Loan Agreement is applicable in both the cases i.e. A & B as tenure will be extended by 6 months)
(Revised EMI to be calculated on the Balance on the date on which the mandate is received, effecting the repayment for revised residual tenure, ensuring the ideal balance is zero).

All customers who are wanting to avail deferment:

>> To apply for the deferment
>> Supplementary Loan Agreement (Rs 500/- stamp paper) to be submitted
>> Sign revised Standing Instruction form/ECS mandate.
>> Sanction letter with revised EMI will be issued by the branch, duly accepted by the Borrower and Guarantor.

In case you do not wish to avail the benefit of the said RBI Relief package, the same should be conveyed to the base branch by way of written application or through your registered e-mail id, latest by 28th December 2020.

For Janakalyan Sahakari Bank Ltd
Chembur