Refuting allegations about not following the RBI's direction on offer of moratorium to its customers , Bajaj Finance has clarified that the banking regulator has “permitted NBFCs”, but “not mandated to automatically offer moratorium” to all customers.
Reacting to allegations, the NBFC has categorically stated that the RBI has not restricted them from presenting the customers’ EMI cheques to the bank if they had not opted for moratorium. Further, the EMI mandate bounce charges were not credited to the company’s account.
Bajaj Finance offered EMI moratorium from one to six months to eligible customers for unpaid EMI for instalments due between March 1 and August 31. However, this offer could be availed only by those that maintained a consistent repayment track record, did not have more than two EMI’s due in any of their loans and above all, should have reached out to the company with a moratorium request, the NBFC said in a release.
The company has appealed to its customers, particularly those seeking a moratorium to submit their request online, at least seven days prior to the due date of the EMI.
BFL has also sought to let its customers understand that the interest on the loan would be added to the interest payable and principal outstanding for the time period of moratorium.
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