As described above, RBI has permitted lending institutions to allow certain reliefs, including moratorium on repayment of certain qualifying instalments, to certain eligible borrowers by assisting them specifically in tiding over the economic fallout from the Covid 19 pandemic. For this, the borrowers need to make a request to PayU Finance. Further, given that the intention of PayU Finance is to assist Eligible Borrowers specifically in tiding over the economic fallout from Covid 19, the borrowers seeking the moratorium may be required to submit additional documentation to PayUFinance so that their eligibility may be determined on a case to case basis. Such moratorium, if granted, will be on repayment of instalments falling due between 1 March 2020 to 31 May 2020 (“Moratorium Period”). Please note that interest on the outstanding portion of the loan will continue to accrue during the Moratorium Period and therefore availing of the moratorium means additional cost. For example, if your original loan tenure was 9 months and you have been granted a moratorium by us on your equated monthly instalments (“EMIs”) falling due in the months of April and May 2020, then your tenure of loan will get extended to 11 months and your EMIs for April and May 2020 will get shifted to June and July 2020. Interest on the outstanding portion of the loan will continue to accrue.

No, As the Pay Later product does not fall under the ambit of RBI Circular, the moratorium will not be applicable on dues generated via Pay Later. Please note - If you opt-in for Motatorium you will not be able to use Lazypay pay later till your Motatorium period is completed.

No, it is not mandatory. However, it is suggested and recommended by us that the option of seeking moratorium should be exercised by only those borrowers who have been directly or indirectly affected by the Covid-19 pandemic i.e. someone who has been diagnosed with Covid 19 (either themselves or their family members) or may have suffered job loss/salary cuts. Therefore, you should only seek the moratorium if you are facing liquidity issues, since interest would continue to accrue for this time period and adding to your costs. Before you make a decision, we strongly suggest you to consider all the Pros and Cons before you seek moratorium. In case you do not want to seek the moratorium, you do not have to do anything.

https://lazypay.in/moratorium"">Here</a> The facility of seeking the moratorium is available until 31 May 2020. From 3 June 2020, EMIs will apply with additional charges (i.e., added interest for the Moratorium Period) till the remaining tenure plus the months forming part of the Moratorium Period. In case you have paid your March 2020 EMI, you are, as a general principle, eligible to apply for a moratorium for EMIs falling in April 2020 and May 2020 only. Please note that once you have sought the moratorium and we have granted it, you will not able to opt-out of it.

If you have not submitted an explicit request seeking the moratorium, then collection of EMIs (and other charges) on previously agreed terms will continue as before.

The moratorium is applicable only till 31st May, so you can Opt-In before that. But once you have Opted-In, you will not be able to change your decision.

No. If you have chosen to Opt-in, your credit score will not be impacted. Please note - If you opt-in for Moratorium you will not be able to use Lazypay pay later till your Moratorium period is completed.

Unfortunately, we don’t offer partial moratorium. In case you choose to activate the moratorium on your loan(s), you won’t be able to pay EMIs as per the original plan and can only start clearing your dues from June 2020.

No, once you choose to activate the moratorium, the policy will apply to all your active loans with us.

Loans disbursed after March 1, 2020, aren’t eligible for the Moratorium.

If we have granted the moratorium to you, no bounce charges or overdue charges will be levied on your account for such EMIs covered under the moratorium. Only the interest for the period will be charged, which will be part of the EMIs once the moratorium is over.

These FAQs are intended to provide simple answers to some questions that the borrowers of PayU Finance India Private Limited (“PayU Finance”), including borrowers on our LazyPay platform, may have in relation to the notification dated 27 March 2020 issued by the Reserve Bank of India (“RBI”) permitting lending institutions to allow certain reliefs, including moratorium on repayment of certain qualifying instalments, to certain eligible borrowers by assisting them specifically in tiding over the economic fallout from the Covid 19 pandemic /21.04.048/2019-20 (“RBI Covid 19 Notification”). These FAQs are issued pursuant to the board approved policy of PayU Finance (“Covid 19 Relief Policy”) which is available here: https://lazypay.in/moratorium.You should carefully read the Covid 19 Relief Policy and note that in case of any conflict between these FAQs and the Covid 19 Relief Policy, the latter will prevail.

The moratorium is being offered to the Eligible Borrowers of PayU Finance, who have availed credit facilities in the nature of term loan facilities, including but not limited to, facilities such as personal loans and easy monthly instalments from PayU Finance (“Credit Facilities”).

For the purposes of availing the moratorium, the expression “Eligible Borrowers” means borrowers: (a) who have availed Credit Facilities from PayU Finance; (b) whose instalments in relation to the Credit Facilities are falling due in the Moratorium Period; (c) who have made a specific request to PayU Finance for availing the moratorium on their instalments in relation to the Credit Facilities for the Moratorium Period; and (d) whose request has been approved by PayU Finance considering factors such as impact of the economic fallout from Covid 19, past performance, credit rating, financial soundness and defaults.

No. It is only for Eligible Borrowers, who meet the conditions as described above, that PayU Finance proposes to provide a moratorium on payment of EMIs falling within the Moratorium Period. Further, given that the intention of PayU Finance is to assist Eligible Borrowers specifically in tiding over the economic fallout from Covid 19, the borrowers seeking the moratorium are requested to follow the process mentioned in these FAQs. Such borrowers may be required to submit additional documentation to PayU Finance so that their eligibility may be determined on a case to case basis.

Yes, interest on the outstanding portion of the Credit Facilities will continue to accrue during the Moratorium Period and will be added in instalments falling due after the Moratorium Period which will result in increase in the amounts of your subsequent EMIs. Hence, you are advised to take into account the cost implications of seeking any moratorium on your EMIs.

Moratorium is applicable only for EMIs which are falling due in the Moratorium Period and therefore, any borrowers who have defaulted in making payments towards their instalments prior to the Moratorium Period must clear all outstanding dues forthwith in order to be considered for moratorium. However, PayU Finance will be prepared to consider any such requests for granting a moratorium on an exceptions and case-to-case basis it in its sole discretion, subject to additional documentation as may be specified by PayU Finance. No such requests will be considered for any defaulted accounts which have already been classified as a non-performing asset (NPA) by PayU Finance as per applicable laws.

No, there will be no change in the existing terms and condition of the loan documents but the repayment schedule will get extended by corresponding months for which moratorium is granted and since interest will continue to accrue during the Moratorium Period it will be added in the EMIs falling due after the Moratorium Period.

The repayment schedules in relation to the Credit Facilities as also the residual tenor of the Credit Facilities will get extended by the corresponding period for which moratorium has been granted to you.

Any EMIs already paid to us during the Moratorium Period by borrowers who subsequently qualify as being Eligible Borrowers during the Moratorium Period will not be reversed. However, we will be prepared to consider any such requests from Eligible Borrowers for refunds on an exceptions and a case-to-case basis it in our sole discretion, subject to additional documentation as may be specified by us.

https://lazypay.in/moratorium"">lazypay.in/moratorium</a>.

These First Supplemental FAQs are being issued in additions to the FAQ’s posted earlier and are intended to provide simple answers to some of the questions that the borrowers of PayU Finance India Private Limited (“PayU Finance”), including borrowers on our LazyPay platform, may have in relation to the notification dated 23 May 2020 bearing reference number RBI/2019-20/244 DOR.No.BP.BC.71/21.04.048/2019-20 issued by the Reserve Bank of India (“RBI”) permitting lending institutions to extend the moratorium granted in terms of notification dated 27 March 2020 and bearing reference number RBI/2019-20/186 DOR.No.BP.BC.47/21.04.048/2019-20 issued by RBI, by another 3 (three) months on payment of all instalments of term loans falling due between 1 June 2020 and 31 August 2020. These First Supplemental FAQs are to read in conjunction with the FAQs and except to the extend expressly modified pursuant to these First Supplemental FAQs, the existing FAQs shall remain unchanged. These First Supplemental FAQs are issued pursuant to the board approved policy of PayU Finance (“First Supplemental Covid 19 Relief Policy”) which is available here: https://lazypay.in/moratorium. You should carefully read the First Supplemental Covid 19 Relief Policy and note that in case of any conflict between these First Supplemental FAQs and the First Supplemental Covid 19 Relief Policy, the latter will prevail.

As described above, RBI has permitted lending institutions to extend the existing Moratorium Period (i.e. from 01 March 2020 to 31 May 2020) by another 3 (three) months on payment of all instalments of term loans falling due between 1 June 2020 and 31 August 2020(“Extended Moratorium Period”).

The extended moratorium is applicable only to: (i) Eligible Borrowers (please refer to the FAQ’s) and only for instalments relating to the Credit Facilities (including any instalments on which moratorium was granted by PayU Finance for the Moratorium Period) which are falling due in the Extended Moratorium Period and (ii) Eligible Borrowers Category I and only for instalments falling due in the Extended Moratorium Period.

For the purposes of availing extended moratorium, the expression “Eligible Borrowers Category I” means borrowers: (a) who have availed Credit Facilities from PayU Finance; (b) whose instalments in relation to the Credit Facilities are falling due in the Extended Moratorium Period; (c) who have made a specific request to PayU Finance for availing the moratorium on their installments in relation to the Credit Facilities for the Extended Moratorium Period; and (d) whose request has been approved by PayU Finance considering factors such as impact of the economic fallout from Covid 19, past performance, credit rating, financial soundness and defaults.

For each Eligible Borrower or Eligible Borrower Category I, PayU Finance proposes to provide a month by month moratorium option (“MBM Moratorium Option”) on payment of respective monthly instalments falling due within the Extended Moratorium Period on the specific request of such Eligible Borrower or Eligible Borrower Category I for the installment falling due in the subsequent month. For availing the MBM Moratorium Option, the Eligible Borrower or Eligible Borrower Category I will be required to make the request to PayU Finance on or before the 28 of the month prior to the month in which the respective installment is falling. Further, given that the intention of PayU Finance is to assist Eligible Borrowers and Eligible Borrowers Category I, specifically in tiding over the economic fallout from Covid 19, the borrowers seeking the MBM Moratorium Option may be required to submit additional documentation to PayU Finance so that their eligibility may be determined on a case to case basis.. It is being clarified that the interest on the outstanding portion of the loan will continue to accrue during the month or months for which MBM Moratorium Option has been granted by PayU Finance and therefore availing of the moratorium means additional cost.

The moratorium is applicable only for instalments of Credit Facilities which fell due in the Moratorium Period (and on which moratorium was granted by PayU Finance) or which will fall due during the Extended Moratorium Period and therefore, any borrowers who have defaulted in making payments towards their instalments prior to the Moratorium Period or during the Extended Moratorium Period, including those borrowers who either did not avail or were not granted the moratorium during the Moratorium Period, must clear all outstanding dues forthwith in order to be considered to be considered for a moratorium. However, PayU Finance will be prepared to consider any such requests for granting a moratorium on an exceptions and case-to-case basis it in its sole discretion, subject to additional documentation as may be specified by PayU Finance. No such requests will be considered for any defaulted accounts which have already been classified as a non-performing assets (“NPA”) by PayU Finance as per applicable laws.

Loans disbursed after June 1, 2020 are not eligible for the moratorium. However, PayU Finance will be prepared to consider any such requests for granting a MBM Moratorium on an exceptions and case-to-case basis it in its sole discretion, subject to additional documentation as may be specified by PayU Finance.

In the event any borrowers wish to raise any query or seek any clarifications regarding the moratorium being offered by us, they may do so by sending an email to us on wecare@laypay.in.

If you have availed any Credit Facilities from PayU Finance (either though our LazyPay platform or through the Paysense platform) and you wish to be classified as an Eligible Borrower or Eligible Borrower Category I for the purposes of availing the MBM Moratorium Option then you can: (i) email your requests, to wecare@laypay.in or submit the same through https://lazypay.in/moratorium for Credit Facilities granted directly through the LazyPay platform; and (ii) submit a request through https://www.gopaysense.com/emi-plan-covid/ for Credit Facilities availed from PayU Finance through the Paysense platform. PayU Finance may also provide you an IVRS facility (that is, the Interactive Voice Response System) through which borrowers of PayU Finance who have availed any Credit Facilities can submit their request for being classified as an Eligible Borrower or Eligible Borrower Category I for availing the MBM Moratorium Option. The facility of seeking the MBM Moratorium Option is provided only on month by month basis for instalments falling due within the Extended Moratorium Period. In the event you have opted for MBM Moratorium Option for the instalment falling in the month of June and do not opt for MBM Moratorium Option for the instalments falling in the subsequent months forming part of the Extended Moratorium Period, then, from July 2020, instalments will apply with additional charges (i.e., added interest for the MBM Moratorium Option availed by you for the month of June 2020) till the remaining tenure. Please note that once you have sought the MBM Moratorium Option for a particular month and we have granted it, you will not able to opt-out of it during that particular month.

Need a break from LazyPay? 

You can deactivate your account by calling us on <a href="tel:02269821111" style="color: #DB2855;">02269821111</a> between 10AM to 7PM or reaching out to us on <a href="mailto:wecare@payufin.com" target="_blank">wecare@payufin.com</a>, or filling the form below. Our customer care team will process your request at the earliest. 

<div style="color:#F59E0B;">Note: We can only process your request if you don't have any outstanding dues</div> 

To proceed forward, you can also fill this <a href="https://sandbox-web.lazypay.in/needhelp/account-deletion" id="acc-del-form-cta" target="_blank" style="color: #DB2855
;">Form</a> 

We will delete all the data, apart from the one required for RBI compliance purposes

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