Banks and non-bank financial companies have announced details of their EMI moratorium facilities. Here’s everything you need to know about using Bajaj Finance’s moratorium facility.
Does Bajaj Finance Ltd (BFL) offer a moratorium to its clients?
BFL offers a moratorium to clients with a consistent loan repayment history. To become eligible for the moratorium, clients must not have more than 2 IMEs past due on any of their loans as of February 29, 2020.
For which EMI month can I request a moratorium?
Customers can request a moratorium on their IMEs that are due and unpaid in June, July and August 2020.
How can I request a moratorium?
If you want to benefit from a moratorium,
Click here to raise a request for a moratorium.
1. You will need to login and authenticate
2. In the Raise a request section, select the option “Covid-19 Moratorium Policy” from the drop-down list of products.
3. Select your loan details and read the terms and conditions carefully.
4. If you agree with the terms and conditions, submit the request
When can I request a moratorium?
You must apply before the 26th of the month, before the month in which EMI will be debited from your bank account. For example, to defer the IME for the month of June, you must apply before May 26.
Will I be notified if my moratorium request has been accepted?
After receiving your request, we will only communicate if your request has been rejected for any reason.
Will I be granted a moratorium on all my active loans with BFL and will I have to apply separately for all loans?
If you are eligible for a moratorium based on your consistent past IME repayments and you have no more than 2 IMEs overdue on any of your loans with BFL, you will be offered a moratorium on all of your loans. active with BFL. You must make separate requests to benefit from the moratorium for each of your active loans. You must provide details of your loan account numbers and confirmation that you are prepared to bear the cost of applicable interest for the moratorium period
How will my loan be treated after the moratorium period?
- If you benefit from the EMI moratorium, there will be an interest charge at the contractual rate of the loan for the period of the EMI moratorium on the current loan. This interest will be collected by extending the initial term of the loan accordingly.
- Interest will also be applicable for non-cost EMI consumer durable loans for this moratorium period. The interest applicable to your moratorium request will be communicated to you and you can also check it in your Account statement on our self-service portal https://customer-login.bajajfinserv.in/Customer and Experia mobile application.
If I don’t want the EMI moratorium, what should I do?
If you don’t want the EMI moratorium, then no further action is required from you. We will continue to bank your repayment instructions.
We encourage customers with sufficient funds to continue paying during this period to avoid additional interest charges and term extension.
How will interest be recovered for no-charge EMI loans where the moratorium is applied?
For No Fee EMI Loans and Durable Consumer Loans, the applicable upfront interest is charged to the dealer / retailer at the time of purchase and is shared on your account statement. Thus, it helped you to pay the price of the product in installments instead of a lump sum. If you opt for a moratorium now, the duration of your loan will be increased. Therefore, interest @ 24% per annum will apply on the outstanding loan amount. This amount will be added to your EMI refunds.
Will I be required to submit documents, a new NACH debit mandate?
The borrower may need to provide a new NACH debit mandate as required by the company.
Will my NDEs be debited from my bank account during the moratorium period?
For all loans that have been subject to a moratorium, we will, to the extent possible, put the IMEs on hold, subject to receipt of the moratorium request by the deadline and acceptance of your request for a moratorium.
Will rebound fees be levied for IMEs in the moratorium period?
- Customers who file an EMI moratorium option request before the 26th of the month, prior to the month in which EMI will be debited from their bank account, will not be charged an EMI bounce fee.
- For customers who do not pay their outstanding payments during the month, they will also be assessed to provide an automatic moratorium. They will be required to pay a bounce fee, but no late penalty will be charged.
Will a late payment penalty be imposed for the EMI months of the moratorium period?
For the EMI months in which the moratorium has been proposed, BFL will not charge any late payment fees. If late payment fees are charged, they will be waived / waived.
Can the borrower pay between the moratorium period?
This is relief given to the borrower due to the temporary disruption caused by the sudden lockdown. However, the borrower has the option of making any EMI prepayment in accordance with the existing terms of their loan.
If my loan is already in NPA on February 29, 2020, will the moratorium apply to me?
No. However, the committee reserves the right to take a case-by-case opinion for such cases.
I have been informed that in order to become eligible for cashback / vouchers I need to clear the first 3 IMEs from my consumer loan. My 1st IME was authorized on March 2, 2020 and I opted for an April to August moratorium on IMEs. When will I be entitled to my discounts / vouchers?
If the conditions include reimbursement of 3 IMEs without any bounces, and the customer opts for the moratorium, then the customer must clear the 3 IMEs without any bounces outside the moratorium period.
In this case, if the 1st IME was cleared on March 2, 2020 and opted for a moratorium from April to August, the customer will have to clear the remaining 2 IMEs during the months of September and October to become eligible for any offer.
I have been informed that in order to become eligible for cashback / vouchers I need to clear the first 3 IMEs from my consumer loan. My 1st NDE, which was due on April 2, 2020, was refused due to an insufficient balance. However, later I opted for an April to August moratorium on IMEs. Will I be eligible for execution?
In this case, since the customer has opted for Moratorium from April to August EMI, the customer will have to clear the 3 EMIs during the months of September, October and November without any bounce to become eligible for the offer.
(Full details according to Bajaj Finance website.)