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FAQs on Resolution Plan 2.0

Frequently Asked Questions

What is a Resolution Plan 2.0?

Due to the economic fallout on account of the Covid-19 pandemic leading to significant financial stress for some of the customers, in line with RBI regulation DOR.STR.REC.11/21.04.048/2021-22, a Resolution Plan 2.0 could be availed by affected customers, having good repayment track record (customers classified as ‘Standard’ as per RBI announcement May 5, 2021) and who are eligible as per BFL’s Policy.

Purpose of the Resolution Plan 2.0 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 through reducing loan EMI amount by extending tenure of loan.

The resolution plan can be availed by eligible corporates without change in ownership and eligible customers who availed secured/ unsecured loans subject to acceptance & adherence of the terms and conditions/ documentation governing the same.

What is the last date to apply for Resolution Plan 2.0?

The last date to apply for restructuring under Resolution plan 2.0 is 29th Sep'2021.

Is Bajaj Finance Ltd (“BFL”) offering Resolution Plan 2.0 to its customers?

As per RBI guidelines on Resolution Framework for COVID-19-related stress dated May 5, 2021, BFL shall facilitate one-time resolution plan to customers who approach BFL for availing the same, subject to the conditions specified in Resolution Framework – 2.0: Resolution of Covid-19 related stress of Individuals and Small Businesses under reference DOR.STR.REC.11/21.04.048/2021-22 dated May 5, 2021.

What is the eligibility criteria for customers to avail Resolution Plan 2.0?

(i) Customer should have been classified as ’Standard’ as on March 31, 2021,
(ii) Customer is having good repayment track record,
(iii) Customer meets the required criteria as BFL’s policy; and
(iv) Submit acceptance & adherence of the terms and conditions of the prescribed documentation governing the same.

How can I apply for Resolution Plan 2.0?

You may Raise a Request by writing to us on wecare@bajajfinserv.in

You can also apply for Resolution Plan 2.0 by calling us on +91 86980 10101.

You can also walk into your nearest BFL branch.

How will I know whether my request for opting in for Resolution Plan has been accepted by BFL?

BFL will communicate via SMS/ email whether your request for Resolution Plan has been accepted or not.

What are the documents that I would need to keep handy for processing Resolution Plan request?

You will need your salary slips and/ or bank statement of your loan repayment account. If you are found to meet the eligibility criteria, basis the information submitted by you, BFL may process your Resolution Plan request post acceptance of the same.

How and where I would have to submit documents once my Resolution Plan request is accepted?

You will receive a link on your registered mobile number in the form of an SMS/ email on registered email address via which you can upload your documents.

I have multiple loans with BFL. Can I apply Resolution Plan for multiple loans?

If you meet the eligibility criteria, you can apply. However, you may apply for Resolution Plan only one time under this resolution program.

Will all my loans be restructured by BFL?

Subject to meeting eligibility criteria mentioned above:

(i) we will review your Resolution Plan application for loan restructuring in line with BFL internal policy; and (ii) BFL may approve / reject restructuring request for all or some of your loans. Accordingly, BFL will communicate its decision to you within thirty (30) days of receiving your application.

Whether settlement with BFL, will be considered under the purview of restructuring?

No. Any settlement done independently earlier between you and BFL will not come under the purview of restructuring.

By when may I expect BFL to review my application and communicate acceptance/ rejection status?

BFL will review your request and respond to you within 30 days from the date of receipt of your request, communicating its decision about acceptance or rejection of your application.

What type of borrowers are not eligible for restructuring?

Following categories of borrower are not eligible for restructuring:

● Loan restructuring in respect of (i) projects under implementation involving deferment of date of commencement of commercial operations (DCCO), (ii) revival and rehabilitation of MSMEs, (iii) of a natural calamity and (iv) borrower entities in respect of which specific instructions have already been issued or are issued by the Reserve Bank for initiation of insolvency proceedings under the IBC.

● Borrower having Farm Credit Exposure (Excluding farmer/ JLG loans for Agri allied activities viz., dairy, fishery, animal husbandry, poultry, beekeeping and sericulture).

● Loans to Primary Agricultural Credit Societies (PACS), Farmers' Service Societies (FSS) and Large sized Adivasi Multi- Purpose Societies (LAMPS) for on-lending to agriculture.

● For exposures of lending institutions to financial service providers, Central and State Governments; Local Government bodies (e.g. Municipal Corporations); and, body corporates established by an Act of Parliament or State Legislature and exposure etc.

If I have applied for Resolution Plan, shall I consider it as my request having been accepted and implemented by BFL?

No. Submission application for Resolution Plan of credit facility does mean its acceptance by BFL. On receipt of your request for Resolution Plan, BFL will review your application based on its internal policies & eligibility criteria mentioned above. Post review of the same, BFL will communicate about acceptance or the rejection of the application. In case your request is accepted, the Resolution Plan will be implemented after receiving your acceptance to the terms and conditions/agreement governing the Resolution Plan approved to you.

Will the resolution plan be applicable in case of new loans sanctioned after March 31, 2021?

No. As per the RBI guidelines, only those accounts are eligible for resolution under this framework which have been classified as ’Standard’ but not in default for more than 30 days with the lending institution as on March 31, 2021.Further such borrower accounts/ credit facilities shall not belong to the categories listed in sub-clauses (a) to (e) of the Clause 2 of the Annex to the Resolution Framework 1.0 (“Resolution Framework for COVID-19-related Stress” vide RBI circular DOR.No.BP.BC/3/21.04.048/2020-21 dated August 6, 2020), read with the response to Sl. No. 2 of FAQs on Resolution Framework for Covid-19 related stress (Revised on December 12, 2020). Provided further that the borrower accounts should not have availed of any resolution in terms of the Resolution Framework – 1.0 subject to the special exemption mentioned at Clause 22 of Resolution Framework – 2.0: Resolution of Covid-19 related stress of Individuals and Small Businesses under reference DOR.STR.REC.11/21.04.048/2021-22 dated May 5, 2021.

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

If you avail Resolution Plan, credit bureau records will be updated with details of Resolution Plan availed. The fact that you have availed assistance under Resolution Plan in 2021 will appear in your Bureau reports. However, BFL has no role as to how other Banks/ Financial institutions may consider the same.

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

For Consumer Durable loans, there will be an additional 1% interest rate 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 remains the same.

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

Yes. You can opt-out, before execution of loan document/terms conditions of Resolution Plan. However, after execution of the loan document/terms and conditions of Resolution Plan, you will not be able to opt-out of the same, until completion of the tenure stipulated in the sanction terms/loan documentation/ terms & conditions of Resolution Plan.

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 were 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 was 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.

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

For Personal, Consumer and Other loans, tenure of moratorium will be up to 24 months at sole discretion of BFL.

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 Moratorium on your principal loan amount is approved for you.

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

Loan offer and the terms applicable are dynamic in nature and the same, will be dependent as per prevailing BFL’s internal policy.

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.

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

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

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

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 after new loan booking, such excess amount, if any will be adjusted against the new loan.

Will my Bajaj Finserv EMI Network card get blocked if I opt for a Resolution Plan offer?

In case you opt for implementation of Resolution Plan, your EMI Network card will be blocked.

When will my Bajaj Finserv EMI Network card get unblocked in case Resolution Plan is implemented for my loans?

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

Is Resolution Plan 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. However, Resolution plan is NOT applicable for Loans against FD, Gold Loan and outstanding on co-branded Credit cards.

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