Bajaj Finance Limited EMI moratorium
EMI moratorium is a facility provided by financial institutions to assist individuals facing difficulty in paying their monthly instalments on time. Borrowers aren’t required to make EMI payments for a specific period, but the interest accrued on the loan for this period isn’t waived.
The repayment of the deferred EMIs, along with the accrued interest, needs to be made by individuals when the repayment period resumes. The Reserve Bank of India (RBI) issued circulars on March 27, 2020, and May 22, 2020, respectively, to update the moratorium scheme aiming to revive economic growth and maintain financial stability during the global COVID-19 pandemic. Bajaj Finance Limited has implemented a board-approved policy and FAQs on its website, which provide further details about the scheme.
How to raise issues related to EMI moratorium at Bajaj Finserv?
- Contact customer care: Reach Bajaj Finserv's customer care via their toll-free number to discuss your EMI moratorium-related issue directly with a representative.
- Online complaint form: Visit the Bajaj Finserv official website and navigate to the “Raise a Request” section. Fill out the online complaint form with details of your issue.
- Email communication: Write to the official customer service email with a detailed explanation of your EMI moratorium concerns, attaching any necessary supporting documents.
- Mobile app support: Log in to the Bajaj Finserv mobile app, select the “Help & Support” option, and submit your query under the EMI moratorium category.
- Branch visit: Visit your nearest Bajaj Finserv branch to discuss the issue in person with a representative, ensuring you carry relevant documentation.
- Social media support: Post your query on Bajaj Finserv’s verified social media handles for a quicker response. Ensure your post is professional and concise.
- Grievance redressal cell: Escalate your issue to the Grievance Redressal Officer if your concern is unresolved after attempting the above methods.
Common EMI Moratorium Issues and How to Resolve Them
- Delayed Moratorium Application Processing:
- Issue: Customers face delays in processing their moratorium applications.
- Resolution: Contact customer service for updates or reapply via the online platform with complete documents.
- Incorrect Moratorium Charges:
- Issue: Unauthorised or excessive charges during the moratorium period.
- Resolution: Review your loan statement, highlight discrepancies to the support team, and request a refund if applicable.
- Miscommunication About EMI Resumption:
- Issue: Lack of clarity regarding the resumption of EMIs post-moratorium.
- Resolution: Confirm your EMI schedule and revised loan tenure through the Bajaj Finserv app or website.
- Impact on Credit Score:
- Issue: Perceived credit score drops despite opting for the moratorium.
- Resolution: Check your credit report and clarify the impact with Bajaj Finserv.
- Systematic Errors in Opting In/Out:
- Issue: Technical issues when applying for or cancelling the moratorium.
- Resolution: Contact technical support or visit the nearest branch for manual intervention.
- Unclear Policy Terms:
- Issue: Difficulty understanding moratorium terms.
- Resolution: Seek clarification through the customer care team or review the FAQs section online.
- Escalation of Unresolved Complaints:
- Issue: Unresolved concerns after initial attempts.
- Resolution: Escalate the matter to the Grievance Redressal Officer or approach the ombudsman if necessary.
Ways to raise Bajaj Finserv EMI moratorium grievances
Frequently asked questions
As per the current Reserve Bank of India (RBI) guidelines, there will be no further extension of the loan moratorium. The original moratorium announced by the RBI to mitigate the negative effect of COVID-19 lasted till Aug 2020.
You can raise issues through Bajaj Finserv’s customer care helpline, online complaint form, or mobile app. Alternatively, email customer support, visit the nearest branch, or use social media platforms. For unresolved concerns, escalate the issue to the Grievance Redressal Officer for prompt resolution.
The extension of an EMI moratorium depends on the regulatory guidelines and Bajaj Finserv’s specific policies. Contact customer care or check the Bajaj Finserv app for updates. Submit a formal request if extensions are permitted during the applicable period.
Resolution times vary depending on the complexity of the issue, typically ranging from 7 to 15 working days. Expedited resolutions are possible for straightforward concerns through customer care or the online grievance system.
Yes, Bajaj Finserv provides financial solutions such as EMI restructuring, moratorium options, and reduced repayment plans. Contact customer service to discuss your financial situation and explore suitable alternatives based on your eligibility.
