Bajaj Finance Limited will provide Ex-Gratia payment to customer’s account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding up to Rs.2 crores (aggregate of all the borrowings/ facilities from all the banks and financial institutions) for the period from 1st March 2020 to 31st August 2020 (6 months / 184 days).
Upon credit of the differential amount to the respective loan account(s), BFL will notify the same to you vide an SMS to your registered mobile number. You can login to our website www.bajajautofinance.com or Mobile App (My BAFL) to check the exact amount and calculation for respective loans in your loan account statement.
Customers whose aggregate of all loans with lending institutions is less than Rs. 2 crores (sanctioned limits or outstanding amount) and any loan account which is standard and not categorized as Non-Performing Asset (NPA) as on 29.2.2020 will be eligible for Ex-Gratia payment under this scheme. Customers will not be able to avail this facility for these loans below:
Sample Calculation of Ex-Gratia Amount | ||||||
---|---|---|---|---|---|---|
Loan Interest Rate | Outstanding Loan Amount | |||||
Rs. 5 Lacs | Rs.10 Lacs | Rs.15 Lacs | Rs.20 Lacs | Rs.50 Lacs | Rs.1 Cr | |
9% | 426 | 852 | 1278 | 1704 | 4261 | 8522 |
11% | 638 | 1276 | 1914 | 2552 | 6380 | 12759 |
13% | 893 | 1786 | 2679 | 3572 | 8930 | 17861 |
15% | 1192 | 2383 | 3575 | 4766 | 11916 | 23832 |
No, Bajaj Finance Limited will process and credit your loan account on or before 5.11.2020.
Yes, you will be eligible for the scheme.
Yes, you will be eligible for the scheme.
Neither, Bajaj Finance Limited will process and credit your loan account on or before 5.11.2020.
In case the loan is closed and there is no overdue in any other loan, the amount will be refunded in your registered bank account. In case you do not maintain any such account with the lending institution, you can advise Bajaj Finance Limited the details of the account in other banks where the amount can be credited /remitted.
Yes, you would be eligible for the scheme.
The Ex-Gratia payment under this scheme shall be applicable if you fall under below categories: (1) had fully availed or partially availed or not availed of the moratorium on repayment announced by RBI ride its circular DOR. No. BP.BC.47/21.04.048/ 2019-20, dated 27.3.2020 and extended on 23.5.2020.
Yes. The relief will be available to you irrespective whether you have availed or partially availed or not availed the moratorium on repayment as announced by RBI vide DOR. No. BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020.
Yes, “partially disbursed loans” are covered under the relief package provided that the sanctioned and outstanding amounts do not exceed Rs. 2 Cr. The outstanding as on 29.02.2020 shall be the reference amount for calculating the differential interest amount.
No. The loan should not be a “Non-Performing Asset” (NPA) as on 29.02.2020 to be eligible for the said relief.
Any requests and queries for Ex-Gratia interest refund will be taken until 30th Nov’20. Requests of this nature will not be entertained beyond the said date.
The contracted rate / interest rate prevailing as on 29.02.2020 which is considered for calculating the interest differential will exclude any penalties or any penal rate of interest applied in the account.
The outstanding as on 29.02.2020 will be the reference amount for calculating the differential. Any repayment / credits subsequent from 01.03.2020 – 31.08.2020 shall be ignored for the purpose of calculation.
We will assess this based on information available with us, as well as information accessible from credit bureaus.
No. Non-fund-based limits will not be included for arriving at the eligibility.
For queries related to COVID-19, Ex-Gratia Interest relief, you may please login to your loan account on our website www.bajajautofinance.com or our Mobile App ‘My BAFL’ and refer your loan account statement.
In case, you are unable to raise your query online, you can visit the nearest branch.