Bajaj Finserv’s Covid Relief Moratorium for June, July & Aug: Check FAQs
In accordance with Reserve Bank of India’s latest guidelines on granting repayment deferment/ loan moratorium to customers, Bajaj Finserv has announced extension of COVID relief moratorium by another three months i.e. from June 1 to August 31, 2020.
If you opt for new Moratorium, your term loan EMIs will now be due in Sep 2020. The interest will continue to be capitalised at the contracted rate.
Amidst prevailing cash flow challenges, a large number of customers are opting for repayment deferment. The NBFC has also assured customers that the loan term will be extended appropriately so as to not impact the monthly instalment burden of the customer. As a result, your EMI amount will not change.
How to Opt for Bajaj Finserv Moratorium2.0?
In order to opt for Bajaj Finserv Moratorium 2.0 for June, July and August 2020, follow these steps:
- Login and authenticate by clicking on the link:
- Choose “Covid-19 Moratorium Policy” option on the Product drop down menu of “Raise a request section.”
- Mark loan details as is.
- Agree to Terms & Conditions after reading them carefully.
- Submit the request.
In case you have more than one loan account with BFL, then you need to raise another request for the other account.
The final decision is completely on the discretion of the lender. The NBFC will evaluate the request and inform you accordingly.
The Bajaj Finserv Limited has released a set of FAQs related to moratorium 2.0. Here are the top ones:
Frequently Asked Questions (FAQs)
✅ Has Bajaj Finance Ltd extended COVID EMI moratorium till August 2020?
Yes. You can request for EMI moratorium for 3 months: June, July and August 2020, conforming to RBI’s COVID 19 regulatory package
✅ How do I know if I am eligible for Bajaj Finserv Moratorium benefit?
If you do not have more than 2-EMIs overdue as of February 29, 2020 you can apply for Moratorium.
✅ How to register for Moratorium from Bajaj Finserv?
You need to login and validate online to opt for Moratorium. Go to https://customer-login.bajajfinserv.in/Customer?Source=RaiseRequest. Now, click on ‘raise a request for Moratorium.’ Now login and verify. Select “Covid-19 Moratorium Policy” and share your loan details. Approve of Terms & Conditions and submit the request.
✅ When can I place a request for Moratorium?
You should submit the request for Moratorium on 26th of the previous month.
✅ Will I be informed about approval of moratorium request?
Yes. Bajaj Finserv will communicate if the request is rejected.
✅ How do I know if I am eligible for moratorium for all active loans with BFL?
If you have been consistent in repayments and do not have more than 2 EMIs overdue in your respective loan accounts prior the COVID Moratorium, the BFL will extend moratorium for all active loans. However, you are required to share separate consent online for both. Follow the steps discussed above.
✅ How will moratorium affect my loan account?
There will not be any change in the status of the account. However the interest will continue to accrue at contracted rate during the period of EMI moratorium. Thus your total outstanding will increase accordingly. We will send you new repayment schedule with extended tenure and monthly burden of EMI will not be raised. You can also check Statement of Account in your online dashboard on self-service portal: https://customer-login.bajajfinserv.in/Customer or Experia mobile app. Furthermore, there will be no late payment charges and no impact on CIBIL score will be recorded.
✅ How do I opt out of EMI moratorium?
No further action is required from customers who do not want to opt for Moratorium. The repayment instructions will be processed as before.
✅ Will interest be levied on moratorium of no cost EMIs?
Yes. If you decided to opt for a moratorium on your NO COST EMI interest @ 24% per annum will be applicable on the outstanding amount. The tenure will be increased.
✅ Do I need to submit documents or set fresh NACH mandate for COVID Moratorium?
No documents are required to apply for moratorium. You need to share the loan account and consent. Also, a new NACH debit mandate would be required basis the new repayment schedule.
✅ Will late payment penalty be levied for moratorium period?
✅ Will my Credit Bureau records be impacted?
✅ Can I pay EMI despite opting for moratorium?
Yes. Advance EMI payment as per existing terms of loan can be made.
✅ Will I be able to enjoy promo offers despite Moratorium?
During the Moratorium, you can not avail of promo offer for consistent payment. Post the Moratorium you can avail the benefit after making the required payment.