HDFC Bank EMI Moratorium 2.0: Private sector lender HDFC Bank is now offering extended EMI moratorium for another three months as directed by the RBI.
Similar to other lenders as asked by the RBI, the moratorium on loan repayment has been extended by another 3 months until August.
And if you are a borrower from the HDFC Bank, here's your query answered:
And for Loan Moratorium 2.0, HDFC Bank has come up with FAQ on the conditions for the moratorium.
-First and foremost for people with no financial crisis, the bank has urged to continuing servicing the loan EMI as else it would result in extending loan tenure and interest payment.
- Also, in a case the borrower does not want to opt for the extended loan moratorium, nothing has to be done by the borrower.
- If the person wants to avail the facility but loan EMI has been debited from the account, they can apply for refund of that money. And bank will refund the amount within 5 days of the application.
But in a case if the loan moratorium is opted for in July then loan installment for June shall not be refunded.
- Interest for the loan moratorium tenure will apply at the decided loan rate and the same shall be recovered by extending the tenure of the loan.
And for availing the facility, the customer needs to give consent to the bank right away say he wish to avail the facility for June then this can be done now.