Frequently asked questions about moratorium

Get answers to FAQs about moratorium.
Frequently asked questions about moratorium

Frequently Asked Questions

Is Bajaj Finance Limited (BFL) offering a moratorium to its customers?

Bajaj Finance Limited offered moratoriums to its customers with a consistent loan repayment track record. To become eligible for a moratorium, customers shouldn’t have more than two EMIs overdue on any of their loans as of February 29, 2020. Any new loans disbursed after March 31, 2020, won’t be eligible for the moratorium.

For which month EMI can I request a moratorium?

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

When can I place a request for a moratorium?

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

Will I be communicated if my request for a 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 moratoriums on all my active loans with Bajaj Finance Limited and will I need to give separate requests for all loans?

You’re eligible for a moratorium based on your consistent past repayment of EMIs. You should also not have more than two EMIs overdue on any of your loans with BFL. If you fulfil these criteria, you’ll be offered a moratorium on all your active loans with us. You need to give separate requests to avail of a moratorium on each of your active loans. You must provide details of your loan account numbers. You also need to provide confirmation that you’re ready to bear the cost of applicable interest for the moratorium period.

How will the treatment of my loan be after the moratorium period?
  • If you want to avail of the EMI moratorium, there will be a levy of interest at the contracted rate of the loan. This will be applicable for the period of EMI moratorium on the loan outstanding. Such interest will be collected by extending the original tenure of the loan accordingly.
  • Interest will be applicable on the No Cost EMIs consumer durable loans too for this moratorium period. You shall be communicated on the interest applicable for your moratorium request. You would also be able to check the same in your statement of account in our customer portal – My Account.
If I don’t want the EMI moratorium, what should I do?
  • If you don’t want the EMI moratorium, no further action is required from your side. We’ll 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 tenure extension.
Why was my account debited when the Reserve Bank of India announced a moratorium?

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

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

For No Cost EMI loans and consumer durable loans, the upfront interest applicable is borne by the dealer/ retailer at the time of purchase. It’s 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’re now opting for a moratorium, your loan tenure will be increased. Hence, interest at 24% per annum will apply to the outstanding loan amount. This amount will be added to your EMI repayments with us.

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

The borrower may need to furnish a 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 with the best effort basis be putting the EMIs on hold. This is subject to the receipt of the moratorium request before the cutoff date and acceptance of your moratorium request.

Will bounce charges be levied for EMIs during the moratorium period?
  • Customers who raise a request for opting for an EMI moratorium before the 26th of the month, before the month in which EMI will be getting debited from their bank account, won’t be levied any EMI bounce charges.
  • For customers who don’t clear their outstanding instalment through the month will also be evaluated for providing an automatic moratorium for the said month. They’ll be liable to pay bounce charges, but late payment penalties won’t be charged. They can apply for a moratorium for future EMIs through the normal request process in place.
Will a late payment penalty be levied for EMI months of the moratorium period?

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

Will my credit bureau records be impacted if I apply for a moratorium?

If you’re eligible and you’ve availed of the moratorium, your credit bureau records won’t be impacted due to non-payment of EMIs during the moratorium period. This doesn’t apply to any non-payment of EMIs that would have been reported to the credit bureau before March 01, 2020. However, the fact that you’ve availed of the moratorium facility will get reported to credit bureaus.

Can the borrower pay in between the moratorium period?

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

If my loan is already in NPA as of February 29, 2020, will the moratorium be applicable to me?

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

I was promised cashback/ vouchers while taking a consumer durable loan from Bajaj Finance. If I opt for a moratorium, will I still be eligible to receive cashback/ vouchers on my loan?

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

I was informed that to become eligible for cashback/ vouchers I must clear the first three EMIs of my consumer durable loan. My first EMI was cleared on March 2, 2020, and I opted moratorium from April to August EMIs. When will I become eligible for my cashback/ vouchers?

If the conditions include repayment of three EMIs without any bounce, and the customer opts for a moratorium, then the customer must clear the three EMIs without any bounce excluding the moratorium period.

In this case, if your first EMI got cleared on March 02, 2020, and opted moratorium from April to August, the customer will have to clear the remaining two EMIs in September and October to become eligible for any offer.

I was informed that to become eligible for cashback/ vouchers I must clear the first three EMIs of my consumer durable loan. My first EMI, which was due on March 2, 2020, got bounced due to insufficient balance. However, I opted for a moratorium from March to August 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 a moratorium later.

I was informed that to become eligible for cashback/ vouchers I must clear the first three EMIs of my consumer durable loan. My first EMI, which was due on April 2, 2020, got bounced due to insufficient balance. However, later I opted for a moratorium from April to August EMIs. Will I be eligible for fulfilment?

In this case, the customer will have to clear the three EMIs in the months of September, October, and November without any bounce. Once the customer fulfils this criterion, they become to become eligible for the offer.

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