Bajaj Finance Limited EMI moratorium
EMI moratorium is a facility provided by financial institutions to assist individuals facing difficulty in paying their monthly instalments on time. Borrowers aren’t required to make EMI payments for a specific period, but the interest accrued on the loan for this period isn’t waived.
The repayment of the deferred EMIs, along with the accrued interest, needs to be made by individuals when the repayment period resumes. The Reserve Bank of India (RBI) issued circulars on March 27, 2020, and May 22, 2020, respectively, to update the moratorium scheme aiming to revive economic growth and maintain financial stability during the global COVID-19 pandemic. Bajaj Finance Limited has implemented a board-approved policy and FAQs on its website, which provide further details about the scheme.
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 2020.