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Frequently Asked Questions

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 a moratorium, customers should have no more than 2-EMIs overdue on any of their loans as of February 29, 2020.

For which month can I request a moratorium?

Customers can request moratorium for the EMIs that are due and unpaid in 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, you can avail moratorium for the EMIs that fall between March, April, and May 2020.

How can I place a request for a moratorium?

You can request for a moratorium in either of the following ways.

a. You can click here to raise a request for a moratorium.

    1. You will need to login and authenticate your details
    2. On the 'raise a request' section, select 'Covid-19 Moratorium Policy' option from the product dropdown
    3. Select your loan details and read the Terms & Conditions carefully
    4. If you agree with the Terms & Conditions, submit the request

b. You can also write to us at wecare@bajajfinserv.in to request for a moratorium. We will accordingly evaluate the request, based on the defined policy, and let you know if your application has been approved

When should I place a request for a moratorium?

You need to place a request at least 7 days before the EMI getting debited from your bank account.

Will I be communicated if my request for a 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.

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 a moratorium, based on your consistent past repayment of EMIs, you will be offered a moratorium for all your active loans with BFL. You need to give one single request to avail moratorium for all your active loans. You must provide details of your loan account numbers and a confirmation that you are ready to bear the cost of applicable interest for the period of moratorium.

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

If you avail the moratorium benefit, interest will be levied at the contracted rate of the loan for the period of the benefit on the outstanding loan amount. Such interest will be collected by extending the original tenor of the loan accordingly.

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

If you do not want the EMI moratorium, no further action is required from your side. You can continue repaying your EMIs.

We encourage customers with adequate funds to continue paying during this period to avoid the extra interest charges and tenor extension. However, if you skip your EMI payment during this period, it is understood that you require EMI moratorium till May 2020.

Why was the EMI debited from my account when the RBI has announced a moratorium?

Opting for the Moratorium is entirely the customer's choice and is subject to BFL's moratorium policy. We understand that all our customers may not opt for the Moratorium given that there is an additional interest payable under the terms of the moratorium.

How will the interest be recovered for products bought on No Cost EMI for which moratorium is availed?

Interest will be applicable for the products bought on No Cost EMI if a moratorium on the loan is availed. The payable interest shall be communicated to you when you place the request for the moratorium. You can also refer to your Statement of Account and or the customer portal – Experia to check this amount.

Will I be required to submit any additional documents or a fresh NACH mandate?

The borrower may need to furnish a fresh NACH debit mandate as may be required by BFL.

Will my EMIs get debited from my bank account during the moratorium period?

This will depend if your moratorium request has been approved and if the request for was received at least 7 days before the EMI deduction date.

Will bounce charges be levied for EMIs of the moratorium period?

Customers who raise a request for opting for EMI moratorium at least 7 days before deduction of their instalments will not be levied any EMI bounce charges

For the customers who do not clear their outstanding EMI through the month will also be evaluated for providing automatic moratorium. They will also be liable to pay bounce charges but late payment penalty will not be charged.

Will the late payment penalty be levied for EMI months of the moratorium period?

For the EMI months in which moratorium has been offered, BFL shall not be levying any late payment charges. If any late payment charges get levied, the same shall be waived off/reversed.

Will my Credit Bureau records be impacted if I apply for Moratorium?

If you are eligible and you have availed of the moratorium, your credit bureau records will not be impacted due to non-payment of EMIs during the moratorium period. This does not apply to any non-payment of EMIs that would have been reported to the credit bureau before 01 Mar 2020. However, the fact that you availed the moratorium facility will be reported to the Credit Bureau.

Can the borrower pay his/her EMIs during the moratorium period?

It is a relief granted to the borrower due to the temporary disruption caused by the sudden lockdown. However, the borrower has an option to make any advance EMI payment as per existing terms of his loan.

If my loan is already in NPA as of Feb 29, 2020, will the moratorium apply to me?

No. However, the committee reserves the right to review this case-by-case.