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  3. FAQs for Moratorium (Covid-19)

FAQs for Moratorium (Covid-19)

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 moratorium, customers should have no more than 2-EMIs overdue in any of their loans as of February 29, 2020. Any new loans disbursed after 31st March 2020 will not be eligible for moratorium.

For which month EMI can I request a moratorium?

Customers can request moratorium for their EMIs that are due and unpaid in month of June, July and August 2020.

When can I place a request for Moratorium?

You need to place a request before 26th of the month, prior to month in which EMI will be getting debited from your bank account. For example, for defering EMI of June month, you need to raise request before 26th of May.

Will I be communicated if my request for moratorium has been accepted?

Post receipt of your request, we shall communicate only if your request has been rejected for any reason.

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 moratorium based on your consistent past repayment of EMIs and you are not more than 2 EMIs overdue in any of your loans with BFL, you will be offered moratorium for all your active loans with BFL. You need to give seperate requests to avail moratorium for each of your active loans. You must provide details of your loan account numbers and 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 EMI moratorium, there will be a levy of interest at the contracted rate of the loan for the period of EMI moratorium on the loan outstanding. Such interest will be collected by extending the original tenor of the loan accordingly.

• Interest will be applicable for the no cost EMI consumer durable loans too for this moratorium period. You shall be communicated on the interest applicable for your moratorium request and you would also be able to check the same in your Statement of Account on our self-service portal https://customer-login.bajajfinserv.in/Customer and Experia mobile app.

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. We will continue to bank your repayment instructions.
• We encourage customers with adequate funds to continue paying during this period to avoid the extra interest charges and tenor extension.

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

Opting for the Moratorium is entirely the customers’ choice and subject to Company’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 the no cost EMI loans on which moratorium is availed?

For No Cost EMI loans & consumer durable loans,the upfront interest applicable is borne by the dealer/retailer at the time of purchase and is shared in your statement of account. Thus, it helped you to pay the product price in instalments instead of a lump-sum amount. If you are now opting for a moratorium, your loan tenor will be increased. Hence, interest @ 24% per annum will apply on the outstanding loan amount. This amount will be added to your EMI repayments to us.

Will I be required to submit any documents, fresh NACH debit mandate?

The borrower may need to furnish fresh NACH debit mandate as may be required by the company

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

For all loans which have been offered moratorium, we shall on a best effort basis be putting the EMIs on hold, subject to the receipt of moratorium request before the cut off date and acceptance of your moratorium request.

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

• Customers who raise a request for opting for EMI moratorium before 26th of the month, prior to month in which EMI will be getting debited from their bank account, will not be levied any EMI bounce charges.

• For the customers who do not clear their outstanding through the month will also be evaluated for providing automatic moratorium for the said month. They will be liable to pay bounce charges but late payment penalty will not be charged. They can apply for moratorium for future EMIs through the normal request process in place

Will 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 prior to 01 Mar 2020. However, that you availed the moratorium facility will get reported to Credit Bureaus.

Can the borrower pay in between 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 be applicable to me?

No. However, the committee reserves the right to take a case by case view for such cases.

I was promised for cashback/vouchers while taking Consumer Durable loan from Bajaj Finance. If i opt for moratorium, will I still be eligible to receive cashback/vouchers on my loan

To become eligible for any cash back/vouchers, a customer must fulfil all the terms and conditions which were informed to you while taking the loan.

I was informed that in order to become eligible for cashback/vouchers I must clear 1st 3 EMIs of my consumer durable loan. My 1st EMI was cleared on 2nd March 2020 & I opted moratorium from April to August EMIs. When will I become eligible for my cashback/vouchers?

If the conditions include re-payment of 3 EMIs without any bounce, and the customer opt for moratorium, then the customer must clear the 3 EMIs without any bounce excluding the moratorium period.

In this case, if the 1st EMI was clear on 2nd March 2020, and opted moratorium from April to August, the customer will have to clear remaining 2 EMIs in the months of September and October to become eligible for any offer

I was informed that in order to become eligible for cashback/vouchers I must clear 1st 3 EMIs of my consumer durable loan. My 1st EMI, which was due on 2nd March 2020 got bounced due to insufficient balance. However, I opted moratorium from March to Aug EMIs. Will I be eligible for the offer?

If the March EMI was falling under the fulfilment criteria for any consumer promo fulfilment, and the customer bounced that EMI, the customer will become automatically ineligible for promo fulfilment even though he/she opted for moratorium later.

I was informed that in order to become eligible for cashback/vouchers I must clear 1st 3 EMIs of my consumer durable loan. My 1st EMI, which was due on 2nd April 2020 got bounced due to insufficient balance. However, later I opted moratorium from April to August EMIs. Will I be eligible for fulfillment?

In this case, since the customer opted Moratorium from April to Aug EMIs, the customer will have to clear the 3 EMIs in the months of September, October & November without any bounce to become eligible for the offer.