Know All About Moratorium on Loans. New Guidelines. Bajaj Finserv.

6 April 2020

Know All About Moratorium on Loans. New Guidelines. Bajaj Finserv.

Know All About Moratorium on Loans. New Guidelines. Bajaj Finserv.

Bajaj Finserv loan EMI moratorium: All your questions answered

Covid-19 lockdown: How to apply for EMI moratorium, step by step guide

Postpone your EMI during lockdown. Here is a step by step guide which you can follow to apply for the EMI moratorium.

Is Bajaj Finance Ltd (BFL) offering moratorium to its customers?

BFL is offering moratorium to its customers with consistent loan repayment track record. To become eligible for moratorium, customers should have no more than 2-EMIs overdue in any of their loans as of February 29, 2020.

Know All About Moratorium on Loans. New Guidelines. Bajaj Finserv. How To Apply For The EMI Moratorium

1 : For which month EMI can I request a moratorium?

Customers can request moratorium for their EMIs that are due and unpaid in month of March, April and May 2020.

Will the moratorium be applicable in case of new loans sanctioned after March 1 2020 during the lockdown period?

Yes, for the EMIs which are falling due between March, April and May 2020 you can avail Moratorium

2: How can I place request for Moratorium?

You can write to us at wecare@bajajfinserv.in with your request for moratorium.

We will accordingly evaluate the request based on the defined policy

3: When can I place a request for Moratorium?

You need to place a request atleast 7 days prior to the EMI getting debited from your bank account.

Will I be communicated if my request for moratorium has been accepted?

Post receipt of your request, we shall communicate if your request has been accepted and inform you the applicable interest cost that will be capitalised along with all terms & conditions applicable for the moratorium.

4: Will I be given moratorium for all my active loans with BFL and will I need to give separate request for all loans?

If you are eligible for Moratorium on the basis of EMI's continuous past payment and you do not exceed 2 EMI in any of your loans with BFL, you will be given Moratarium for all your active loan with BFL. All you need to do is apply for a deferred benefit for your active loan. You must provide details of your loan account numbers and confirm that you are willing to bear the applicable interest rates for the deferred period.

5: How will the treatment of my loan be after the moratorium period?

If you avail of EMI Mortarium, interest will be charged on the loan's contract rate for the duration of the EMI Mortarium on the outstanding loan. Such interest will be collected accordingly by extending the loan's original term.

Interest will also apply to non-cost EMI consumer durable loans for this mortarium period. You will be notified of the interest applicable to your term request and you will also be able to verify it in the statement of statement on our self-service portal. https://customer-login.bajajfinserv.in/Customer and Experia mobile app.

6: If I do not want the EMI moratorium, what should I do?

If you do not want an EMI Moratorium, no further action is required from your side. We will continue to process your payment instructions to the bank.

We encourage clients with sufficient funds to continue paying during this period, to avoid additional interest charges and tenor extensions. However, if you ignore your EMI payment during this period, it is understood that you need an EMI Moratorium by May 2020.

7: Why was my account debited when the RBI has announced a moratorium?

The choice of mortarium is solely the consumers choice and subject to the company's mortarium policy. We understand that not all of our customers will be able to opt for Moratorium, given the additional interest paid under the terms of the Moratorium.

8: How will the interest be recovered for the no cost EMI loans on which moratorium is availed?

The "Statement Account for Mortarium" will be shown in your Account Statement and will be collected separately through the additional submission process after your last installment, should I submit any documents, the new NHH Debit Mandate? Will any of the debit mandates required by the Company be debited from my bank account during my term? For all loans that offer mortarium, we will hold EMI on best effort, subject to receipt for at least 7 days.

You can also avail services through these channels: