What Is a Waiver of Charges and How to Apply

A waiver of charges means Bajaj Finance agrees not to collect a specific charge that would otherwise apply, but requesting one doesn't pause your repayment obligation or guarantee approval, both continue until a decision is actually made.
 

• A waiver, a reversal, a refund, and a write-off are four different things. A waiver means the charge is never collected, a reversal removes a charge already applied, a refund returns money you already paid, and a write-off doesn't cancel your obligation at all, know which one actually applies to your situation before raising a request.
   
• Submitting a request doesn't stop the clock. The charge remains payable, and your regular EMI obligations continue, until an adjustment is actually confirmed, don't assume a pending request buys you time.
   
• There's no fixed processing timeline. How long a decision takes varies by the nature of the request, so track it through your service request reference rather than assuming a standard turnaround.
   
• Not every charge is eligible. Whether something like a bounce charge or penal interest can be waived depends on the specific policy and your account's circumstances, not on the charge type alone.
   

If you believe a charge on your account should be reviewed, raise a request through My Account or the Bajaj Finance app with the specific charge and your reason clearly explained, and keep meeting your regular repayment obligations while it's assessed.

A waiver of charges means that a lender or bank agrees not to collect a charge that would otherwise apply under the relevant terms. A waiver may relate to certain loan or banking charges, but approval is not automatic and depends on the applicable policy, circumstances and assessment. For example, a borrower may request consideration of a waiver where a charge has been applied due to a specific payment or account-related situation. The applicable terms determine whether the charge can be waived, reduced or retained. A waiver is different from cancelling the underlying financial obligation. If an EMI remains unpaid, requesting a waiver of an applicable charge does not by itself clear the outstanding EMI or stop other applicable charges from accruing. Borrowers should first check their account details and the charge applied, then raise a request through the lender's official service channel if they believe the charge requires review. Any waiver remains subject to the lender's assessment and applicable terms.

Bajaj Finance waiver policy and how to apply

A waiver of charges is subject to the applicable terms, internal policy, and assessment of the specific request. A borrower should not assume that a charge will be waived simply because a request is submitted. If you believe a charge applied to your loan account requires review, first check the charge details and the reason for its application. You can then raise a service request through the available Bajaj Finance service channels.

How to apply for a waiver of charges

1. Sign in: Log in to the Bajaj Finance App or My Account using your registered mobile number and OTP.
2. Select the relevant loan: Open My Relations and choose the applicable loan account.
3. Open support: Go to Help & Support.
4. Raise a request: Select Raise Request and choose the relevant charge or loan servicing category, where available.
5. Provide details: Explain the reason for requesting the waiver and submit the information or supporting documents requested.
6. Save the reference: Note the service request reference number for future communication.

The request will be assessed according to the applicable policy and circumstances. Submitting a waiver request does not guarantee approval. Until the request is reviewed, borrowers should continue to meet their repayment obligations and check the loan account for the applicable outstanding amount.

What charges can be waived by Bajaj Finance?

A charge may be considered for waiver only where the applicable policy and assessment permit it; not every charge is eligible for waiver. Waiver availability depends on the type of charge, the circumstances in which it was applied, and the terms governing the loan or service. Charges that may be considered for review can include certain bounce charges, overdue-related charges, or other applicable service charges, depending on the specific loan product and prevailing policy. However, borrowers should not assume that any particular charge will be waived or that a waiver is available in every case.

If you believe a charge has been applied incorrectly or your circumstances warrant a review:

• Check the charge and outstanding amount in your loan account.
• Review the applicable loan terms and charges.
• Raise a service request through the available Bajaj Finance service channels.
• Provide relevant details or supporting documents if requested.
• Continue meeting the applicable repayment obligation while the request is under review.

A waiver request does not automatically remove the charge or the underlying EMI obligation. The final decision depends on the applicable policy and assessment of the request.

A waiver of charges may be granted only after the applicable request is reviewed against the relevant policy, loan terms, and circumstances. Approval is not automatic, and the decision may vary depending on the type of charge and reason for the request.

A borrower should provide accurate information when requesting a waiver and continue to meet the applicable repayment obligations while the request is being reviewed. Approval, reduction, or rejection of a charge depends on the assessment and applicable terms.

Is a charge waiver the same as a refund or reversal?

A waiver, refund, and charge reversal are different actions, although all three can reduce or remove an amount shown on an account.

• Waiver: The lender agrees not to recover a specific applicable charge.
• Reversal: A charge already applied to an account is removed or reversed after review.
• Refund: The lender returns an amount already paid by the customer, subject to the applicable process.
• Write-off: An accounting treatment for an amount considered difficult or unlikely to be recovered. It does not automatically mean that the borrower's repayment obligation has been cancelled.

A borrower should identify the exact transaction or charge before requesting action. This helps the lender assess whether the request concerns a waiver, reversal, refund or another account-related correction.

What factors can affect a waiver request?

A waiver request is assessed based on the applicable charge, the circumstances of the loan account and the lender's prevailing policy. Approval is not automatic, and the outcome depends on the information available for review. Factors that may be considered include whether the charge was correctly applied under the applicable loan terms, why it was levied, and the account's repayment history. The assessment may also consider whether the charge has already been paid and whether previous requests or adjustments have been made on the account. Supporting information submitted with the request can help establish the circumstances and provide relevant details for review. When raising a request, clearly identify the charge concerned and explain why you believe it should be reviewed. If the charge has been correctly applied, it may remain payable unless a waiver or other adjustment is approved. Borrowers should continue meeting applicable repayment obligations while the request is being assessed, as submitting a waiver request does not automatically suspend or remove the charge.