Frequently asked questions
Bajaj Finance Limited will provide ex gratia payment to customer’s account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding up to Rs. 2 crore (aggregate of all the borrowings/ facilities from all the banks and financial Institutions) for the period from 1st March 2020 to 31st August 2020 (6 months / 184 days).
The main features / highlights of the scheme are as under:
a. Loan accounts with sanctioned limits and outstanding not exceeding Rs. 2 crore (aggregate of all facilities with all the lending institutions) as on 29.02.2020.
b. Loan accounts should be standard in the books of the lending institutions as on 29.02.2020.
c. The relief shall cover the following segments – MSME Loans, Education loans, Housing Loans, Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professional loans.
d. The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. 6 months period / 184 days.
Upon credit of the differential amount to the respective loan account(s), BFL will notify the same to you via an SMS to your registered mobile number. You can click here to sign-in to customer portal, My Account, and go to My Relations tab to check the exact amount and calculation for respective loans in your loan statement.
Customers whose aggregate of all loans with lending institutions is less than Rs. 2 crore (sanctioned limits or outstanding amount) and any loan account which is standard and not categorized as Non-Performing Asset (NPA) as on 29.2.2020 will be eligible for ex gratia payment under this scheme.
Customers will not be able to avail this facility for these loans below:
◦ ‘Loan against Security’
◦ ‘Loan against Fixed Deposits’
◦ ‘Loan against Insurance Policies ( LAIP)’
◦ ‘Trade/Retailer Finance’
• In respect of Education loans, Housing loans, Automobile loans, Personal loans to professional loans, the rate of interest to be applied for calculating the differential interest component shall be the contracted rate as specified in loan agreements/ documentation applicable as on 29th February 2020.
• In respect of consumer durable loans, the rate of interest to be applied for calculating the differential interest component shall be the contracted rate as specified in loan agreements/ documentation. In case where no interest is being charged on equated monthly instalments for a specified period, for the purpose of relief, interest may be applied at MCLR/ Base rate.
• MSME: In respect of term loans / Demand Loan, the rate of interest for the purpose of calculating the differential will be the contracted rate as specified in the loan agreements/ documentation applicable as on 29th February 2020. In respect of Cash Credit/ Overdraft, the rate of interest for the purpose of calculating the differential shall be the rate of interest prevailing as on 29.02.2020.
Sample calculation of Ex-Gratia Amount |
||||
Loan Interest Rate |
Outstanding Loan Amount |
|||
Rs. 5 Lacs |
Rs. 10 Lacs |
Rs. 15 Lacs |
Rs. 20 Lacs |
|
9% |
426 |
852 |
1278 |
1704 |
11% |
638 |
1276 |
1914 |
2552 |
13% |
893 |
1786 |
2679 |
3572 |
15% |
1192 |
2383 |
3575 |
4766 |
No, Bajaj Finance Limited will process and credit your loan account on or before 5.11.2020.
Yes, you will be eligible for the scheme.
Yes, you will be eligible for the scheme.
Neither, Bajaj Finance Limited will process and credit your loan account on or before 5.11.2020.
In case the loan is closed and there is no overdue in any other loan, the amount will be refunded in your registered bank account. In case you do not maintain any such account with the lending institution, you can advise Bajaj Finance Limited the details of the account in other banks where the amount can be credited /remitted to. Click here to register your E-mandate and update alternate bank account details.
Yes, you would be eligible for the scheme.
The ex gratia payment under this scheme shall be applicable if you fall under below categories: (1) had fully availed or partially availed or not availed of the moratorium on repayment announced by RBI ride its circular DOR. No. BP.BC.47/21.04.048/2019-20, dated 27.3.2020 and extended on 23.5.2020.
Yes. The relief will be available to you irrespective whether you have availed or partially availed or not availed the moratorium on repayment as announced by RBI vide DOR. No. BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020.
Yes, “partially disbursed loans” are covered under the relief package provided that the sanctioned and outstanding amounts do not exceed Rs. 2 crore. The outstanding as on 29.02.2020 shall be the reference amount for calculating the differential interest amount.
No. The loan should not be a “Non-Performing Asset” (NPA) as on 29.02.2020 to be eligible for the said relief.
The contracted rate / interest rate prevailing as on 29.02.2020 which is considered for calculating the interest differential will exclude any penalties or any penal rate of interest applied in the account.
The outstanding as on 29.02.2020 will be the reference amount for calculating the differential. Any repayment / credits subsequent from 01.03.2020 – 31.08.2020 shall be ignored for the purpose of calculation.
We will assess this based on information available with us, as well as information accessible from credit bureaus.
No. Non-fund-based limits will not be included for arriving at the eligibility.
• For queries related to COVID-19, Ex-Gratia Interest Relief, you may please follow the steps here for support:
• Click here and sign-in to our customer portal, My Account. In the ‘Raise a Request’ page, select your loan / loan type and product description
• Please select:
• Query Type: Interest Refund
• Query Description: BFL Ex Gratia Payment Related
• Select your query under the tab: Add New Query
• Submit the request and our service team will respond to you soon
