COVID-19 moratorium FAQs for personal loans

Get answers to your frequently asked questions (FAQs) on EMI moratorium for personal loans.
COVID-19 moratorium FAQs for personal loans
3 min read
05 Apr 2023

Is Bajaj Finance Ltd giving moratorium to all its personal loan customers?

Personal loan customers of BFL, with consistent loan repayment track record, can opt for a moratorium. The customers should have no more than two EMIs due, as of February 29, 2020, to become eligible for moratorium.

For which month’s EMI can I request a moratorium on my personal loan?

Moratorium can be requested for unpaid EMIs that are due during the months of March, April, and May 2020.

Will the moratorium be applicable if there are new personal loans sanctioned after March 1, 2020, during the lockdown period?

Yes, you can avail of a moratorium for EMIs due for payment between March, April, and May 2020.

How can I raise a request for moratorium on my personal loan?

You can raise a request for moratorium by clicking on this link.

  • Login and authenticate yourself.
  • Select COVID-19 from the product dropdown in the raise a request section.
  • Select your loan details and read the terms and conditions carefully.
  • Submit the request after agreeing to the terms and conditions.

By when should I raise a request for moratorium on my personal loan?

You need to raise a request at least 7 days before your personal loan EMI due date.

Will I get a confirmation of acceptance of moratorium request on my personal loan?

After receiving your request, we shall communicate whether your request has been accepted. You’ll also be informed about the applicable interest on your personal loan along with all terms and conditions applicable for the moratorium.

Will I get a moratorium for all my active loans with Bajaj Finance Ltd and will I need to raise separate requests for all loans?

You’re eligible for a moratorium based on your consistent past repayment of EMIs and if you don’t have more than two EMIs overdue for all your active loans with BFL. If you fulfil these conditions, you’ll be offered a moratorium for all of them. You need to raise a single request to avail of a moratorium for all your active BFL loans. You must provide details of your loan account numbers and confirmation that you’re ready to bear the applicable interest for the period of moratorium.

How will the treatment of my personal loan be after the moratorium period?

Your loan tenure will get extended as accrued interest will be added to the total interest payable and principal outstanding for the moratorium period. You’ll receive a communication on the revised interest applicable on your personal loan. Your revised repayment schedule will be updated on our self-service portal – My Account and Bajaj Finserv mobile app.

If I don’t want the personal loan EMI moratorium, what should I do?

If you don’t want to opt for an EMI moratorium, there is no further action required from your side. The repayments will continue as they were happening earlier.
If you have adequate funds and can manage to repay your EMIs timely, you are encouraged to do so. It will help you avoid the extra interest and tenure extension. However, if you wish to skip your EMI payment during this period, you can avail of an EMI moratorium till May 2020.

Will I incur bounce charges for my personal loan EMIs of the moratorium period?

If you raise a request to opt for a moratorium at least 7 days before your EMI due date, we shall not levy any EMI bounce charges.
If you don’t clear your outstanding through the month, your profile will be evaluated for an automatic moratorium provision, and you shall be liable to pay bounce charges, but late payment penalty shall not be charged.

Will I be charged with late payment penalty during the moratorium period?

For the EMI months of your personal loan for which moratorium has been offered, we shall not levy 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 opt for moratorium on my personal loan?

If you’re eligible and you’ve opted for 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 1, 2020, or for personal loans sanction/ availed after March 1, 2020. However, credit bureaus will be notified that you opted for the moratorium facility.

Can I pay in between the moratorium period?

It is a relief granted to you for a temporary period amidst the lockdown. However, you can make any advance EMI payment as per the existing terms of your personal loan.

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

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


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