EMI moratorium gives a grace period to repay outstanding loan amounts. Bajaj Finserv extends this service to help borrowers facing a liquidity shortage due to their loss of income. When individuals get approval on their moratorium request, they pause their ongoing EMIs for an interim period. Furthermore, it will not affect their credit score. Intending individuals can apply for Bajaj Finserv moratorium through its Experia portal conveniently.
Procedures to apply for Bajaj Finserv moratorium
Here is the stepwise guideline for individuals to apply for this moratorium from the Bajaj Finserv customer portal:
- Visit the Bajaj Finserv customer portal – Experia.
- Log on to the page using all credentials such as login id and password.
- Find the section for raising a request. Upon clicking, a dropdown list will appear on the screen. Select the option mentioning Covid-19.
- Enter all the details of your concerned loan.
- Agree to the terms and conditions of the moratorium after reading it properly.
Bajaj Finserv will inform the status of this application after validating the request.
However, before opting for the Bajaj Finserv EMI moratorium, you need to know its aftermath and future repayment options to settle the unpaid EMIs. Read the following section for understanding these properly.
How EMI moratorium functions
The loan moratorium allows borrowers to adjourn paying EMIs for a certain duration. However, this does discontinue the applicable interest rate during this interval. So, individuals face an increase in interest outgo, which consequently inflates the cost of borrowings.
Borrowers can pay off this extra interest outgo in two ways.
- First, they can seek an increase in their loan tenor.
- Alternatively, they can keep the tenor the same. However, it will increase their monthly payables in follow up EMIs.
Borrowers just need to inform which ways they will prefer for loan repayment through Bajaj Finserv customer portal – Experia.
Limitation of Bajaj Finserv moratorium
Individuals must also be aware of the restrictions of this financial facility before applying for it. Following are the limitations of this Bajaj Finserv EMI moratorium:
- Individuals can only request this benefit for a maximum of two EMIs.
- Further, Bajaj Finserv provides this facility for those borrowers who find themselves in financial insecurity during the Covid-19 pandemic.
This will help individuals with a clue whether the lending agency will approve their request for the Bajaj Finserv auto finance EMI moratorium.
Furthermore, you must know the benefits of the Experia portal to understand how will you benefit by applying for this moratorium through it.
Benefits of Experia portal
Following are the advantages that individuals can avail of if they apply for any loan-related service through Experia:
Hassle-free loan application process
Borrowers can easily apply for new financial products of Bajaj Finserv using this online platform. They do not need to undertake the hassle to visit nearby branches of the lender to seek additional credit advances.
Experia gives a smooth user experience due to its easy-to-access interface. Therefore, individuals can comfortably find all the loan related services of Bajaj Finserv from this single platform. This way, it makes the loan moratorium application process trouble-free.
Availability of loan statement
Individuals must keep all their loan-related documents updated and handy. Using this portal, borrowers can view and download their interest certificates, loan statements, missed EMIs etc., any time they prefer. This way, they do not need to bother about getting these records by physically visiting the offices of Bajaj Finserv. They can just log on to this portal to generate a new and authentic copy of all these papers.
Easy payments of EMIs
This portal also helps individuals to pay off their EMIs effortlessly. Individuals need to log in to the Experia portal and find the option titled “Online payment” to settle their EMIs. Furthermore, existing borrowers can also apply for foreclosure and part-prepayment using this website portal.
Facility of pre-approved offers
Consumers can avail of personalised pre-approved offers from Experia. They just need to provide basic details such as their names and contact information to get the best deal on several secured and unsecured loans from Bajaj Finserv. Furthermore, if individuals apply from this portal, the advanced credit amount gets sanctioned within 24 hours of approval.
This way, existing borrowers can secure themselves even during their monetary crisis by opting for the Bajaj Finserv moratorium. It will give them an instantaneous respite from their financial obligations for a certain period.