New Delhi: On March 27, the Reserve Bank of India (RBI) said that all lending institutions, including banks and housing finance companies, will have to give its borrowers a three-month moratorium on term loans. The moratorium was for payment of all instalments falling due between March 1, 2020 and May 31, 2020.

The COVID-19 relief package announced by the government was welcomed by many. However, the RBI has left the implementation of the relief package to the banks, so the nitty gritty of the exemption from payments, the accrual of interest arrears and the eligibility assessment may differ across lenders.

HDFC Bank announced EMI and credit card moratorium to its customers in line with the RBI guidelines. 

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

The moratorium information is available on the HDFC Bank website.  

"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.

HDFC Bank EMIs and credit card dues moratorium are as follows: 

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

RBI has permitted all Indian banks/Indian financial institutions to offer its customers up to 3 months moratorium on their EMI payments falling due between March 1, 2020 and May 31, 2020.
According to the RBI, the deferred installments under the moratorium will include the following payments falling due from March 1, 2020, to May 31, 2020: (i) principal and/or interest components; (ii) bullet repayments; (iii) equated monthly installments (EMIs); (iv) credit card dues.

Who is eligible?

All HDFC Bank customers who have availed of retail installment loan or any other retail credit facilities prior to March 1, 2020 are eligible customers having overdues prior to March 1, 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 May 31, 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

How do I get this EMI moratorium?

You will have to provide your consent to the bank through any of the following ways:

Call on this number and follow the instructions – 022-50042333, 022-50042211, or
submit your request in a few clicks

What charges will I pay, if I avail of this EMI moratorium?

If you avail the EMI moratorium, there will be a levy of interest at the 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.

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.

Have more than one loan from HDFC Bank (for example personal loan and car loan). Can I get EMI moratorium for both the loans?

Yes, you can opt for EMI moratorium for each loan that you have availed from us. Please remember that additional interest for the EMI moratorium period will be applicable for each loan separately.

How do I avail the credit card moratorium?

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.