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Thursday, April 2, 2020

What is Bajaj Finserv EMI Moratorium Against COVID 19?

Bajaj Finance EMI Moratorium

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Official Bajaj Finance Moratorium Released by Bajaj Finserv

Dear Customer,

With the circumstances that we find ourselves in, we wish you well and hope you and your family stay healthy and safe.

As per the guidelines issued by RBI on 27th March, 2020 all commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, all-India Financial Institutions, and NBFCs (including housing finance companies and micro-finance institutions) (“lending institutions”) financial institutions are permitted to give moratorium to customers instalments in respect of all term loans outstanding as on March 1, 2020. It also states that, the Interest shall continue to accrue on the outstanding portion of the loans during the moratorium period.

Hence, we would like to clarify few points so that there is clear understanding and you decide accordingly.

In the case you wish to avail moratorium and request us to stop EMI repayments of your loans during this period.

Interest will continue to be charged on the outstanding loan amount during the period of moratorium as well as the extended tenor of your loan.

Unpaid interest amount of your loan account during this period of moratorium will be capitalised i.e. added to you outstanding principal amount and in order to keep your instalment at the current level, the tenor of your loan will be enhanced accordingly.

As a result of above points, while your EMI amount will remain same, the amount of interest cost on your loan will increase due to extension of the remaining tenor of your loan.

FAQs Related to Bajaj Finserv Moratorium under COVID-19

For further details, you may click here for FAQs related to Bajaj Finance EMI moratorium under covid-19.

If you still wish to avail moratorium please click here to raise a request for Moratorium.

1. You will need to login and authenticate yourself
2. On the raise a request section, select “Covid-19 Moratorium Policy” option from the product dropdown
3. Select your loan details and read the Terms & Conditions carefully
4. If you agree with the Terms & Conditions, submit the request

You will hear from us soon regarding your eligibility and our acceptance of your request.

Regards,
BAJAJ FINANCE LIMITED
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