Owing to the current pandemic, the Reserve Bank of India on 1st March 2020, introduced a 3-month moratorium period to ease loan repayment for existing borrowers. A moratorium period in loan allows a borrower to defer their EMI payment during a liquidity crisis, such as the one caused by the ongoing pandemic, by the duration of such moratorium.
Such a facility, however, only defers the immediate liability. Interest charges on such deferred amounts continue to accrue, and borrowers need to pay the amount once the approved loan moratorium ends. It can either extend one’s initial business loan tenor or result in an increased EMI amount. Also, it does not affect the terms and conditions of an existing loan agreement. The moratorium periods for business loans from Bajaj Finserv help borrowers meet their financial liability at a later date without hurting their credit ratings/score. Existing borrowers availing such facility must hold a track record of consistent repayment with EMIs due for not more than 2 months.
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