Bajaj Finserv loan restructuring
As per RBI guidelines on Resolution Framework for COVID-19-related stress dated May 5, 2021, Bajaj Finance shall facilitate a one-time resolution plan to customers who approach us for availing the same. This is subject to the conditions specified in the 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.
Customer should have been classified as ’Standard’ (A standard customer is one who has no delinquent history with loans) as on March 31, 2021. The same was updated on our website and can be checked through Policy on resolution framework 2.0 for COVID-19 related stress and Loan restructuring FAQs 2021. RBI announced restructuring was available till 30th Sep, 21.
Bajaj Finserv restructures loans offered to its eligible and concerned customers in line with this announcement. The process includes a review of documents and how Covid-19 has impacted the borrower and guidance from RBI and Bajaj Finance Limited’s policy. A point to note here is that, as per RBI’s guidelines, the last date for this facility was 30th September 2021. Given this, no further restructuring can be offered under the RBI’s restructuring scheme. If you have cancelled your loan, you can read about loan cancellation grievances here.
Frequently asked questions
Due to the economic fallout caused by the Covid-19 pandemic has led 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’ (A standard customer is one who has no delinquent history with loans) as per RBI announcement May 5, 2021] and who were eligible as per Bajaj Finance Limited’s Policy.
The purpose of Resolution Plan 2.0 was 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 by extending the loan tenor.
The eligibility criteria for Bajaj Finance loan restructuring includes –
- Customer accounts should be regarded as ‘Standard’ as of 31st March 2021
- Customers must have a good repayment track record
- Borrowers need to meet any additional requirements set forth by Bajaj Finance Limited
- Submit acceptance and adherence to the terms and conditions of the prescribed documentation governing the same
As per the RBI circular, the last date was 30th September 2021. Since this date has passed, Bajaj Finance Limited cannot offer restructuring as per RBI’s guidelines. We request you to kindly clear your EMI’s as per your loan repayment schedule.
No, submission application for the Resolution Plan of credit facility does mean acceptance by Bajaj Finance. On receipt of your request for the Resolution Plan, Bajaj Finance would have reviewed your application based on its internal policies & eligibility criteria mentioned above. After reviewing the same, Bajaj Finance would have communicated about acceptance or the rejection of the application. If your request is accepted, the Resolution Plan would have been implemented after receiving your approval of the terms and conditions/ agreement governing the Resolution Plan approved.
If you avail Resolution Plan, credit bureau records will be updated with details of the Resolution Plan availed. The fact that you availed assistance under Resolution Plan in 2021 will appear in your Bureau reports. However, Bajaj Finance Limted has no role in how other Banks/ Financial institutions may consider the same.
For more details on resolution plans and FAQ’s kindly visit Loan restructuring FAQs 2021