Bajaj Finserv EMI moratorium
EMI moratorium is a facility extended by financial institutions to help individuals struggling to pay the required monthly instalments in time. Under this facility, borrowers are not required to make EMI payments for a certain period, but the interest accrued on loan is not waived off.
Individuals need to pay it off later when repayment resumes. The Reserve Bank of India (RBI) provided updates on the moratorium scheme via circulars dated 27th March and 22nd May 2020, respectively, to revive growth and preserve financial stability amidst the global pandemic. Bajaj Finserv has accordingly put in place a board-approved policy along with FAQs which are available on our website.
Frequently asked questions
As per the current Reserve Bank of India (RBI) guidelines, there will be no further extension of the loan moratorium. The original moratorium announced by the RBI to mitigate the negative effect of COVID-19 lasted till Aug'20.