HDFC Bank EMI Moratorium News: 3 months postponement on equated monthly installments, credit card outstanding payments

HDFC Bank EMI, Credit Card Dues Moratorium News: HDFC bank has announced EMI and credit card moratorium to its customers, in line with the Reserve Bank of India (RBI) guidelines. The moratorium has been announced as a relief measure for the customers with low cash flows or individuals whose earnings have taken a hit due to the coronavirus disease pandemic.

The information is available on the HDFC bank website under the 'Loan Repayment' head.  

"We understand in this current situation there may be disruptions in business leading to low cash flows or the earnings of individuals and self-employed professionals may have been impacted. Our aim through implementing this relief package is to ensure that you can continue to take care of your family, your business and your own self and tide over this temporary situation," the information on its website reads.

Check below details of the EMI moratorium package and guidance on how you can avail the EMI moratorium.

-- What is the EMI moratorium provided for loans under COVID 19 - regulatory package?

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 1 March 2020 and 31 May 2020

-- Who is eligible?

* All HDFC Bank customers who have availed of retail installment loan or any other retail credit facilities prior to 1st March 2020 are eligible

* Customers having overdues prior to 1 March 2020. 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.

Bank's Relationship Managers will get in touch with you or you can contact them to get further details.

-- What will happen if I choose the EMI Moratorium?

Bank will not ask for any EMI Payment till 31 May 2020 but the interest will continue to accrue on the principal outstanding for the period of the moratorium at the contracted rate of the loan

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The loan tenure will get extended by the corresponding period for which the moratorium has been availed

If you do not want the EMI moratorium, no further action is required from your side. It will continue to bank your repayment instructions.