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HDFC Bank customers: Here's how you can avail EMI moratorium on all your term loans

HDFC Bank customers: Here's how you can avail EMI moratorium on all your term loans

HDFC Bank customers: Here's how you can avail EMI moratorium on all your term loans
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By CNBCTV18.com Apr 1, 2020 2:48:29 PM IST (Published)

HDFC Bank issues a set of guidelines after RBI announced that all lending institutions will have to give their borrowers a three-month moratorium on term loans.

HDFC Bank has issued a set of guidelines after RBI announced that all lending institutions will have to give their borrowers a three-month moratorium on term loans.

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"In line with the RBI guidelines and to show our solidarity in standing with you, HDFC Bank is offering it's customers EMI moratorium and credit card outstanding moratorium as a relief measure", the Bank said.
Here are the detailed guidelines put out by the Bank:
  • According to the RBI, the deferred installments under the moratorium will include the following payments falling due from March 1, 2020, to May 31, 2020: (i) principal and/or interest components; (ii) bullet repayments; (iii) equated monthly installments (EMIs); (iv) credit card dues.
  • All HDFC Bank customers who have availed of retail instalment loan including agri and corporate loans, or any other retail credit facilities prior to 1st March 2020 are eligible.
  • If you choose EMI moratorium- Banks will not ask you for any EMI payment till May 31, 2020; interest will continue to accrue on the principal outstanding for the moratorium period, and the loan tenure will be extended by the corresponding period.
  • 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.
  • To get EMI moratorium, call on- 022-50042333, 022-50042211, or visit the company's website.
  • You can avail EMI moratorium for all the loans that you have availed from the Bank.
  • The moratorium is available on credit card outstanding and loans availed on credit card for payments.
  • Opting for moratorium will not affect the credit rating or score.
  • To avail the credit card moratorium, (a) voluntarily defer paying the outstanding during this period i.e. make NIL payment; (b) turn off Auto Pay (in case the same is currently availed) through net banking / mobile banking to avail the benefit of the moratorium and reactivate the same post the end of moratorium period.
  • Make a note that the moratorium is a deferment of payment and not a waiver of interest. You are required to pay the minimum amount due or total outstanding along with accrued interest charges on the due date after 31st May 2020.
  • For more details, visit this link: HDFC Bank's EMI Moratorium Guidelines
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