Bajaj Finserv loan EMI moratorium: All the terms, conditions and charges

Here are the charges, terms and conditions of availing the three-month equated monthly instalment (EMI) moratorium from Bajaj Finance. These are details as mentioned on the Bajaj Finance's website.

Along with banks, now NBFCs have announced details regarding their EMI moratorium facility.
On 27 March 2020, the Reserve Bank of India (RBI) announced that all lending institutions, such as banks, non-banking finance companies (NBFCs) and housing finance companies (HFC), should provide a three-month moratorium on all term loans payments falling between March 1, 2020 and May 31, 2020. The moratorium is extended for another three months by the central bank till August 31, 2020.

According to the RBI notification, the repayment schedule for such loans is to be shifted by three months across the board once the moratorium period ends.

Along with banks, now NBFCs too have announced details regarding their EMI moratorium facility. Here are the charges, terms and conditions of availing the three-month equated monthly instalment (EMI) moratorium from Bajaj Finance. These are the details as mentioned on Bajaj Finance's website.

  1. Is Bajaj Finance Ltd (BFL) offering 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.
  2. For which month EMI can I request a moratorium?
    Customers can request moratorium for their EMIs that are due and unpaid in month of March, April and May 2020.
  3. Will the moratorium be applicable in case of new loans sanctioned after March 1, 2020 during the lockdown period?
    Yes, for the EMIs which are falling due between March, April and May 2020 you can avail Moratorium
  4. How can I place request for Moratorium?
    If you wish to avail moratorium, a. 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 requestb. Or you can write to us at with your request for moratorium. We will accordingly evaluate the request based on the defined policy and revert back to you
  5. When can I place a request for Moratorium?
    You need to place a request atleast 7 days prior to the EMI getting debited from your bank account.
  6. Will I be communicated if my request for 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.
  7. Will I be given moratorium for all my active loans with BFL and will I need to give 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.
  8. 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.Interest will be applicable for the no cost EMI consumer durable loans too for this moratorium period. You shall be communicated on the interest applicable for your moratorium request and you would also be able to check the same in your Statement of Account on our self-service portal and Experia mobile app.
  9. 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 May 2020.
  10. 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.
  11. How will the interest be recovered for the no cost EMI loans on which moratorium is availed?
    In case loan tenor is extended for whatever reasons, the Company has to charge interest for such extended tenor from the customer. Where some customers have neither opted for a moratorium, nor paid the loan instalment during the moratorium period, he/she would be provided with suo motto moratorium for that particular month and the Company would communicate through SMS the applicable interest to all such customers.
  12. Will I be required to submit any documents, fresh NACH debit mandate?
    The borrower may need to furnish fresh NACH debit mandate as may be required by the company.
  13. Will my EMIs 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.
  14. Will bounce charges be levied for EMIs 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.
  15. Will 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.
  16. 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.
  17. 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.
  18. 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.
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