The Reserve Bank of India declared to extend the moratorium period on term loan EMIs until 31st August 2020. Previously, the extension was offered for three months ending 31st May 2020. Such an extension is directed towards making the loan repayment experience smooth and less cumbersome for existing borrowers.
Regardless, only eligible customers can request a moratorium and ease their current liquidity crisis easily. To further benefit from this feature, customers of leading financial institutions should learn about ways to extend their EMI moratorium period on advances like the Bajaj Finserv Personal Loan.
Eligibility to avail a moratorium on loan EMIs
Borrowers can request for a moratorium on EMIs yet to be paid for June, July and August. Individuals meeting these following criteria would be deemed eligible for a moratorium on all existing loans.
- Customers, including personal loan borrowers.
- They should have a consistent track record of timely loan repayment.
- Should not have more than 2 EMIs due.
It must be noted that Bajaj Finserv Personal Loan borrowers may be asked to fulfil additional requirements to extend the moratorium if they do not meet all these criteria. Generally, applicants are contacted only if their requests are rejected for any particular reason.
Documents Required For EMI Moratorium
Borrowers may be required to submit a fresh NACH debit mandate to send a request regarding an EMI moratorium for a personal loan. The concerned financial institution may direct borrowers to submit other documents as well depending on their requirement.
How to extend the moratorium on loan EMI?
Typically, individuals can raise a request for a moratorium on their existing personal loan EMIs at least 7 days before the EMI due date. They can do so by following two simple ways –
- Through customer portal
- Log in to your financial institution’s customer portal and authenticate your customer identity.
- Next, select ‘Covid-19 Moratorium Policy’ from the drop-down menu to raise a request.
- Proceed to provide details pertaining to the existing personal loan.
- Go through the terms and conditions and click on the ‘I Agree’ option.
- Complete your application by submitting the request.
- Via email
Individuals can also raise a request for a moratorium by sending an email to the designated email ID of their concerned financial institution.
Typically, individuals are required to send details pertaining to their Bajaj Finserv Personal Loan via an email. Subsequently, the request is reviewed as per the defined policy of the financial institution, and a decision regarding approval or denial is taken accordingly.
By opting for this facility, borrowers do not need to pay any EMI bounce charges on their personal loan for the delays.
Things to consider about a moratorium on personal loan EMIs
An EMI moratorium tends to benefit borrowers who are struggling with a financial crisis and income uncertainty. However, there are few things borrowers must be aware of before requesting for the same.
- Though individuals do not have to pay their loan EMI during this period, the loan due still continues to attract interest. In turn, it increases the total outstanding amount.
- Borrowers who would be comfortable paying an increased EMI post moratorium are only recommended to raise a request for it.
- It also leads to an increase in the overall loan tenor. Typically, such tenor increase depends on the number of months borrowers have opted for a loan EMI moratorium.
Individuals who intend to apply for a personal loan within the moratorium window can also opt for this feature. Or, they can simply select a loan EMI and tenor combination that suits their current repayment capacity. Typically, a Bajaj Finserv Personal Loan comes with an attractive rate of interest and flexible loan tenor, which facilitates easy repayment.
The lender also brings pre-approved offers to improve and simplify the loan availing experience. Such offers apply to several financial products, including personal loans and business loans. Check your pre-approved offer in a few steps by entering name and contact details.
While at it, applicants should also pick some tips to manage personal loan EMI repayment efficiently to streamline their financial management.
Lastly, borrowers must weigh the pros and cons accompanying a moratorium for Bajaj Finserv Personal Loan EMIs. In turn, it will help them to make an informed decision. Also, they must read all the associated terms and conditions to eliminate the risk of any confusion in the future.