• HDFC Personal Loan COVID-19 Moratorium

    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 moratorium is not compulsory, and a customer can choose to opt out of the same as per his or her convenience.
    • If a customer opts for the moratorium, he or she will be not be asked by the bank for the EMI payments till 31 August 2020.
    • On the basis of the moratorium, the loan repayment period will be extended for the customer.

    HDFC Bank Personal Loan EMI Moratorium Eligibility

    The eligibility criteria for the HDFC Bank Personal EMI Moratorium can be listed as follows:

    • All the HDFC Bank Personal Loan customers who have availed a loan before 1 March 2020 are eligible for the EMI moratorium.
    • The bank will also consider other cases wherein there have been overdues on EMI payments prior to 1 March 2020. However, in such cases, the decision will be taken by the bank in regard to the offering to the moratorium.

    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:

    • Loan amount – Rs.2 lakh
    • Rate of interest – 15% p.a.
    • Actual loan repayment period – 4 years or 48 months
    • Number of EMIs already paid – 1 month
    • Remaining loan repayment tenure – 47 months
    • Moratorium availed for 6 months (1 March 2020 to 31 August 2020)

    Scenario – 1

    When you do not avail the Personal Loan EMI Moratorium

    • Total interest to be paid on the loan amount – Rs.67,175
    • Total amount which needs to be paid to close the loan – Rs.2,67,175

    Scenario – 2

    When you avail the Personal Loan EMI Moratorium?

    • Total interest to be paid on the outstanding loan amount – Rs.65,682
    • Accrued interest amount for the moratorium period – Rs.29,827
    • Total amount which needs to be paid to close the loan – Rs.2,95,509

    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.

    How to apply for HDFC Personal Loan EMI Moratorium?

    To apply for the HDFC Personal Loan EMI Moratorium, a customer can follow any one of the following methods:

    1) Offline:

    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.

    2) Online:

    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.


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