The RBI (Reserve Bank of India) initially announced a moratorium period of 3 months for all loans starting March 1st, 2020 and further extended it up to August 31, 2020. Existing personal loan borrowers can utilise a Bajaj Finserv moratorium calculator to assess the impact of this deferment window on their personal loan EMIs, interest rates and tenure.
Extra EMIs you’ll pay
Disclaimer: The EMI Moratorium Calculator is an indicative tool to help you calculate the additional interest and EMI amounts payable if you avail the July 2020 moratorium. The calculator results are approximations and for information purposes only. The actual interest rates and loan eligibility amount will vary from user to user.
Check out how to use moratorium EMI calculator in a few simple steps.
Step 1 – Fill in the initial loan amount sanctioned to you.
Step 2 – Enter the rate of interest currently applicable to your personal loan.
Step 3 – Provide your repayment tenor as per the current schedule.
Step 4 – Next, enter the number of EMIs (Equated Monthly Instalments) already paid towards your total loan liability
Step 5 – Select the number of months you opted for a moratorium between March and May 2020, if any. You can forego this step or select ‘0’ if you did not opt for a moratorium in this period.
Step 6 – Choose the number of months for which you plan to opt for a moratorium between June and August.
Step 7 – If you wish to keep your EMIs for the outstanding loan liability the same as earlier, choose your option accordingly.
Step 8 – Also, fill in all necessary details regarding the loan tenor changes. You can also opt to keep your loan repayment tenor same as in the initial amortisation schedule.
Once you have completed these steps, the Bajaj Finserv moratorium calculator will compute the following results based on the information fed.
When using the EMI calculator with moratorium period, the following effects are essential to note.
Apply for a personal loan moratorium with Bajaj Finserv in the following few steps.
Once you have submitted your application to opt-in for an RBI moratorium, we will assess your personal loan status and intimate the approval or otherwise accordingly.
A moratorium calculator is a specialised financial tool that helps term loan borrowers determine the additional interest accrual on their outstanding loan liability. As per RBI’s term loan moratorium, existing borrowers can opt to defer EMI payment for up to 6 months ending August 31, 2020.
Bajaj Finserv will not charge any late payment fee on such deferment. Interest accrual, however, continues for the entire moratorium period opted, impacting the total loan liability. Use the Bajaj Finserv moratorium EMI calculator to estimate interest accrual for your outstanding loan amount.
The calculator also reflects any change in the EMI amount and repayment tenor after the application of RBI moratorium to your loan and consequent alteration in your amortisation schedule.