♦Is Bajaj Finance Ltd(BFL) giving moratorium to its customers?
BFL is offering moratorium to its customers with consistent loan repayment track record. To become eligible for moratorium, customers should have no more than 2-EMIs overdue in any of their loans as of February 29, 2020. Any new loans disbursed after 31st March 2020 will not be eligible for moratorium.
♦ For which month EMI can I request a moratorium?
Customers can request moratorium for their EMIs that are due and unpaid in month of June, July and August 2020.
♦ When can I place a request for Moratorium?
You need to place a request before 26th of the month, prior to month in which EMI will be getting debited from your bank account. For example, for deferring EMI of June month, you need to raise request before 26th of May.
♦ Will I be communicated if my request for a moratorium has been accepted?
Post receipt of your request, we shall communicate if your request has been accepted and inform you the applicable interest cost that will be capitalised along with all terms & conditions applicable for the moratorium by sms/e-mail.
♦Will I be given moratorium for all my active loans with Bajaj Finance Ltd and will I need to give a separate request for all loans?
If you are eligible for moratorium based on your consistent past repayment of EMIs and you are not more than 2 EMIs overdue in any of your loans with BFL, you will be offered moratorium for all your active loans with BFL. You need to give one single request to avail moratorium for all your active loans. You must provide details of your loan account numbers and confirmation that you are ready to bear the cost of applicable interest for the period of moratorium.
♦How will the treatment of my loan be after the moratorium period?
If you avail the EMI moratorium, there will be a levy of interest at the contracted rate of the loan for the period of EMI moratorium on the loan outstanding. Such interest will be collected by extending the original tenor of the loan accordingly. Your revised re-payment schedule will be available on our website and My BAFL Mobile App.
♦If I do not want the EMI moratorium, what should I do?
If you do not want the EMI moratorium, no further action is required from your side. We will continue to bank your repayment instructions.
We encourage customers with adequate funds to continue paying during this period to avoid the extra interest charges and tenor extension. However, if you skip your EMI payment during this period, it is understood that you require EMI moratorium till August 2020.
♦Why was my account debited when the RBI has announced a moratorium?
Opting for the Moratorium is entirely the customers’ choice and subject to Company’s moratorium policy. We understand that all our customers may not opt for the Moratorium given that there is an additional interest payable under the terms of the Moratorium.
♦Will I be required to submit any documents, fresh NACH debit mandate?
In case the loan repayment is through PDC/ NACH mandate, you will need to furnish a fresh NACH mandate/ PDC as applicable. This is because existing NACH would be invalid as it is a close ended mandate and cannot be used for tenure beyond the contracted tenure at time of sanction of loan.
♦Will my EMI’s get debited from my bank account during the moratorium period?
For all loans which have been offered moratorium, we shall on a best effort basis be putting the EMIs on hold, subject to the receipt of moratorium request at least 7 days prior to EMI banking date(s) and acceptance of your moratorium request.
♦Will bounce charges be levied for EMI’s of the moratorium period?
Customers who raise a request for opting for EMI moratorium at least 7 days prior to banking of their installments will not be levied any EMI bounce charges.
For the customers who do not clear their outstanding through the month will also be evaluated for providing automatic moratorium. They will be liable to pay bounce charges but late payment penalty will not be charged.
♦Will the late payment penalty be levied for EMI months of the moratorium period?
For the EMI months in which moratorium has been offered, BFL shall not be levying any late payment charges. If any late payment charges get levied, the same shall be waived off/reversed.
♦Will my Credit Bureau records be impacted if I apply for Moratorium?
If you are eligible and you have availed of the moratorium, your credit bureau records will not be impacted due to non-payment of EMIs during the moratorium period. This does not apply to any non-payment of EMIs that would have been reported to the credit bureau prior to 01 Mar 2020. However, that you availed the moratorium facility will get reported to Credit Bureaus.
♦Can the borrower pay in between the moratorium period?
It is a relief granted to the borrower due to the temporary disruption caused by the sudden lockdown. However, the borrower has an option to make any advance EMI payment as per existing terms of his loan.
♦If my loan is already in NPA as of Feb 29, 2020 will the moratorium be applicable to me?
No. However, the committee reserves the right to take a case by case view for such cases.
As a financial expert with a keen understanding of lending practices and policies, I can confidently delve into the details provided in the article regarding the moratorium offered by Bajaj Finance Ltd (BFL) to its customers. Let's break down the key concepts mentioned:
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Eligibility Criteria for Moratorium:
- BFL is offering moratorium to customers with a consistent loan repayment track record.
- Customers should have no more than 2 EMIs overdue in any of their loans as of February 29, 2020.
- New loans disbursed after March 31, 2020, are not eligible for moratorium.
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Months for Moratorium:
- Customers can request moratorium for EMIs due and unpaid in June, July, and August 2020.
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Request Timeline:
- Customers need to place a moratorium request before the 26th of the month preceding the month in which the EMI will be debited.
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Communication on Moratorium Approval:
- BFL will communicate the acceptance of a moratorium request and provide details of applicable interest costs and terms through SMS/email.
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Moratorium for Multiple Loans:
- Eligible customers will be offered moratorium for all active loans with BFL with a single request.
- Customers must provide loan account numbers and confirm readiness to bear applicable interest costs.
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Post-Moratorium Treatment of Loans:
- If the EMI moratorium is availed, interest will be levied at the contracted rate for the moratorium period.
- The revised repayment schedule will be available on the website and the My BAFL Mobile App.
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Opting Out of Moratorium:
- If customers do not want the moratorium, no action is required. Repayment instructions will continue.
- Customers with adequate funds are encouraged to continue payments to avoid extra interest charges and tenor extension.
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Debit During Moratorium:
- BFL may debit accounts during the moratorium period based on customers' choice and the company's moratorium policy.
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Submission of Documents:
- For loans with PDC/NACH mandate, customers need to provide a fresh NACH mandate/PDC if applicable.
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EMI Debit Status during Moratorium:
- EMIs for loans under moratorium will be put on hold, subject to timely receipt of moratorium requests.
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Bounce Charges and Late Payment Penalty:
- Customers requesting moratorium at least 7 days before installment banking will not incur bounce charges.
- Late payment penalty will not be charged for the EMI months under moratorium.
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Impact on Credit Bureau Records:
- Credit bureau records will not be impacted for eligible customers who availed the moratorium, except for non-payment reported before March 1, 2020.
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Payment during Moratorium Period:
- Borrowers have the option to make advance EMI payments during the moratorium period.
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Moratorium for NPA Accounts:
- The moratorium is not applicable to loans already in NPA as of February 29, 2020, except for case-by-case consideration by the committee.
