You are using an older browser version. Please use a supported version for the best MSN experience.

HDFC Bank EMI moratorium: How home, car, personal loan borrowers can apply; Check link, form, process

The Financial Express logo The Financial Express 02-04-2020 Sunil Dhawan
a book on a table: HDFC Bank EMI moratorium: How home, car, personal loan borrowers can apply; Check link, form, process © Provided by The Financial Express HDFC Bank EMI moratorium: How home, car, personal loan borrowers can apply; Check link, form, process  HDFC bank moratorium, announcement, apply, request, email, link, form, procedure, period, policy © Provided by The Financial Express HDFC bank moratorium, announcement, apply, request, email, link, form, procedure, period, policy

After the RBI recently permitted all banks and housing finance companies to allow a moratorium of loan installments of 3 months, all banks including HDFC Bank have come out with the moratorium announcement for the borrowers. During the 3-month moratorium period, payment of interest and principal for the period from Mar 01 to May 31, 2020, will get deferred and be required to be paid when the moratorium ends.

All those who have any loan including retail loans such as car loan, personal loan or home loan may opt for the HDFC bank loan EMI moratorium scheme. Important to note that the Moratorium is only a temporary deferment or postponement of EMI’s and is not a waiver of EMIs.

If the borrower chooses the HDFC bank EMI moratorium, the bank will not ask for any EMI Payment until May 31st, 2020. However, the interest will continue to accrue on the principal outstanding for the period of the moratorium and the duration of the loan will get extended by the corresponding period for which the moratorium has been availed. For example, if a borrower has already paid the EMI for March 2020 and has opted for moratorium later on for April and May 2020, then the loan tenure will get extended by 2 months.

If a borrower does not want to avail the HDFC bank EMI moratorium, then one can do and no action is required to be taken. The EMI’s will keep on deducting on the due dates as usual and no change in payment instructions will be made.

However, if the borrower skips paying the EMI during this period, the bank will consider it such that the borrower has opted for EMI moratorium till May 2020.

It may be such that the EMI has already been deducted for the month of March. The HDFC Bank has informed that even if the EMI of March 2020 has been deducted, the borrower can apply for moratorium later on and even get a refund of March EMI.

To apply for HDFC Bank moratorium, there is a procedure to be followed by the borrower. One needs to keep the loan account number handy and visit the bank’s website for the relevant link.

Those who are not facing financial crunch due to situation arising out of COVID 19 are advised to let go of the moratorium scheme and continue paying EMIs on time. By availing moratorium, the interest will continue to accrue on the outstanding portion of the loan amount during the moratorium period which anyhow has to be paid later on.

More From The Financial Express

The Financial Express
The Financial Express
image beaconimage beaconimage beacon