Bajaj Finance Limited has provided clarification regarding its moratorium policies.
- Rumours / False Information: Certain unscrupulous persons are spreading rumours that:
- RBI has directed (i) to provide moratorium automatically; (ii) that no EMI to be banked; (iii) that interest shall not be applicable/ not to be charged;
- EMI Mandate bounce charges levied by banks are credited to BFL; and
- EMI Mandates are presented of all customers.
Know the truth:
- RBI has Permitted NBFCs, but NOT made it mandatory to automatically offer moratorium to all customer;
- Not restricted on banking of EMIs for customers who have NOT opted for moratorium;
- Contractual rate of interest will apply in case of term loan and working capital. In case of term loan, interest to accrue on the outstanding portion of the term loan. In case of working capital, the accumulated interest to be recovered immediate after completion of moratorium period.
- EMI Mandate bounce charges are collected by the Bank and such charges are NOT credited to BFL.
- EMI Mandates are presented in case where customer has NOT opted for moratorium or where the request for moratorium was rejected.
Moratorium offered by Bajaj Finance Limited (BFL):
- to its customers from one to six EMIs to eligible customers for unpaid EMI’s that are due as on March 31, 2020 for instalments falling due between March 1 and August 31, 2020, subject to meeting the following parameters:
- Customers should be with consistent loan repayment track record;
- Customers who have not more than 2- EMI’s due in any of their loans; and
- Customers should reach out to BFL with a request for moratorium (not done automatically).
- Customer accounts which are not NPA (i.e. Ninety (90) days overdue) as on February 29, 2020.
- Granting moratorium shall be at the sole discretion of BFL.
How can a customer apply for moratorium?
Customer can login on the link – https://customer-login.bajajfinserv.in/Customer?Source=Raise and authenticate themselves. After authentication, customer need to go to the ‘raise a request section’, select Covid-19 from the product dropdown, select loan details and then read the terms & conditions carefully. After acceptance of the terms & conditions, customer can submit the request to avail moratorium. Customers should place a request atleast 7 days prior to the EMI getting debited from their bank account.
If moratorium is granted to you, how your loan is impacted ?
As a result of availing the moratorium:
(i) the loan tenor will increase or EMI amount will be increased by keeping the same loan tenor;
(ii) interest on loan will be added to the interest payable and principal outstanding for the time period of moratorium;
(iii) Interest will be applicable for the consumer durable loans too for this moratorium period.
Status of Your Request: for moratorium can be checked on experia portal by clicking “check status of your request”. BFL will get back to you only if your request is rejected.