HDFC bank EMI 2.0 moratorium: Private sector lender HDFC Bank now offers an extended moratorium on IMEs for a further three months, in line with the guidelines of the RBI. HDFC Bank customers can take advantage of this opportunity if they are facing financial problems and are unable to repay during the coronavirus crisis.
HDFC Bank has put together a detailed FAQ on the conditions of the EMI moratorium. The bank says no further action is required from customers who do not wish to take advantage of the facility. He urged lenders who have sufficient funds to continue paying during this period to avoid additional interest charges and extension of the term.
In the case of customers whose accounts have already been debited for the EMI payment, the bank said they can request a refund. For example, if a customer requested an EMI moratorium in June 2020 and their EMI has already been deducted. In this case, the bank will reimburse the IME within five days of the request.
However, if someone applies in July and the June IME has already been paid, the June IME will not be refunded, according to the bank.
Interest will be charged for the enjoyment of the EMI moratorium at the contractual rate of the loan for the period of the EMI moratorium on the current loan. This interest will be collected by extending the initial term of the loan accordingly.
To benefit from the EMI moratorium, a customer is required to give consent to the bank. HDFC Bank states on its website: “The decision to offer a moratorium to a client will be at the sole discretion of the Bank. In the event that a client wishes to benefit from the moratorium for June, the bank suggests taking advantage of it now. For July and August, you can apply later, says the bank.