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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.
Customers can request moratorium for their EMIs that are due and unpaid in month of June, July and August 2020.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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.
No. However, the committee reserves the right to take a case by case view for such cases.