With the nationwide COVID-19 crisis and the lockdown taking a toll on the economy, the day-to-day activities of people are also being affected. Keeping that in mind, the Reserve Bank of India (RBI) has directed all the banks and NBFCs across the nation to extend certain benefits to the customers in terms of their loan repayment schedule. On the basis of the same, HDFC Bank has also extended a 6-month moratorium period on the payment of personal loan EMIs which can be availed between 1 March 2020 and 31 August 2020.
Relief Measures under the HDFC Bank COVID-19 Moratorium
The relief measures which have been extended for customers by HDFC Bank can be summed up as follows:
The eligibility criteria for the HDFC Bank Personal EMI Moratorium can be listed as follows:
Example for EMI Moratorium
As per the directives of the central bank, the EMI moratorium will accrue interest on the outstanding loan amount for the entire period. Let us take an example to understand how it is going to affect if you opt for the moratorium:
Discussed below are two scenarios on the basis of the following information:
Scenario – 1
When you do not avail the Personal Loan EMI Moratorium
Scenario – 2
From the above example, you can see that in case the moratorium is availed for a period of 6 months, the additional interest amount that you will have to pay is Rs.28,334.
To apply for the HDFC Personal Loan EMI Moratorium, a customer can follow any one of the following methods:
Call the customer care numbers of HDFC Bank at 022 500 42 333 or 022 500 422 11. The call should be made from the registered mobile number.
Alternatively, you can visit the official website of HDFC Bank and submit your request for availing the moratorium. You will be required to fill up the form and provide some information such as the registered mobile phone number, the name of the customer, date of birth, loan account number, EMI amount, and so on.
It is clear that when you avail the EMI moratorium, you will have to pay a significant amount of additional interest. If you are able to make the payments as per the usual loan repayment schedule, try to avoid the moratorium as it will save you a lot of money. However, if you feel that you have a cash crunch and the cash flow is distorted, you might consider availing the moratorium for EMI payments.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.