Personal Loan

Moratorium Period in Personal Loan

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What is Bajaj Finserv Moratorium Period in Personal Loan?

Based on the announcement made by the Reserve Bank of India (RBI) to allow banks and NBFCs to offer moratorium on terms loans, Bajaj Finserv has decided to offer the same to its eligible customers. All its customers, including the ones who have availed personal loans, who have no more than 2 EMIs due for payment and have a consistent repayment track record are eligible for a moratorium.

In order 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 are 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 Moratorium Period?

A moratorium period refers to a particular period during the loan tenor in which you do not 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 general case of a personal loan, you are obligated to pay EMIs right from the start of the tenor until the end of it.

However, if you opt for a moratorium, you will not 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 tenor will also increase by the number of months you have opted for a moratorium.

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

Amid the lockdown, if you are one of the those who are facing financial crisis due to uncertainty in income flow, then opting for EMI moratorium can be beneficial for you. In this case, non-payment of EMI will reduce the outflow of cash and alleviate your financial stress. But only if you will 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 moratorium on a Bajaj Finserv Personal Loan?

To opt for moratorium on your personal loan from Bajaj Finserv, you should raise a request for the same at least 7 days prior to 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 T&C carefully
  • Submit the request after agreeing to T&C.

2. Via email

Alternatively, you can raise a request for moratorium by writing to us at You need to send your personal loan details with the email and we will review your request basis our defined policy and get back to you accordingly.

Further Read

Use Moratorium Calculator
Covid-19 Moratorium FAQs
Moratorium Policy (COVID-19)