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03 Mar 2024, Edition - 3155, Sunday

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Providing automatic moratorium is rumour and false information: Bajaj

Covai Post Network


Coimbatore : Bajaj Finance Ltd (BFL) Saturday termed as rumours and false information about the RBI direction on providing
moratorium automatically.

Referring to agitation staged by a few of its customers in Coimbatore and Tirupur about the moratorium, BFL in a statement said that certain unscrupulous persons are spreading rumours that RBI has directed  to provide moratorium automatically, that no EMI to be banked, that interest shall not be applicable/ not to be charged and EMI Mandate bounce charges levied
by banks are credited to BFL and EMI Mandates are presented of all customers.

Making it clear, BFL said that RBI has permitted NBFCs, but not made it mandatory to automatically offer moratorium to all customers, not restricted on banking of EMIs for customers who have not opted for moratorium.

Similarly, contractual rate of interest will apply in case of term loan and working capita, it said adding that in case of term loan, interest to accrue on the outstanding portion of the term loan and  the accumulated interest to be recovered immediate after completion of moratorium period in case of working capital.

EMI Mandate bounce charges are collected by the Bank and such charges are not not credited to BFL and EMI Mandates are presented in case where customer has not opted for moratorium or where the request for moratorium was rejected, the statement said.

The moratorium offered by BFL to its customers from one to six EMIs to eligible customers for unpaid EMI’s that are due as on March 31 for
instalments falling due between March 1 and August 31 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) and.
customer accounts which are not NPA ( Ninety (90) days overdue) as on February 29.

Granting moratorium shall be at the sole discretion of BFL and customer can apply for moratorium, it clarified.

On impact of moratorium, BFL said that the loan tenor will increase or EMI amount will be increased by keeping the same loan tenor, interest on loan will be added to the interest payable and principal outstanding for the
time period of moratorium and Interest will be applicable for the consumer durable loans too for this moratorium period. 

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