What is the moratorium period for Bajaj Finserv Personal Loan?

Here's what you need to know about personal loan moratoriums, benefits of opting for it, how to raise a request, and more.
What is the moratorium period for Bajaj Finserv Personal Loan?
3 min read
05 Apr 2023

Based on the announcement made by the Reserve Bank of India (RBI) to allow banks and NBFCs to offer a moratorium on Term Loans, Bajaj Finance has decided to offer the same to its eligible customers. All its customers, including the ones who have borrowed personal loans and have no more than two EMIs due for payment and also have a consistent repayment track record, are eligible for a moratorium.

To ease the liquidity crisis that a borrower may face amid the COVID-19 lockdown, the moratorium period can be availed for 3 months i.e., March, April, and May 2020. If you’re an eligible customer and decide to opt for it, no EMI will be debited from your account during the period.

What is the meaning of the moratorium period?

A moratorium period refers to a particular period during the loan tenure in which you don’t have to pay any equated monthly instalments (EMIs). Also referred to as EMI holiday, it can be defined as a waiting/ break time for you as a borrower before you begin or resume to pay the monthly instalments.

In the case of a personal loan, you’re obligated to pay EMIs right from the start of the tenure until the end of it. However, if you opt for a moratorium, you won’t have to repay the lender any amount during that course of time. Even though during this time you don’t pay anything, you'll still accrue interest on your personal loan. In addition, your overall loan tenure will also increase by the number of months you’ve opted for a moratorium.

What are the benefits of opting for an EMI moratorium on personal loans?

Amid the lockdown, if you’re facing any financial crisis due to uncertainty in income flow, then opting for an EMI moratorium can be beneficial. In this case, non-payment of EMI will reduce the outflow of cash and alleviate your financial stress. But only if you’ll be able to repay increased EMIs once the moratorium is over should you go for it. Since, interest is anyway getting accrued on your personal loan during the period, the total outstanding will go up.

How to request for a moratorium on a Bajaj Finserv Personal Loan?

To opt for a moratorium on your personal loan from Bajaj Finance, you should raise a request for the same at least 7 days before your EMI due date. There are two easy ways in which you can raise a request.

1. Through our customer portal

  • Visit our customer portal to login and authenticate your identity.
  • Choose the option of ‘COVID-19 moratorium policy’ from the product - dropdown in the raise a request section.
  • Select your personal loan details and read the terms and conditions carefully.
  • Submit the request after agreeing to the terms and conditions.

2. Via email

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