Banks are offering a variety of options from which the borrower can choose what suits them best. The following are the common options that are available to the borrowers
The borrower can pay the accrued interest all at once as soon as the moratorium ends.
Interest keeps adding in the loan amount, it will increase the monthly EMIs.
Your loan EMI may remain the same but the lender will increase the tenure of the loan.
The moratorium is not applicable on credit card bills. The reason being the rate of interest charged on the bill will be charged much higher as compared to loans. The moratorium is available on credit card balance but you may end up paying interest on the interest that has not been paid during the moratorium period. Hence, it is advisable to avoid getting a moratorium on credit card bills. Banks usually charge 3-4% on the balance amount that is not settled. So, not paying during moratorium will increase this to 6-8%.
The moratorium is available on a personal loan, home loan, education loan, etc availed from Banks and NBFCs. You can apply for it if you fit in the eligibility criteria. So the general criteria for loan moratorium are as follows:-
Borrowers who have availed loans before March 1, 2020, can apply for a moratorium.
If your EMIs is due between March 01 - 31 May 2020 then you are eligible for a moratorium on loan.
Should have a good relationship with the lender for at least 6 months.
An individual with a good payment track record of EMIs is eligible
The following are the types of banks that are offering moratoriums during the pandemic crisis.
Public Sector Banks
Private Sector Banks
Getting a loan moratorium is completely optional. The moratorium period allows relaxation for EMI if you have considered applying for it the steps for the same are quite simple and easy. Every bank has a unique process to give access to the moratorium. They are as follows:-
Visit the official website of your Bank/NBFC.
Choose the option for “Loan Moratorium” and fill in the required details.
Once you apply, the bank representative will reach out to you for the further process.
If you are among the individuals whose income has taken a hit due to the Coronavirus outbreak and the impact of the lockdown, then the moratorium period is the ideal option for you. If you are looking to apply for a loan to take care of all your financial needs during the lockdown. You can apply for a Bajaj Finserv Personal Loan at Finserv MARKETS and get the convenience of a line of credit.
Furthermore, when you apply for a loan on the Finserv MARKETS app you can enjoy additional benefits such as online account access, pre-approved offers, and a flexible loan tenor. The online application process for a Bajaj Finserv's Personal Loan is smooth and easy with minimal paperwork required. Your personal loan gets approved within minutes and the loan amount gets disbursed in your bank account within 24 hours! You also get complete access to a personal loan EMI calculator where you can easily calculate your monthly instalments that need to be paid even before you apply for a loan. Get an instant personal loan today and enjoy all the benefits it has to offer.
“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”