COVID19 Moratorium POLICY

Customers satisfying following criteria would be eligible to seek for EMI moratorium/interest deferment:

• All the salaried/self-employed, Individual borrowers across products having outstanding loans as of 1st March 2020
• The account can be Standard or otherwise, there can be no moratorium on overdue prior to 1st March 2020
• The account must not have been Witten-off from the books of Eduvanz books at end of the month preceding the month in which moratorium/deferment is requested for
• The customers must submit consent for terms and conditions governing the moratorium and for the revised repayment schedule
• The offer of moratorium/decrement and acceptance may be through any mode of communication (Email/SMS/Digital Document/Voice Recording/Physical Document)
• Customers provided loans on and after 1st of March,2020 will not be eligible for availing moratorium as they are assumed to be adequately aware about existing cashflow impact due to pandemic situation and can opt to not avail credit facility in case of severe impact.

• RBI has allowed moratorium upto 6 months, from March 01, 2020 till August 31, 2020 on payment of EMIs in respect of all term loans outstanding as on March 1, 2020 by deferring all term loans, The interest for these months will accrue on the account and is payable by the customer
• Interest will continue to accrue on the EMIs for which moratorium is provided at the same rate as contracted for the respective loan, and such interest will be collected as per applicable interest rate from customer by extending the original tenor of loan contract accordingly. An updated loan repayment schedule will be sent by email, to customer opting for moratorium
• Impact on various types of loans basis the product is tabulated below:

• Customers shallreach out to Eduvanz via email, whats app, sms, or any other communication channel and request for a moratorium
• Eduvanz may at its sole discretion ask customer to provide documentary evidences indicating impact on cash flow, job loss, revenue loss etc. due to prolonged lockdown
• Customer shall provide a consent for moratorium in prescribed format, which will be recorded, either digitally or physically and stored in the system by Eduvanz
• All such requests will be put up before the Credit Risk committee ("Committee") who would evaluate every request and decide whether moratorium is to be given or not
• Committee would evaluate the Risk grading of the account at the time of on-boarding and any documentary evidences indicating impacts on the cash flows of customer due to lockdown
• If the Committee is of the opinion that customer does not need moratorium then Committee shall at its sole discretion decline such request
• Committee shall be comprised of Chief Executive officer (CEO), Chief risk Officer (CRO), Chief Marketing Officer (CMO), Head of Collections, Head of Product and Head of Growth Vertical
• No Cheque bounce charges or overdue charges will be levied on account for such EMIs covered under moratorium.
• If the customer fails to give any consent to avail moratorium or if request for opting moratorium is under consideration or not approved by the Committee, it would be deemed as customer is not opting for moratorium and regular EMI will be collected
• Once the customer gives consent, the moratorium applicable will be for March 2020 to May 2020 (wherever not paid) and June to August 2020
• Wherever customer indicates that he wants to continue servicing regular EMIs without increasing his tenor NACH would be presented as per regular process on the scheduled EMI due dates
• Aging of customers opting for moratorium will be frozen as of February 29, 2020. For example if a customer was 90 days past due with 4 EMIs overdue on February 29, 2020 and did not clear his EMI on March 5, 2020, we would stabilize the customer in 90 DPD and offer moratorium of 3 EMIs as per the regulation
• In case, customer refuses to sign the consent for moratorium and also does not pay the EMI on due date then the normal aging would be done as per the existing policy, in the above example customer would move into NPA bucket
• Provision norms as specified in the existing policy would continue to hold.
• Interest rates shall be levied by Eduvanz on basis of existing policy.
• Eduvanz reserves the right to modify, supplement, rescind, or revise terms and Conditions of COVID 19 Moratorium Policy from time to time as it deems necessary or appropriate in its sole discretion with or without notice to Customers.