HDFC Loans EMI Moratorium - HDFC Home Loans, Personal Loans, Term Loans
1. What is the EMI moratorium provided for loans under COVID 19 - regulatory package?- The prevailing situation may pose a huge challenge for people at large. As a measure of solidarity, RBI has permitted all Indian Banks / Indian Financial Institutions to offer it’s customers up to 3 months moratorium on their EMI payments falling due between Mar 1st, 2020 to May 31st, 2020.
- All HDFC Bank customers who have availed of retail instalment loan or any other retail credit facilities prior to 1st March 2020 are eligible.
- Customers having overdues prior to 1st March 2020 may also opt for the moratorium, and their requests shall be considered by the bank based on its merits.
- All Agri Loans (Kisan Gold Card) and Microfinance customers under the Bank’s Sustainable Livelihood Initiative are also eligible.
- All Corporate as well as SME customers are also eligible. Our Relationship Managers will get in touch with you or you can contact them to get further details.
If you choose EMI moratorium,
- Bank will not ask for any EMI Payment till May 31st 2020.
- Interest will continue to accrue on the principal outstanding for the period of the moratorium at the contracted rate of the loan.
- The loan tenure will get extended by the corresponding period for which the moratorium has been availed.
- For example, if the EMI for the month of Mar’2020 has been paid and moratorium for April & May’2020 has been availed, then the loan tenure will be extended by 2 months.
- If you do not want the EMI moratorium, no further action is required from your side. We will continue to bank your repayment instructions.
- We encourage customers with adequate funds to continue paying during this period to avoid the extra interest charges and tenor extension. However, if you skip your EMI payment during this period, it is understood that you require EMI moratorium till May 2020.
- Opting for the Moratorium is entirely the customers’ choice. We understand that all our customers may not opt for the Moratorium given that there is an additional levy of interest payable under the terms of the Moratorium. If you wish to opt for the Moratorium, we would be happy to refund the EMI debited and register your Loan account under the Moratorium process.
- 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.
- Illustration Auto Loan: Loan amount Rs. 8 Lacs, remaining tenor 36M, Last EMI on 7-Feb-23, opting for 3 months Moratorium i.e. Mar-20, Apr-20 & May-20 EMI. The additional interest would be about Rs. 25,500/-, and the resultant tenor would increase by four months, and the last EMI including the interest recovery would be on 7-Jun-23.
- Illustration Salaried Personal Loan: Loan amount Rs. 4 Lacs, remaining tenor 48M, Last EMI on 4-Mar-24, opting for 2 months Moratorium i.e. Apr-20, May 20 EMIs. The additional interest would be about Rs. 15,000/-, and the resultant tenor would increase by 1.4 EMI, and the last instalment (40% of regular EMI) would be on 4-Jul-24.
You will have to provide your consent to the bank through any of the following ways:
Call on this number from your bank registered number and follow the instructions – 022-50042333, 022-50042211, OR
Online Application for HDFC Online EMI Deferment
Note: Keep your loan account number handy before you start the process..
8. I have more than one loan from HDFC Bank (Eg. Personal Loan & Car Loan). Can I get EMI moratorium for both the loans?
- Yes, you can opt for EMI moratorium for each loan that you have availed from us. Please remember that additional interest for the EMI moratorium period will be applicable for each loan separately.
- You can avail of the moratorium benefits for the unpaid EMIs. Please follow the process given above for availing the moratorium.
- No. Opting for the EMI moratorium will not affect your Credit Rating or Score.
- Yes, the moratorium is available on Credit Card outstanding and Loans availed on Credit Cards for payments due from 01 Mar 2020 till 31 May 2020.
- The moratorium allows you to defer the payment till 31 May 2020. You are required to pay the minimum amount due or total outstanding and accrued interest charges on the due date after 31st May 2020.
- Yes. All retail credit card customers will be deemed eligible for the moratorium if they are regular with their payments on or before 01st March'20 on their credit card outstanding and loans taken on the credit card
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
- Yes, interest will be levied as per the contracted rate on the card. Opting for 3 months moratorium allows you to defer the payment of your credit card dues and loan instalments taken on credit card till 31st May 2020. We encourage customers to make full payments towards the outstanding wherever possible to avoid / minimise levy of interest charges for this period.
- Kindly 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.
FAQs on Credit Cards (Retail & Corporate)
1. What is the 3-month RBI moratorium period?- As a measure of solidarity, RBI has permitted HDFC Bank to offer its customers relief by granting 3 months moratorium on their EMI payments falling due between 1st March, 2020 to 31st May, 2020.
- Yes, the moratorium is available on Credit Cards (Retail & Corporate) and Loans* availed on Credit Cards for payments due from 01st March 2020 till 31st May 2020. The moratorium allows you to defer the payment till 31st May 2020.
- * Insta Loan / Smart EMI / Balance Transfer on EMI / Insta Jumbo Loan
- Yes. Customers who are regular with their payments on their credit card and loans* taken on the credit card as on 01st March 2020, are eligible for availing moratorium.
- * Insta Loan / Smart EMI / Balance Transfer on EMI / Insta Jumbo Loan
- Customers having overdues prior to 1st March 2020 may also opt for the moratorium, and their requests shall be considered by the bank based on its merits.
- Customers who were regular in their payments on or before 01st March 2020 and could not make any payments (NIL payment) from 01st March 2020 to 31st May 2020 will be automatically made eligible for the moratorium. Customers need not call the Bank or send any email / SMS confirmations to the Bank for availing moratorium benefits on credit cards.
- Credit card customers with active Autopay option can use NetBanking/MobileBanking to switch off their payments to avail the moratorium.
- Login to Netbanking -> Click on ‘Cards’ Tab -> select “Request” option on the left hand side menu under Credit Cards -> Select Autopay De-Registration
- Login to MobileBanking ->Go to Menu -> Select ‘Cards’ under “Pay” ->Select your Credit Card -> Click Autopay ‘Change” option.
- At the end of the moratorium period, your Autopay will be automatically enabled by the Bank.
- Yes. Please 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 for the moratorium period, on the next due date after 31st May 2020.
- We encourage you to continue your payments during the moratorium period in case you wish to avoid extension of the tenors of any loans in your card or to avoid the interest on dues billed in this period.
If you continue to make payments on your Credit Card, as per the statement balance, on or before the due dates, then your credit card outstanding will be not considered as part of the moratorium.
7. What will be the customer's obligation after the completion of the moratorium?
Customers are expected to make at least the Minimum Amount or the Total Amount Due payments including the interest for the moratorium period on the next due date immediately after the 31st May 2020.
8. I have made full payment in March 2020 and want to avail moratorium now, what should I do?
You may defer payments for the remaining period of the moratorium by making NIL payment on the next outstanding and your credit card will be automatically be considered for the moratorium for April and May 2020.
9. I have availed moratorium on Credit Card with HDFC Bank, does the same apply for loans taken on my Credit Card (Insta Loan, Smart EMI, Balance Transfer on EMI, Jumbo Loan)?
- Yes. Along with Credit Card outstanding, loans taken as part of the Credit Card (Insta Loan, Smart EMI, Balance Transfer EMI) will also be automatically considered part of the moratorium.
- For your Jumbo Loan, if you do not make the EMI payment, during the moratorium period, the Jumbo Loan will be considered as part of the moratorium.
- Please Note, that your EMIs will be deferred when you avail moratorium. For Example: If you are unable to make payment for the month of April 2020, then your EMI for April & May 2020 will be deferred to June and July 2020 respectively. Your loan tenor will be extended accordingly by 2 months.
- It is important to remember that interest will be levied on the outstanding amount for the moratorium period as per the contracted rate of interest agreed at the time of Loan booking.
- You should continue to make payments on your Credit Card, as per the statement balance, on or before the due dates, then your credit card outstanding & loans taken on credit card will be not considered as part of the moratorium.
- If you have availed the moratorium on your Credit Card outstanding, you will not be able to opt out of the moratorium for only the loans taken within your Credit Card (except Jumbo Loan).
- For your Jumbo Loan A/C, if you continue to make payments as per the statement balance on or before the due date, then the Jumbo Loan will not be considered part of the moratorium.
No, availing the moratorium does not affect the credit rating for that period.
