Here is how you can Avail EMI and Credit Card Bill Moratorium As per RBI's Recommendations

In line with the RBI guidelines and to show our solidarity in standing with you, HDFC Bank is offering it's customers EMI moratorium and credit card outstanding moratorium as a relief measure.

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 March 1 to May 31.

Here's all you need to know about how you can avail EMI moratorium on HDFC Bank loans;

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

2. 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.

3. If you do not want the EMI moratorium, no further action is required from your side. The bank 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.

4. Opting for the moratorium is entirely the customers’ choice. There might be a possiblity that the 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, the bank will refund the EMI debited and register your Loan account under the moratorium process.

5. If you avail the EMI moratorium, interest will be levied at a 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.

6. If you want to get this moratorium, you will have to provide your consent to the bank by - calling on this number and follow the instructions – 022-50042333, 022-50042211.

7. If you have more than one loan, you can opt for EMI moratorium for each loan that you have availed from the bank. However, additional interest for the EMI moratorium period will be applicable for each loan separately.

8. Opting for the EMI moratorium will not affect your Credit Rating or Score.

9. 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.

10. 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.

11. 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.