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  3. FAQs on Resolution Plan (Covid-19)

FAQs on Resolution Plan (Covid-19)

Frequently Asked Questions

Is Bajaj Finance Ltd (“BFL”) offering Resolution Plan to its customers?

BFL offers resolution plan to eligible customers as per the RBI guidelines on Resolution Framework for COVID-19-related Stress dated August 6, 2020. Customers can avail the facility by visiting our Customer Portal Experia and check the “offer section”.

What is a Resolution Plan?

• Due to the economic fallout on account of the Covid-19 pandemic leading to significant financial stress for customers across the board, the Resolution plan is being offered.

• It is offered to the affected customers having good repayment track record and who are eligible as per BFL’s Policy.

• Purpose of the resolution plan is to assist customers in reducing the resultant stress which may potentially impact the long-term viability of the business due to the debt burden becoming disproportionate relative to their cash flow generation abilities. The assistance to the customers under Resolution plan is by reducing loan EMI amount & extending tenure of loan.

• The resolution plan can be availed by eligible corporates without change in ownership and personal loans, subject to specified conditions.

• The resolution plan is offered to eligible customers subject to acceptance & adherence of the terms and conditions/documentation governing the same.

Will the resolution plan be applicable in case of new loans sanctioned after Feb,29, 2020 during the lockdown period?

No. As per the RBI guidelines, only those accounts shall be eligible for resolution under this framework which were classified as ’Standard’ but not in default for more than 30 days with the lending institution as on March 1, 2020.

Will my Credit Bureau records be impacted if I apply for implementation of resolution plan?

• If you are eligible and you have availed resolution plan, your credit bureau records will be updated with the details of resolution plan availed.

• The fact that you have availed assistance under Resolution plan will appear in your Bureau reports. However, BFL will have no role as to how other Banks/Financial institutions may consider the same, since the Credit Policy of each entity may vary.

When can I place a request for resolution plan?

• You can choose to opt for resolution plan by visiting our Customer Portal Experia and check the “offer section”, choose Resolution Plan from the drop down and you can apply on the available offer.

• You may also call us at our contact center number or visit our customer service branches. Click Here for more details to reach us.

• As per the regulatory guidelines, these offers will not be available after December 31, 2020.

• Resolution Plan offers will not be available from 28th to 5th of the month.

How can I place request for Resolution Plan?

If you wish to avail resolution plan, Login to Customer Portal Experia to check your eligibility.

• You will need to login and authenticate yourself.

• Choose the “Offer World” tab. Select the resolution plan offer to check the available offer.

• Read and understand the Terms & Conditions (“T&Cs”) carefully.

• Accept the T&Cs and ensure adherence to the same, please submit the request.

• In case you are not eligible, you will not find any offer for resolution plan.
  Resolution Plan offers will not be available from 28th to 5th of the month.

Alternatively, call us at our contact center number or visit our customer service branches

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

You will be communicated, upon processing your request for Resolution Plan by sending an SMS on your registered mobile number. You can also check the status by visiting our customer Portal Experia and refer your revised re-payment schedule for existing or new loan booked under the plan.

Will I be given Resolution Plan for all my active loans with BFL and will I need to give separate request for all loans?

If you are found eligible as per BFL Policy in respect of your one or more active loans, there could be one or more different offers for your different types of active loan relationships with BFL. Once you refer the offer details on our website, it will have details of the eligible loans. You will have to opt for each offer separately in case if you have more than one loan or different types of loans (Ex: Consumer Durable Loans, Personal Loans or Business Loans).

If I do not want to avail Resolution Plan for my loan, what should I do?

• No action is required from your side. We will continue to bank/ collect your EMIs for existing loans as per terms of your loan(s).

• We encourage customers with adequate funds to continue repayment as per terms of the existing loans, since revision in loan as per Resolution Plan will be reported to Bureaus. Banks/Financial institutions may consider such reporting either in a similar or different manner and we cannot rule out the possibility about impacting your future prospects of availing new loans.

Will I be required to submit any documents, fresh NACH debit mandate, etc. for availing Resolution Plan?

You may need to furnish fresh NACH debit mandate as may be required by BFL if the existing mandate is expiring before the loan tenure completion and if NACH debit mandate is not sufficient to cover the revised amount after implementation of the resolution plan. In all other cases, there may not be a need for submitting fresh mandate. Since the assistance extended under Resolution Plan is subject to acceptance/adherence of certain T&Cs, we will require your acceptance/execution of T&Cs/documentation as may be advised by BFL for implementation of Resolution Plan in your loan account.

What is the interest rate that I will have to pay additionally in case of Resolution Plan?

For Consumer Durable loans, there will be a 1% charge per month for each loan. The amount so charged represents approx. 24% annualized rate of interest for the extended tenor under revised payment plan (Resolution Plan). Interest charges for Personal loan, Business loan and Professional loans will remain same.

Will I have to pay any additional fees to opt in for Resolution Plan?

• There is no fee charged for availing Resolution Plan.

Can I opt-out from Resolution Plan once applied for?

• No. Once you have opted for Resolution Plan implementation for your loans basis the offers opted, you may not be able to opt-out of the same.

On my loans, Interest is already calculated during moratorium, would that be waived off?

No. Interest on loan during moratorium period already availed will not be waived off.

Will there be any additional charges for making part-prepayment or foreclosing the revised loan under Resolution Plan?

• For Personal Loans and Business and Professional loans, charges may be applicable for Part Payment or Foreclosure basis Terms and Conditions of existing loans.

• For Consumer Durable loans there are no charges for Part Payment or Foreclosure (CD loans converted into PL- RMPL, there are no foreclosure charges applicable)

What would be the lock in period for Foreclosure and Part Pre-payment in case of loans under Resolution Plan?

• Foreclosure of Remedial PL is not permitted unless upon completion of at least one (1) EMI cycle and the customer should have promptly paid such EMI.

• The lock in period for foreclosure and Part Pre-payment in other Resolution Plans will be governed by the loan documents signed/accepted by customer for initial loan(s).

Can I pay advance EMIs or Part Pre-payment for such loans?

Resolution Plan is enabled for your convenience due to the temporary disruption caused on account of the Covid-19 pandemic. However, you have an option to make any advance EMI payment or part pre-payment as per existing terms of loan.

If my loan is already in NPA as of March 1, 2020 will the Resolution Plan be applicable to me?

No. The Resolution Plan will only be available for loans which are classified as “Standard” and not overdue for more than 30 days as on March 1, 2020.

I am already availing a flexi loan. Whether my drawdown facility will be affected because of Resolution Plan?

Drawdown facility will not be available for the loans under Resolution plan.

If I am already availing loan under ECLGS / Flexi Conversion facility whether I am eligible for Resolution Plan?

• There will be separate plans/offers available for Resolution Plan for such loans.

Shall I be rendered ineligible for any other loan(s) during the period of moratorium granted under the Framework?

No. However, your eligibility for any other loan will depend on the prescribed eligibility norms for the respective loan scheme of the bank as applicable from time to time.

What would be the maximum tenure for Moratorium under Resolution Plan?

• For Personal, Consumer and Other loans Upto 24 months at sole discretion of the company.

Whether my EMI will start immediately after implementation of Resolution Plan or there would be some moratorium period after Resolution Plan?

• Your EMI will start immediately after implementation of Resolution Plan unless extension of Moratorium is approved for you as per Resolution Plan.

Whether my existing loan offer will be affected because of Resolution Plan?

• Treatment to existing offer will be as per BFL’s internal policy.

Can I select for EMI / Tenure effect while opting for Resolution Plan?

• No. The Resolution Plan will be implemented basis the offer applicable to your loan.

Whether I need to apply with new application / agreement while availing the offer?

• Basis the offer availed by you, the revised terms and conditions will be shared with you for your acceptance on our Customer Portal Experia or by any other mode as may be stipulated by BFL.

Can I request for change in EMI due date?

• EMI due date will remain fixed and cannot be changed on request.

I applied for Resolution Plan, but my EMI is also deducted- will I get refund, or it would get adjusted?

• Any excess sum paid towards EMI amount will get adjusted in the succeeding month’s EMI.

It is my last 2 EMI’s, will I get an option for Resolution Plan?

• Yes, will apply on cases where more than one EMIs are due.

In case, my previous loans are getting covered under Resolution Plan, can I apply for new loan?

• This will depend on future offers being generated for you basis BFL’s internal risk policy from time to time.

How many days will be taken for processing Resolution Plan request?

• Implementation of Resolution Plan for loans will be processed generally within 10 working days.

What will be the treatment for loans under Resolution Plan during presentation of EMI of existing loan (CIP)?

• This will be managed in the same way as per the current loan process. In case of any excess EMI debited for old loan due to clearance post new loan booking, the same will be adjusted against the new loan.

I have already availed Moratorium, do I automatically become qualified for Implementation of Resolution Plan?

• No. Resolution Plan offers are being generated based on our internal policy and you will need to check the same on our Customer Portal Experia.

Will my EMI card get blocked if I opted for a Resolution Plan offer?

• In case you opt for Implementation of Resolution Plan, your EMI card will be blocked. The unblocking of the same will be done basis your repayment of loan over the next few months.

Is it applicable for all products with Bajaj Finance Limited (BFL) including RBL Bank and Bajaj Finance Limited Co-Branded Credit Card?

• This is applicable only for existing loans with BFL excluding loans against FD, Gold Loan and outstanding on co-branded Credit cards. For the sake of clarity, Resolution Plan will NOT apply to RBL Bank and BFL Co-branded Credit Card.

When will my Bajaj Finserv EMI Network card get unblocked in case of application for Resolution plan?

After complete repayment of the loan under Resolution Plan and/or as per prevailing BFL policy.

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