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RBI Covid-19 Regulatory Package: EMI Moratorium

Dear Customers,

Greetings to you!

We hope you and your family are doing well in this period of testing times.

At Tata Motors Finance, our mission statement has always been to realize and bring to reality the dreams of our customers to own Tata vehicles, be it first time users or small business owners or fleet operators. To keep serving you, we have been working remotely and taking all possible measures to ensure uninterrupted association.

The COVID-19 pandemic has hit us all very hard; especially considering that most of our customers depend on plying the vehicles financed by us as their primary source of income/ livelihood. On March 27, 2020, the Reserve Bank of India, released the COVID-19 Regulatory Package, to heal the economic fallout of this pandemic. Pursuant to the RBI circular, we are pleased to announce the board approved policy, offering relief by way of Moratorium to eligible borrowers who opt for moratorium.

Eligibility criteria

  1. New & Used vehicle loans, upkeep / top up loans, term loans, working capital facilities and all operating leases offered and outstanding on the 1st March 2020.
  2. Customers who do not have any outstanding amounts overdue for more than 90 days past due in respect of any of loan contracts

Apply for Moratorium

Enter your mobile number to register for your request

Customers will receive a confirmation email/SMS on their registered Mobile number/email id once the Moratorium request has been successfully placed.

Terms & conditions

  1. Moratorium period here shall mean August 2020. Interest shall continue to accrue at the contracted rate for the moratorium on the outstanding loan without waiver.
  2. Payments will continue to be accepted during the moratorium period. Hence PDC / NACH / Auto debit Mandates for EMIs falling due shall be presented as per schedule.
  3. Overdue interest shall not be applicable for the moratorium period. EMI not paid for the moratorium period shall not be considered as default and shall not be reported to Credit bureau agencies / institutions.
  4. Under the scheme, contract period gets extended by such moratorium period granted and accordingly, deferred instalments shall be payable as last EMIs
  5. Accrued interest for the moratorium will be payable at the end of the revised tenure.
  6. Other terms and conditions as per TMFL’s Moratorium Policy will apply. All other terms of the existing Loan Agreements will continue to apply.

For more details on the scheme, eligibility and for any clarifications, please get in touch with your Relationship executives or Customer Care.


What is a moratorium?

Moratorium is an interest bearing “repayment holiday period” for your loan EMIs falling due in March, April & May 2020.

If I prepay my moratorium EMIs, will I need to pay prepayment charges?

No prepayment charges will be applied. Interest will be applicable for moratorium period availed (Number of days).

Will my EMI amount change if I opt for a 3-month moratorium?

Your EMI amount will remain the same. Tenure of your loan will be increased by 3 months. You will be required to pay the interest applicable for the moratorium period at the end of the tenure as additional EMIs.

Do I have to give my NACH mandate again for the 3 months’ moratorium?

Yes. You are required to submit fresh mandates for the extended period within 30th June 2020 and for interest for moratorium period. Please contact your nearest branch for the same.

Is moratorium only on principal or interest or both?

Moratorium granted is applicable for your entire EMI amount i.e., Principal as well as interest.

What is the interest applicable for the moratorium period?

Interest is applicable for the Moratorium period as per the IRR (Customer IRR) of the contract.
Interest will be applicable for the low interest EMI retail loans at the rate of 14.25% per annum. The same will be recovered in the form of additional EMI at the end of tenor of loan.

How is the moratorium interest payable?

Moratorium interest is payable along with the last EMI of your contract.

How can I place my request for a moratorium?

You can place your request through our following channels

  • Mobile app (Android: https://play.google.com/store/apps/details?id=com.customerone & iOS: https://apple.co/33bqrsD) – Available in English & Hindi.
  • Website www.tmf.co.in. Post login, pls click on “request for moratorium” and accept our terms and conditions.
  • Email your request at customercare@tmf.co.in or
  • CALL US on toll free # 1800-209-0188. You will then get an SMS with a weblink. Open the link, fill and accept our terms & conditions.

How will I get a confirmation that my request is accepted?

You will be notified with a SMS once your request is registered and changes are made to your loan account on your registered mobile phone or email id.

Will my EMI cheque / NACH presented for April 2020?

Yes. Cheque / NACH will be presented as per your contract schedule. You are required to register your moratorium request using the modes mentioned in question # 8.

What will be the moratorium period if I have paid my March 2020 EMI?

In case you have already paid EMIs during the moratorium period, such amounts will be adjusted against the EMIs due subsequent to moratorium period.

Will I get a refund of my EMI if paid in March / April 2020?


Do I need to pay my April EMI now that RBI has given a 3-month moratorium?

Pay your EMIs as per the current schedule depending on your current financial position and abilities.

In case you are unable to pay the April 2020 EMI, register a request for the moratorium through any of the channels mentioned in question # 8.

Can I pay my moratorium EMI once my business picks up again OR do I need to pay only after end of my current tenure?

Yes. You can clear the same before the end of your current tenure too. Interest for the period that you have availed of the moratorium will be charged at the end of the tenure.

Will I be required to pay charges towards EMI not paid for the month of March, April and May 2020?

Cheque / NACH return charges, Overdue interest shall not be applicable for the moratorium period. Interest at the rate of contract rate will be chargeable for moratorium period.

Will my credit score get affected if I avail of the moratorium?

Your credit score will not get affected during the moratorium period. Previous defaults or any future defaults after completion of moratorium period will be reported to credit information companies.

Can I request for moratorium for just 1 or 2 months?


I have previous overdues. Can you adjust that as part of my moratorium period?

Past dues cannot be adjusted again the moratorium granted. You are required to pay the overdue EMIs if any, for the period prior to March 2020.

Can you extend the moratorium for over 3 months?

Moratorium period is restricted to 3 months as per the guidelines by the regulator.

Can I change the EMI of my loan after the moratorium?

EMI for your loan continues to be same as part of the moratorium. In case you wish to change the loan repayment structure, please contact your nearest TMF branch to check your eligibility, terms and conditions.

What are the eligibility criteria for moratorium?

This facility is applicable for all borrowers except for; (1) Borrowers wherein outstanding more than 90 days (2) Contracts which are disbursed after 29th Feb 2020

Is there a possibility that TMF may reject my request for moratorium?

Approval to grant moratorium is at the sole discretion of TMF. To check the eligibility criteria, please refer to the terms & conditions on our website www.tmf.co.in.

My last EMI falls due in April / May 2020. Can I avail 3 months moratorium?


I had taken loan after 1st March 2020, will I be eligible for moratorium?


What will happen to the accounts which are delinquent/ in default/overdue on or before 1st March 2020?

Since the moratorium is extended only for EMIs between 1st March 2020 to 31st May 2020, the EMIs/overdue on or before 1st March 2020 will need to be paid immediately in order to avoid further levy of charges.

Moratorium Extension June/July 2020

  1. I have already applied for a moratorium for March to May 2020. Do I need to apply again for June/July 2020?

    If you have applied for moratorium / deferment of EMI for March-May 2020, you need not apply again.

  2. I have already applied for moratorium for March to May 2020. I do not wish to extend the same for June/July 2020. Can I start paying my EMI?

    To restart EMI payment / NACH presentation, please send an SMS to 9223192231 with key word “EMI START”

  3. Note:

    1. As your June/July 20 payment mandate may not have been presented by us, please make an online payment within 8 days from the due date of your loan account. You are requested to use our online payment options on our website / mobile app.
    2. NACH for June/July 20 EMI shall be represented by us within 10-12 days upon receipt of your request to restart.
  4. I have not applied for moratorium for March to June 2020 as I have paid all my EMIs. However, I wish to apply for July 20.

    Please read the terms, conditions and FAQs on our website and reach out to your nearest branch / email us at customercare@tmf.co.in from your registered email ID.

Moratorium For August 2020

  1. I have already applied for a moratorium for March to May 2020 & the same was automatically extended by you till July 2020. Do I need to apply again for August 2020?

    Yes. Click www.tmf.co.in/emi-moratorium to apply for August 2020 moratorium / deferment of August 2020 EMI on or before 24th July 2020

  2. If I do not apply for August 2020 moratorium as per Question 1, will you start presenting my payment mandates for August 2020?

    Yes. August 2020 payment mandate will be presented if you do not apply on or before 24th July 2020

  3. I have not applied for moratorium for March to July 2020 as I have paid all my EMIs. However, I wish to apply for August 20.

    To check eligibility & apply for August 2020 moratorium, click www.tmf.co.in/emi-moratorium on or before 24th July 2020.

  4. I have applied for moratorium since March 20 & also paid some EMIs during the moratorium period. Will you adjust the same against my August 2020 EMI?

    If you have applied for moratorium and paid some of the EMIs during the moratorium period, the same will be adjusted against EMIs due for the month/s, subsequent to the moratorium period.

    Note:If you are not opting for August 2020 moratorium, you need to ensure EMI for the same is cleared by the due date.

Note: Interest on the outstanding loan amount will continue to be charged for the period and shall be added to your future EMIs

Thank you again for your support and we urge you to stay home and stay safe.

Tata Motors Finance LtdTata Motors Finance Solutions Ltd

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